Market Cap : 1.86 B | Enterprise Value : 3.15 B | Price-to-FFO : 12.15 | PB Ratio : 3.79 |
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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.
Good Sign:
Beneish M-Score -2.79 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Tanger Factory Outlet Centers's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Tanger Factory Outlet Centers was 3.59. The lowest was -9.13. And the median was -2.72.
The historical data trend for Tanger Factory Outlet Centers's Beneish M-Score can be seen below:
* 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.
For the REIT - Retail subindustry, Tanger Factory Outlet Centers's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the REITs industry and Real Estate sector, Tanger Factory Outlet Centers's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tanger Factory Outlet Centers's Beneish M-Score falls into.
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 Tanger Factory Outlet Centers for today is based on a combination of the following eight different indices:
M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
= | -4.84 | + | 0.92 * 1 | + | 0.528 * 0.9972 | + | 0.404 * 0.9525 | + | 0.892 * 1.0551 | + | 0.115 * 1.023 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.1514 | + | 4.679 * -0.0671 | - | 0.327 * 1.0097 | |||||||
= | -2.79 |
* 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 (Jun22) TTM: | Last Year (Jun21) TTM: |
Total Receivables was $0.0 Mil. Revenue was 105.838 + 108.868 + 112.093 + 112.465 = $439.3 Mil. Gross Profit was 73.141 + 72.11 + 75.104 + 75.279 = $295.6 Mil. Total Current Assets was $290.2 Mil. Total Assets was $2,155.2 Mil. Property, Plant and Equipment(Net PPE) was $79.2 Mil. Depreciation, Depletion and Amortization(DDA) was $106.6 Mil. Selling, General, & Admin. Expense(SGA) was $68.1 Mil. Total Current Liabilities was $76.5 Mil. Long-Term Debt & Capital Lease Obligation was $1,484.3 Mil. Net Income was 19.905 + 20.518 + 13.086 + -10.579 = $42.9 Mil. Non Operating Income was 4.803 + 2.696 + -3.84 + -31.307 = $-27.6 Mil. Cash Flow from Operations was 70.221 + 18.854 + 73.768 + 52.345 = $215.2 Mil. |
Total Receivables was $0.0 Mil. Revenue was 101.273 + 100.694 + 111.155 + 103.213 = $416.3 Mil. Gross Profit was 70.023 + 65.383 + 76.011 + 68.007 = $279.4 Mil. Total Current Assets was $196.3 Mil. Total Assets was $2,131.1 Mil. Property, Plant and Equipment(Net PPE) was $80.9 Mil. Depreciation, Depletion and Amortization(DDA) was $115.0 Mil. Selling, General, & Admin. Expense(SGA) was $56.1 Mil. Total Current Liabilities was $70.3 Mil. Long-Term Debt & Capital Lease Obligation was $1,458.2 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 / 439.264) | / | (0 / 416.335) | |
= | 0 | / | 0 | |
= | 1 |
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) | |
= | (279.424 / 416.335) | / | (295.634 / 439.264) | |
= | 0.67115184 | / | 0.67302124 | |
= | 0.9972 |
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 - (290.176 + 79.228) / 2155.245) | / | (1 - (196.333 + 80.942) / 2131.082) | |
= | 0.82860232 | / | 0.86989004 | |
= | 0.9525 |
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 | |
= | 439.264 | / | 416.335 | |
= | 1.0551 |
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)) |
= | (114.962 / (114.962 + 80.942)) | / | (106.589 / (106.589 + 79.228)) | |
= | 0.58682824 | / | 0.57362351 | |
= | 1.023 |
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) |
= | (68.12 / 439.264) | / | (56.076 / 416.335) | |
= | 0.15507758 | / | 0.13468961 | |
= | 1.1514 |
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) |
= | ((1484.345 + 76.512) / 2155.245) | / | ((1458.221 + 70.328) / 2131.082) | |
= | 0.72421326 | / | 0.71726428 | |
= | 1.0097 |
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 | |
= | (42.93 - -27.648 | - | 215.188) | / | 2155.245 | |
= | -0.0671 |
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.
Tanger Factory Outlet Centers has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Tanger Factory Outlet Centers's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Stein Justin C | officer: EVP, Leasing | 3200 NORTHLINE AVE. SUITE 360 GREENSBORO NC 27408 |
Wingrove Andrew R | officer: EVP, Chief Commercial Officer | 3200 NORTHLINE AVE., SUITE 360 GREENSBORO NC 27408 |
Mathrani Sandeep | director | |
Swanson Gallardo Leslie | officer: Executive VP Operations | 3200 NORTHLINE AVE. SUITE 360 GREENSBORO NC 27408 |
Yalof Stephen | officer: President & COO | 3200 NORTHLINE AVE., SUITE 360 GREENSBORO NC 27408 |
Ubinas Luis A | director | 209 REDWOOD SHORES PARKWAY REDWOOD CITY CA 94065-1175 |
Skerritt Susan E | director | 3200 NORTHLINE AVE SUITE 360 GREENSBORO NC 27408 |
Guerrieri Thomas Joseph Jr | officer: VP, CAO and Controller | 3200 NORTHLINE AVE. SUITE 360 GREENSBORO NC 27408 |
Henry David | director | 3333 NEW HYDE PARK ROAD NEW HYDE PARK NY 11042 |
Citrin Jeffrey B | director | 950 THIRD AVENUE 17TH FLOOR NEW YORK NY 10022 |
Worsham Charles Allen | officer: SVP,Construction & Development | 3200 NORTHLINE AVENUE, SUITE 360 GREENSBORO NC 27408 |
Perry Chad | officer: EVP,General Counsel,Secretary | C/O TANGER FACTORY OUTLET CENTERS, INC. 3200 NORTHLINE AVENUE, SUITE 360 GREENSBORO NC 27408 |
Mcdonough Thomas E. | officer: EVP, Chief Operating Officer | 1600 NE MIAMI GARDENS DRIVE NORTH MIAMI BEACH FL 33179 |
Jessup Manuel O | officer: Senior VP - Human Resources | 11215 METRO PARKWAY FORT MYERS FL 33966 |
Reddin Thomas | director | 11115 RUSHMORE DR CHARLOTTE NC 28277 |
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