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Voltari Beneish M-Score

: 0.00 (As of Today)
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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.

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

During the past 12 years, the highest Beneish M-Score of Voltari was 0.00. The lowest was 0.00. And the median was 0.00.


Voltari Beneish M-Score Historical Data

The historical data trend for Voltari'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.

* Premium members only.

Voltari Annual Data
Trend Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -7.53 -6.15 -0.53 0.32 0.75

Voltari Quarterly Data
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.74 2.66 0.75 1.90 -0.69

Competitive Comparison

For the Real Estate - Development subindustry, Voltari'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.

   

Voltari Beneish M-Score Distribution

For the Real Estate industry and Real Estate sector, Voltari's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Voltari's Beneish M-Score falls into.



Voltari 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 Voltari 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 * 1+0.404 * 1.0105+0.892 * 3.1985+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.2707+4.679 * -0.0558-0.327 * 1.1125
=-0.69

* 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 (Jun19) TTM:Last Year (Jun18) TTM:
Accounts Receivable was $0.00 Mil.
Revenue was 0.528 + 0.528 + 0.527 + 0.528 = $2.11 Mil.
Gross Profit was 0.528 + 0.528 + 0.527 + 0.528 = $2.11 Mil.
Total Current Assets was $0.84 Mil.
Total Assets was $22.43 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.28 Mil.
Selling, General, & Admin. Expense(SGA) was $1.50 Mil.
Total Current Liabilities was $4.86 Mil.
Long-Term Debt & Capital Lease Obligation was $23.00 Mil.
Net Income was -0.711 + -0.878 + -0.366 + -0.345 = $-2.30 Mil.
Non Operating Income was -0.393 + -0.476 + 0.028 + 0.027 = $-0.81 Mil.
Cash Flow from Operations was -0.416 + 0.021 + 0.04 + 0.121 = $-0.23 Mil.
Accounts Receivable was $0.00 Mil.
Revenue was 0.418 + 0.081 + 0.08 + 0.081 = $0.66 Mil.
Gross Profit was 0.418 + 0.081 + 0.08 + 0.081 = $0.66 Mil.
Total Current Assets was $1.13 Mil.
Total Assets was $23.81 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.42 Mil.
Selling, General, & Admin. Expense(SGA) was $1.73 Mil.
Total Current Liabilities was $3.58 Mil.
Long-Term Debt & Capital Lease Obligation was $23.00 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Accounts Receivable 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 / 2.111) / (0 / 0.66)
=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)
=(0.66 / 0.66) / (2.111 / 2.111)
=1 / 1
=1

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 - (0.84 + 0) / 22.429) / (1 - (1.13 + 0) / 23.809)
=0.96254849 / 0.95253896
=1.0105

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
=2.111 / 0.66
=3.1985

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))
=(0.42 / (0.42 + 0)) / (1.276 / (1.276 + 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)
=(1.498 / 2.111) / (1.73 / 0.66)
=0.7096163 / 2.62121212
=0.2707

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)
=((23 + 4.859) / 22.429) / ((23 + 3.582) / 23.809)
=1.24209728 / 1.11646856
=1.1125

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
=(-2.3 - -0.814 - -0.234) / 22.429
=-0.0558

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.

Voltari has a M-score of -0.69 signals that the company is likely to be a manipulator.


Voltari Business Description

Voltari logo
Industry
Real Estate » Real Estate NAICS : 531190 SIC : 6531
Traded in Other Exchanges
N/A
Address
767 Fifth Avenue, Suite 4700, New York, NY, USA, 10153
Voltari Corp is a US-based company which is in the business of acquiring, financing and leasing commercial real properties. The company owns two commercial real properties in Long Branch, New Jersey and in Flanders, New York. It leases its property to JPMorgan Chase Bank, N.A, and 7-Eleven Corporation. The company operates through the single segment being the Acquiring, financing, and leasing commercial real estate properties. The company derives its revenue from the rental income received through the leasing agreements.
Executives
Icahn Carl C 10 percent owner C/O ICAHN ENTERPRISES L.P. 16690 COLLINS AVE., PH-1 SUNNY ISLES BEACH FL 33160
Fong Nathan Yu-gai officer: Chief Financial Officer THE ORCHARD ENTERPRISES, INC. 23 E. 4TH ST., 3RD FL. NEW YORK NY 10003
Firestone Jaffrey Adam director C/O CVR ENERGY, INC. 2277 PLAZA DRIVE, SUITE 500 SUGAR LAND TX 77479
Nelson James Larry director 2747 PARADISE ROAD PH2804 LAS VEGAS NV 89109
Leigh Richard Jr officer: SVP, Gen Counsel & Corp Sec 601 108TH AVE. NORTHEAST SUITE 800 BELLEVUE WA 98004
Gary Hunter Clark director C/O ICAHN ENTERPRISES L.P. 16690 COLLINS AVE., PH SUNNY ISLES FL 33160
Icahn Brett director C/O ICAHN ENTERPRISES L.P. 16690 COLLINS AVE., PH SUNNY ISLES FL 33160
Turner Brian V director P.O. BOX 91123 SEATTLE WA 98111-9223
Reynolds Jon Q Jr 10 percent owner, other: May be part of 13(d) group 250 MIDDLEFIELD RD MENLO PARK CA 94025
Hoag Jay C 10 percent owner, other: May be part of 13(d) group 250 MIDDLEFIELD RD MENLO PARK CA 94025
Tcv Member Fund L P 10 percent owner, other: May be part of 13(d) group 528 RAMONA STREET PALO ALTO CA 94301
Technology Crossover Management V Llc 10 percent owner, other: May be part of 13(d) group C/O TECHNOLOGY CROSSOVER VENTURES 250 MIDDLEFIELD ROAD MENLO PARK CA 94025
Tcv V Lp 10 percent owner, other: May be part of 13(d) group 528 RAMONA STREET PALO ALTO CA 94301
Kimball Rick 10 percent owner, other: May be part of 13(d) group 250 MIDDLEFIELD RD MENLO PARK CA 94025
Griffith William 10 percent owner, other: May be part of 13(d) group 528 RAMONA STREET PALO ALTO CA 94301
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