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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.
Good Sign:
Beneish M-Score -2.73 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Apple Hospitality REIT's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Apple Hospitality REIT was 0.05. The lowest was -3.40. And the median was -2.63.
The historical data trend for Apple Hospitality 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.
Apple Hospitality REIT Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.86 | -2.20 | -2.20 | -2.54 | -2.81 |
Apple Hospitality REIT Quarterly Data | ||||||||||||||||||||
Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.63 | -2.74 | -2.81 | -2.77 | -2.73 |
For the REIT - Hotel & Motel subindustry, Apple Hospitality 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.
For the REITs industry and Real Estate sector, Apple Hospitality REIT's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Apple Hospitality REIT's Beneish M-Score falls into.
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 Apple Hospitality 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 * 0.8805 | + | 0.528 * 1.015 | + | 0.404 * 1.0022 | + | 0.892 * 1.0586 | + | 0.115 * 1 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.9325 | + | 4.679 * -0.043621 | - | 0.327 * 1.0234 | |||||||
= | -2.73 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was $63 Mil. Revenue was 390.077 + 329.512 + 312.456 + 358.26 = $1,390 Mil. Gross Profit was 151.846 + 111.256 + 103.159 + 132.872 = $499 Mil. Total Current Assets was $101 Mil. Total Assets was $5,075 Mil. Property, Plant and Equipment(Net PPE) was $0 Mil. Depreciation, Depletion and Amortization(DDA) was $186 Mil. Selling, General, & Admin. Expense(SGA) was $45 Mil. Total Current Liabilities was $263 Mil. Long-Term Debt & Capital Lease Obligation was $1,480 Mil. Net Income was 73.931 + 54.05 + 20.765 + 58.512 = $207 Mil. Non Operating Income was 0.449 + 17.766 + 0 + 0 = $18 Mil. Cash Flow from Operations was 127.303 + 54.652 + 96.88 + 131.6 = $410 Mil. |
Total Receivables was $67 Mil. Revenue was 361.63 + 311.454 + 299.121 + 341.15 = $1,313 Mil. Gross Profit was 141.123 + 106.614 + 101.827 + 129.031 = $479 Mil. Total Current Assets was $106 Mil. Total Assets was $4,767 Mil. Property, Plant and Equipment(Net PPE) was $0 Mil. Depreciation, Depletion and Amortization(DDA) was $183 Mil. Selling, General, & Admin. Expense(SGA) was $46 Mil. Total Current Liabilities was $112 Mil. Long-Term Debt & Capital Lease Obligation was $1,487 Mil. |
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) |
= | (62.894 / 1390.305) | / | (67.474 / 1313.355) | |
= | 0.045238 | / | 0.051375 | |
= | 0.8805 |
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) | |
= | (478.595 / 1313.355) | / | (499.133 / 1390.305) | |
= | 0.364406 | / | 0.35901 | |
= | 1.015 |
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 - (101.413 + 0) / 5075.4) | / | (1 - (105.649 + 0) / 4767.305) | |
= | 0.980019 | / | 0.977839 | |
= | 1.0022 |
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 | |
= | 1390.305 | / | 1313.355 | |
= | 1.0586 |
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)) |
= | (182.951 / (182.951 + 0)) | / | (185.88 / (185.88 + 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) |
= | (45.489 / 1390.305) | / | (46.08 / 1313.355) | |
= | 0.032719 | / | 0.035086 | |
= | 0.9325 |
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) |
= | ((1479.667 + 262.763) / 5075.4) | / | ((1487.425 + 111.825) / 4767.305) | |
= | 0.343309 | / | 0.335462 | |
= | 1.0234 |
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 | |
= | (207.258 - 18.215 | - | 410.435) | / | 5075.4 | |
= | -0.043621 |
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.
Apple Hospitality REIT has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Apple Hospitality REIT's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Redd Hugh | director | C/O GENERAL DYNAMICS CORPORATION, 2941 FAIRVIEW PARK DRIVE, FALLS CHURCH VA 22042 |
Glade M Knight | director, officer: Executive Chairman | 306 E MAINS T, RICHMOND VA 23219 |
Bunting Glenn W Jr | director | 1551 NORTH TUSTIN AVENUE, SUITE 200, SANTA ANA CA 92705 |
Howard E. Woolley | director | C/O APPLE HOSPITALITY REIT, INC., 814 EAST MAIN STREET, RICHMOND VA 23219 |
Elizabeth Perkins | officer: SVP & Chief Financial Officer | C/O APPLE HOSPITALITY REIT, INC., 814 EAST MAIN STREET, RICHMOND VA 23219 |
Justin G Knight | director, officer: CEO | 10 S THIRD ST, RICHMOND VA 23219 |
Nelson Knight | officer: President Real Estate & Invest | 814 E MAIN STREET, RICHMOND VA 23219 |
Blythe J Mcgarvie | director | HANNAFORD BROS CO, 145 PLEASANT HILL RD, SCARBOROUGH ME 04074 |
Kristian M Gathright | director | 10 S THIRD ST, RICHMOND VA 23219 |
Carolyn B Handlon | director | 1555 PEACHTREE ST. NE, SUITE 1800, ATLANTA GA 30309 |
Jon A Fosheim | director | DIGITALBRIDGE GROUP, INC., 750 PARK OF COMMERCE DRIVE, SUITE 210, BOCA RATON FL 33487 |
Matthew Rash | officer: SVP & Chief Legal Officer | C/O APPLE HOSPITALITY REIT, INC., 814 EAST MAIN STREET, RICHMOND VA 23219 |
Rachel Labrecque | officer: SVP & Chief Accounting Officer | C/O APPLE HOSPITALITY REIT, INC., 814 EAST MAIN STREET, RICHMOND VA 23219 |
Jeanette Clarke | officer: SVP Chief Cap. Invest. Officer | C/O APPLE HOSPITALITY REIT, INC., 814 EAST MAIN STREET, RICHMOND VA 23219 |
Karen Catherine Gallagher | officer: SVP & Chief Operating Officer | C/O APPLE HOSPITALITY REIT, INC., 814 EAST MAIN STREET, RICHMOND VA 23219 |
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