Milestone Apartments REIT Beneish M-Score Historical Data
The historical data trend for Milestone Apartments REIT'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.
Milestone Apartments REIT Beneish M-Score Chart
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Milestone Apartments REIT Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
| Beneish M-Score |
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- |
- |
-2.40 |
-3.42 |
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Milestone Apartments REIT Quarterly Data
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Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
| Beneish M-Score |
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-2.40 |
-2.75 |
-2.76 |
-3.54 |
-3.42 |
Competitive Comparison of Milestone Apartments REIT's Beneish M-Score
For the REIT - Residential subindustry, Milestone Apartments REIT'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.
Milestone Apartments REIT's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Milestone Apartments REIT's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Milestone Apartments REIT's Beneish M-Score falls into.
Milestone Apartments REIT 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 Milestone Apartments REIT 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 * 1.1386 | + | 0.528 * 0.9274 | + | 0.404 * 1.1364 | + | 0.892 * 1.2839 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 6.798 | + | 4.679 * -0.070423 | - | 0.327 * 0.9927 |
| = | -3.41 |
* 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 (Dec16) TTM: | Last Year (Dec15) TTM: |
Total Receivables was $5.6 Mil.
Revenue was 75.406 + 71.099 + 69.741 + 65.628 = $281.9 Mil.
Gross Profit was 50.911 + 46.878 + 47.328 + 20.351 = $165.5 Mil.
Total Current Assets was $43.5 Mil.
Total Assets was $2,778.8 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.3 Mil.
Selling, General, & Admin. Expense(SGA) was $139.5 Mil.
Total Current Liabilities was $111.3 Mil.
Long-Term Debt & Capital Lease Obligation was $1,311.5 Mil.
Net Income was 23.362 + -47.675 + 25.068 + 36.579 = $37.3 Mil.
Non Operating Income was -4.798 + 40.617 + 19.848 + 72.098 = $127.8 Mil.
Cash Flow from Operations was 24.145 + 31.286 + 35.651 + 14.177 = $105.3 Mil.
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Total Receivables was $3.8 Mil.
Revenue was 57.023 + 56.158 + 54.819 + 51.544 = $219.5 Mil.
Gross Profit was 37.699 + 35.604 + 35.309 + 10.91 = $119.5 Mil.
Total Current Assets was $284.2 Mil.
Total Assets was $2,124.1 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.2 Mil.
Selling, General, & Admin. Expense(SGA) was $16.0 Mil.
Total Current Liabilities was $185.5 Mil.
Long-Term Debt & Capital Lease Obligation was $910.0 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) |
| = | (5.552 / 281.874) | / | (3.798 / 219.544) |
| = | 0.019697 | / | 0.017299 |
| | = | 1.1386 |
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) |
| = | (119.522 / 219.544) | / | (165.468 / 281.874) |
| = | 0.54441 | / | 0.587028 |
| | = | 0.9274 |
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 - (43.461 + 0) / 2778.795) | / | (1 - (284.239 + 0) / 2124.064) |
| = | 0.98436 | / | 0.866182 |
| | = | 1.1364 |
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 |
| = | 281.874 | / | 219.544 |
| | = | 1.2839 |
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)) |
| = | (0.238 / (0.238 + 0)) | / | (0.279 / (0.279 + 0)) |
| = | 1 | / | 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) |
| = | (139.518 / 281.874) | / | (15.985 / 219.544) |
| = | 0.494966 | / | 0.07281 |
| | = | 6.798 |
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) |
| = | ((1311.495 + 111.268) / 2778.795) | / | ((910.049 + 185.465) / 2124.064) |
| = | 0.512007 | / | 0.515763 |
| | = | 0.9927 |
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 |
| = | (37.334 - 127.765 | - | 105.259) | / | 2778.795 |
| | = | -0.070423 |
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.
Milestone Apartments REIT has a M-score of -3.41 suggests that the company is unlikely to be a manipulator.
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