True North Commercial REIT Beneish M-Score Historical Data
The historical data trend for True North Commercial 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.
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True North Commercial REIT Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
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-2.48 |
-2.71 |
-2.16 |
-1.80 |
-3.18 |
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True North Commercial REIT Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.80 |
-2.28 |
-2.42 |
-2.80 |
-3.18 |
Competitive Comparison
For the REIT - Office subindustry, True North Commercial 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.
True North Commercial REIT Beneish M-Score Distribution
For the REITs industry and Real Estate sector, True North Commercial REIT's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where True North Commercial REIT's Beneish M-Score falls into.
True North Commercial 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 True North Commercial 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 * 0.4225 | + | 0.528 * 1.0977 | + | 0.404 * 1.0211 | + | 0.892 * 0.9208 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0117 | + | 4.679 * -0.031141 | - | 0.327 * 1.0394 |
| = | -3.18 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was C$2.8 Mil.
Revenue was 32.867 + 32.789 + 32.69 + 33.858 = C$132.2 Mil.
Gross Profit was 17.346 + 18.082 + 18.482 + 18.638 = C$72.5 Mil.
Total Current Assets was C$71.2 Mil.
Total Assets was C$1,323.7 Mil.
Property, Plant and Equipment(Net PPE) was C$0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was C$0.0 Mil.
Selling, General, & Admin. Expense(SGA) was C$5.6 Mil.
Total Current Liabilities was C$172.3 Mil.
Long-Term Debt & Capital Lease Obligation was C$694.4 Mil.
Net Income was -5.937 + -42.472 + 0.793 + 6.995 = C$-40.6 Mil.
Non Operating Income was -13.138 + -50.449 + -7.746 + -2.01 = C$-73.3 Mil.
Cash Flow from Operations was 23.143 + 16.569 + 18.237 + 15.994 = C$73.9 Mil.
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Total Receivables was C$7.3 Mil.
Revenue was 35.451 + 36.677 + 35.12 + 36.327 = C$143.6 Mil.
Gross Profit was 20.629 + 21.976 + 21.685 + 22.194 = C$86.5 Mil.
Total Current Assets was C$106.3 Mil.
Total Assets was C$1,450.3 Mil.
Property, Plant and Equipment(Net PPE) was C$0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was C$0.0 Mil.
Selling, General, & Admin. Expense(SGA) was C$6.1 Mil.
Total Current Liabilities was C$230.2 Mil.
Long-Term Debt & Capital Lease Obligation was C$683.4 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) |
| = | (2.847 / 132.204) | / | (7.318 / 143.575) |
| = | 0.021535 | / | 0.05097 |
| | = | 0.4225 |
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) |
| = | (86.484 / 143.575) | / | (72.548 / 132.204) |
| = | 0.602361 | / | 0.548758 |
| | = | 1.0977 |
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 - (71.152 + 0) / 1323.672) | / | (1 - (106.291 + 0) / 1450.315) |
| = | 0.946247 | / | 0.926712 |
| | = | 1.0211 |
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 |
| = | 132.204 | / | 143.575 |
| | = | 0.9208 |
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 / (0 + 0)) | / | (0 / (0 + 0)) |
| = | | / | |
| | = | 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) |
| = | (5.64 / 132.204) | / | (6.054 / 143.575) |
| = | 0.042661 | / | 0.042166 |
| | = | 1.0117 |
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) |
| = | ((694.379 + 172.258) / 1323.672) | / | ((683.393 + 230.156) / 1450.315) |
| = | 0.654722 | / | 0.629897 |
| | = | 1.0394 |
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 |
| = | (-40.621 - -73.343 | - | 73.943) | / | 1323.672 |
| | = | -0.031141 |
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.
True North Commercial REIT has a M-score of -3.18 suggests that the company is unlikely to be a manipulator.
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