MMA Capital Holdings (MMA Capital Holdings) Beneish M-Score : 0.00 (As of May. 06, 2024)

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What is MMA Capital Holdings Beneish M-Score?

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

The historical rank and industry rank for MMA Capital Holdings's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of MMA Capital Holdings was 0.00. The lowest was 0.00. And the median was 0.00.

MMA Capital Holdings Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of MMA Capital Holdings for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Jun21) TTM:

Last Year (Jun20) TTM:

Total Receivables was $0.14 Mil.
Revenue was 1.736 + 2.272 + -6.406 + -2.125 = $-4.52 Mil.
Gross Profit was 1.736 + 2.272 + -6.406 + -2.125 = $-4.52 Mil.
Total Current Assets was $17.17 Mil.
Total Assets was $495.03 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.26 Mil.
Selling, General, & Admin. Expense(SGA) was $1.54 Mil.
Total Current Liabilities was $85.30 Mil.
Long-Term Debt & Capital Lease Obligation was $130.73 Mil.
Net Income was 0.138 + -8.083 + 12.004 + 2.936 = $7.00 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was -1.442 + 9.736 + 7.262 + 4.33 = $19.89 Mil.

Total Receivables was $0.17 Mil.
Revenue was -11.6 + -3.429 + 4.49 + 2.481 = $-8.06 Mil.
Gross Profit was -11.6 + -3.429 + 4.49 + 2.481 = $-8.06 Mil.
Total Current Assets was $24.73 Mil.
Total Assets was $526.94 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $-1.55 Mil.
Selling, General, & Admin. Expense(SGA) was $1.42 Mil.
Total Current Liabilities was $118.60 Mil.
Long-Term Debt & Capital Lease Obligation was $131.10 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(0.138 / -4.523)	/	(0.172 / -8.058)
	=		/
	=

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(-8.058 / -8.058)	/	(-4.523 / -4.523)
	=		/
	=

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (17.17 + 0) / 495.033)	/	(1 - (24.726 + 0) / 526.936)
	=	0.965315	/	0.953076
	=

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	-4.523	/	-8.058
	=

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(-1.552 / (-1.552 + 0))	/	(0.256 / (0.256 + 0))
	=	1	/	1
	=

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(1.542 / -4.523)	/	(1.417 / -8.058)
	=		/
	=

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((130.733 + 85.299) / 495.033)	/	((131.103 + 118.597) / 526.936)
	=	0.436399	/	0.473872
	=

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(6.995 - 0	-	19.886)	/	495.033
	=	-0.026041

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

MMA Capital Holdings Beneish M-Score Related Terms

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MMA Capital Holdings (MMA Capital Holdings) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Banks » MMA Capital Holdings Inc (NAS:MMAC) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

3600 Oâ€™Donnell Street, Suite 600, Baltimore, MD, USA, 21224

Website

http://www.mmacapitalholdings.com

MMA Capital Holdings Inc provides debt and equity financing to real estate developers, manages and participates in fixed income and real estate investments, and syndicates tax credits produced by certain types of development projects. The Company invests in debt associated with renewable energy infrastructure and real estate. It receives interest income on the bonds and loans in its portfolio and fee income for originating, servicing, and managing third-party investments.

Executives

Lisa Marie Roberts	director	621 EAST PRATT STREET SUITE 600 BALTIMORE MD 21202
Frederick W Puddester	director	621 EAST PRATT STREET SUITE 600 BALTIMORE MD 21202
Gallagher Francis X Jr	director	621 EAST PRATT STREET SUITE 600 BALTIMORE MD 21202
Grant James Preston Iii	director	8894 STANFORD BLVD, SUITE 203 C/O GRANT CAPITAL MANAGEMENT COLUMBIA MD 21045
Suzanne G Kucera	director	C/O MMA CAPITAL HOLDINGS INC 3600 ODONNELL STREET SUITE 600 BALTIMORE MD 21224
Cecil E Flamer	director	C/O MMA CAPITAL HOLDINGS INC. 3600 ODONNELL STREET SUITE 600 BALTIMORE MD 21224
Michael L Falcone	director, officer: Chief Exectuive Officer	621 E PRATT STREET SUITE 300 BALTIMORE MD 21202
James Christopher Hunt	director	4401 NORTH MESA, EL PASO TX 79902
Steven Scott Bloom	director	6 BELLEMORE RD BALTIMORE MD 21210
Gary A Mentesana	officer: President & COO	218 N CHARLES STREET SUITE 5000 BALTIMORE MD 21201
David C Bjarnason	officer: Chief Financial Officer	C/O CAPITALSOURCE INC. 4445 WILLARD AVENUE, 12TH FLOOR CHEVY CHASE MD 20815
Douglas A Mcgregor	director	621 E PRATT STREET SUITE 300 BALTIMORE MD 21202
Cole Earl W Iii	officer: Executive Vice President	218 N CHARLES STREET SUITE 5000 BALTIMORE MD 21201
Charles C Baum	director	457 HOLLY FARMS ROAD SEVERNA PARK MD 21146
Pratt Fred N Jr	director	218 N CHARLES ST STE 500 BALTIMORE MD 21201