Taubman Centers Beneish M-Score Historical Data
The historical data trend for Taubman 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.
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Taubman Centers Annual Data
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Trend |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
| Beneish M-Score |
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-2.60 |
-2.63 |
-2.37 |
-2.71 |
-2.29 |
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Taubman Centers Quarterly Data
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Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
| Beneish M-Score |
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-2.44 |
-2.29 |
-2.34 |
-1.19 |
-1.43 |
Competitive Comparison
For the REIT - Retail subindustry, Taubman 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.
Taubman Centers Beneish M-Score Distribution
For the REITs industry and Real Estate sector, Taubman Centers's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Taubman Centers's Beneish M-Score falls into.
Taubman Centers 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 Taubman 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 * 2.1804 | + | 0.528 * 0.9989 | + | 0.404 * 0.9353 | + | 0.892 * 0.8986 | + | 0.115 * 0.9445 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7157 | + | 4.679 * -0.006611 | - | 0.327 * 1.0556 |
| = | -1.52 |
* 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 (Sep20) TTM: | Last Year (Sep19) TTM: |
Total Receivables was $176.59 Mil.
Revenue was 130.998 + 118.535 + 159.459 + 176.736 = $585.73 Mil.
Gross Profit was 130.563 + 117.876 + 158.966 + 176.071 = $583.48 Mil.
Total Current Assets was $433.10 Mil.
Total Assets was $4,579.59 Mil.
Property, Plant and Equipment(Net PPE) was $172.05 Mil.
Depreciation, Depletion and Amortization(DDA) was $214.11 Mil.
Selling, General, & Admin. Expense(SGA) was $37.02 Mil.
Total Current Liabilities was $278.06 Mil.
Long-Term Debt & Capital Lease Obligation was $4,138.13 Mil.
Net Income was -24.288 + -28.284 + 26.251 + -26.411 = $-52.73 Mil.
Non Operating Income was -17.761 + -9.97 + -6.199 + -78.358 = $-112.29 Mil.
Cash Flow from Operations was 38.375 + -32.576 + 43.946 + 40.086 = $89.83 Mil.
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Total Receivables was $90.13 Mil.
Revenue was 162.506 + 161.604 + 160.208 + 167.489 = $651.81 Mil.
Gross Profit was 160.611 + 161.113 + 159.677 + 167.205 = $648.61 Mil.
Total Current Assets was $152.70 Mil.
Total Assets was $4,536.85 Mil.
Property, Plant and Equipment(Net PPE) was $174.63 Mil.
Depreciation, Depletion and Amortization(DDA) was $192.01 Mil.
Selling, General, & Admin. Expense(SGA) was $57.57 Mil.
Total Current Liabilities was $269.30 Mil.
Long-Term Debt & Capital Lease Obligation was $3,875.23 Mil.
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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) |
| = | (176.59 / 585.728) | / | (90.126 / 651.807) |
| = | 0.301488 | / | 0.138271 |
| | = | 2.1804 |
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) |
| = | (648.606 / 651.807) | / | (583.476 / 585.728) |
| = | 0.995089 | / | 0.996155 |
| | = | 0.9989 |
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 - (433.102 + 172.05) / 4579.59) | / | (1 - (152.698 + 174.633) / 4536.852) |
| = | 0.867859 | / | 0.927851 |
| | = | 0.9353 |
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 |
| = | 585.728 | / | 651.807 |
| | = | 0.8986 |
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)) |
| = | (192.014 / (192.014 + 174.633)) | / | (214.112 / (214.112 + 172.05)) |
| = | 0.523703 | / | 0.554462 |
| | = | 0.9445 |
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) |
| = | (37.021 / 585.728) | / | (57.566 / 651.807) |
| = | 0.063205 | / | 0.088318 |
| | = | 0.7157 |
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) |
| = | ((4138.126 + 278.055) / 4579.59) | / | ((3875.231 + 269.295) / 4536.852) |
| = | 0.964318 | / | 0.913525 |
| | = | 1.0556 |
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 |
| = | (-52.732 - -112.288 | - | 89.831) | / | 4579.59 |
| | = | -0.006611 |
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.
Taubman Centers has a M-score of -1.52 signals that the company is likely to be a manipulator.
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