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Simon Property Group Beneish M-Score

: -1.67 (As of Today)
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The zones of discrimination for M-Score is as such:

An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.

Simon Property Group has a M-score of -1.67 signals that the company is a manipulator.

NYSE:SPG' s Beneish M-Score Range Over the Past 10 Years
Min: -16.39   Med: -2.65   Max: 65.38
Current: -1.67

-16.39
65.38

During the past 13 years, the highest Beneish M-Score of Simon Property Group was 65.38. The lowest was -16.39. And the median was -2.65.


Simon Property Group Beneish M-Score Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

* Premium members only.

Simon Property Group Annual Data
Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.66 -2.71 -2.67 -2.75 -2.67

Simon Property Group Quarterly Data
Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20
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 -2.72 -2.75 -2.67 -2.69 -1.67

Competitive Comparison
* 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.


Simon Property Group Beneish M-Score Distribution

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



Simon Property Group 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 Simon Property Group 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 * 2.1267+0.528 * 1.0064+0.404 * 0.8796+0.892 * 0.9308+0.115 * 1.3802
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8461+4.679 * -0.0352-0.327 * 1.0733
=-1.67

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

This Year (Jun20) TTM:Last Year (Jun19) TTM:
Accounts Receivable was $1,458 Mil.
Revenue was 1062.041 + 1353.36 + 1488.615 + 1416.554 = $5,321 Mil.
Gross Profit was 860.12 + 1105.762 + 1229.531 + 1152.809 = $4,348 Mil.
Total Current Assets was $4,764 Mil.
Total Assets was $34,026 Mil.
Property, Plant and Equipment(Net PPE) was $517 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,360 Mil.
Selling, General, & Admin. Expense(SGA) was $154 Mil.
Total Current Liabilities was $3,252 Mil.
Long-Term Debt & Capital Lease Obligation was $27,788 Mil.
Net Income was 255.047 + 438.439 + 511.028 + 545.088 = $1,750 Mil.
Non Operating Income was 36.679 + 32.379 + 10.097 + 132.001 = $211 Mil.
Cash Flow from Operations was 73.005 + 741.307 + 959.635 + 960.629 = $2,735 Mil.
Accounts Receivable was $736 Mil.
Revenue was 1397.186 + 1452.834 + 1462.026 + 1404.021 = $5,716 Mil.
Gross Profit was 1153.303 + 1197.904 + 1207.939 + 1142.053 = $4,701 Mil.
Total Current Assets was $1,216 Mil.
Total Assets was $30,733 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
(DDA) was $1,387 Mil.
Selling, General, & Admin. Expense(SGA) was $195 Mil.
Total Current Liabilities was $2,795 Mil.
Long-Term Debt & Capital Lease Obligation was $23,325 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)
=(1457.695 / 5320.57) / (736.362 / 5716.067)
=0.27397347 / 0.12882319
=2.1267

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)
=(4701.199 / 5716.067) / (4348.222 / 5320.57)
=0.82245345 / 0.8172474
=1.0064

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 - (4763.795 + 517.061) / 34026.17) / (1 - (1216.138 + 0) / 30732.915)
=0.84480016 / 0.96042881
=0.8796

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
=5320.57 / 5716.067
=0.9308

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))
=(1387.457 / (1387.457 + 0)) / (1360.1 / (1360.1 + 517.061))
=1 / 0.7245516
=1.3802

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)
=(153.569 / 5320.57) / (194.992 / 5716.067)
=0.02886326 / 0.03411297
=0.8461

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)
=((27788.299 + 3251.66) / 34026.17) / ((23324.679 + 2795.273) / 30732.915)
=0.91223782 / 0.84990155
=1.0733

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
=(1749.602 - 211.156 - 2734.576) / 34026.17
=-0.0352

An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.

Simon Property Group has a M-score of -1.67 signals that the company is likely to be a manipulator.


Simon Property Group Beneish M-Score Headlines

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