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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 -2.34 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Colliers International Group's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Colliers International Group was -1.00. The lowest was -3.24. And the median was -2.56.
The historical data trend for Colliers International Group'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.
Colliers International Group Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.81 | -2.21 | -2.59 | -2.25 | -2.28 |
Colliers International Group 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 | -2.45 | -2.44 | -2.28 | -2.55 | -2.34 |
For the Real Estate Services subindustry, Colliers International Group'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 Real Estate industry and Real Estate sector, Colliers International Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Colliers International Group'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 Colliers International 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 * 1.1376 | + | 0.528 * 0.9925 | + | 0.404 * 0.9856 | + | 0.892 * 1.0132 | + | 0.115 * 1.0237 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0308 | + | 4.679 * -0.012081 | - | 0.327 * 0.9005 | |||||||
= | -2.38 |
* 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 $891 Mil. Revenue was 1139.368 + 1001.98 + 1235.168 + 1056.032 = $4,433 Mil. Gross Profit was 452.306 + 395.735 + 503.914 + 417.373 = $1,769 Mil. Total Current Assets was $1,484 Mil. Total Assets was $5,672 Mil. Property, Plant and Equipment(Net PPE) was $582 Mil. Depreciation, Depletion and Amortization(DDA) was $203 Mil. Selling, General, & Admin. Expense(SGA) was $1,209 Mil. Total Current Liabilities was $1,441 Mil. Long-Term Debt & Capital Lease Obligation was $1,726 Mil. Net Income was 36.724 + 12.657 + 67.433 + 25.113 = $142 Mil. Non Operating Income was 16.153 + -1.289 + 7.318 + -14.565 = $8 Mil. Cash Flow from Operations was 141.189 + -137.615 + 157.103 + 42.153 = $203 Mil. |
Total Receivables was $773 Mil. Revenue was 1078.038 + 965.903 + 1222.405 + 1108.324 = $4,375 Mil. Gross Profit was 437.388 + 379.643 + 490.36 + 425.739 = $1,733 Mil. Total Current Assets was $1,333 Mil. Total Assets was $5,298 Mil. Property, Plant and Equipment(Net PPE) was $548 Mil. Depreciation, Depletion and Amortization(DDA) was $197 Mil. Selling, General, & Admin. Expense(SGA) was $1,158 Mil. Total Current Liabilities was $1,277 Mil. Long-Term Debt & Capital Lease Obligation was $2,008 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) |
= | (891.444 / 4432.548) | / | (773.407 / 4374.67) | |
= | 0.201113 | / | 0.176792 | |
= | 1.1376 |
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) | |
= | (1733.13 / 4374.67) | / | (1769.328 / 4432.548) | |
= | 0.396174 | / | 0.399167 | |
= | 0.9925 |
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 - (1484.191 + 582.014) / 5671.766) | / | (1 - (1332.906 + 548.142) / 5298.375) | |
= | 0.635703 | / | 0.644976 | |
= | 0.9856 |
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 | |
= | 4432.548 | / | 4374.67 | |
= | 1.0132 |
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)) |
= | (196.97 / (196.97 + 548.142)) | / | (202.603 / (202.603 + 582.014)) | |
= | 0.26435 | / | 0.258219 | |
= | 1.0237 |
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) |
= | (1209.442 / 4432.548) | / | (1158.034 / 4374.67) | |
= | 0.272855 | / | 0.264713 | |
= | 1.0308 |
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) |
= | ((1725.859 + 1441.313) / 5671.766) | / | ((2008.168 + 1277.474) / 5298.375) | |
= | 0.55841 | / | 0.620123 | |
= | 0.9005 |
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 | |
= | (141.927 - 7.617 | - | 202.83) | / | 5671.766 | |
= | -0.012081 |
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.
Colliers International Group has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Colliers International Group's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
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Spruce House Partnership (ai) Lp | 10 percent owner | 435 HUDSON STREET, 8TH FLOOR, NEW YORK NY 10014 |
Spruce House Capital Llc | 10 percent owner | 435 HUDSON STREET, SUITE 804, NEW YORK NY 10014 |
Spruce House Investment Management Llc | 10 percent owner | 435 HUDSON STREET, 8TH FLOOR, NEW YORK NY 10014 |
Zachary Sternberg | 10 percent owner | 435 HUDSON STREET, SUITE 804, NEW YORK NY 10014 |
Benjamin Forester Stein | 10 percent owner | 435 HUDSON STREET, SUITE 804, NEW YORK NY 10014 |
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