Gaming and Leisure Properties (FRA:2GL) Beneish M-Score : -2.49 (As of May. 05, 2024)

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What is Gaming and Leisure Properties Beneish M-Score?

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 -2.49 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:2GL' s Beneish M-Score Range Over the Past 10 Years
Min: -3.46 Med: -2.63 Max: 68.85
Current: -2.49

During the past 13 years, the highest Beneish M-Score of Gaming and Leisure Properties was 68.85. The lowest was -3.46. And the median was -2.63.

Gaming and Leisure Properties Beneish M-Score Historical Data

The historical data trend for Gaming and Leisure Properties'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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Gaming and Leisure Properties Beneish M-Score Chart

Gaming and Leisure Properties Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.71

-3.39

-2.59

-2.06

-2.53

Gaming and Leisure Properties Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.49	-2.52	-2.49	-2.53	-2.49

Competitive Comparison of Gaming and Leisure Properties's Beneish M-Score

For the REIT - Specialty subindustry, Gaming and Leisure Properties'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.

Gaming and Leisure Properties's Beneish M-Score Distribution in the REITs Industry

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

* The bar in red indicates where Gaming and Leisure Properties's Beneish M-Score falls into.

Gaming and Leisure Properties 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 Gaming and Leisure Properties for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.1047

0.528 * 0.9961

0.404 * 0.9242

0.892 * 1.0424

0.115 * 0.9365

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0307

4.679 * -0.025638

0.327 * 0.9808

-2.50

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was €2,059 Mil.
Revenue was 345.887 + 338.4 + 336.908 + 329.132 = €1,350 Mil.
Gross Profit was 335.014 + 327.575 + 327.333 + 318.155 = €1,308 Mil.
Total Current Assets was €2,569 Mil.
Total Assets was €10,841 Mil.
Property, Plant and Equipment(Net PPE) was €180 Mil.
Depreciation, Depletion and Amortization(DDA) was €255 Mil.
Selling, General, & Admin. Expense(SGA) was €53 Mil.
Total Current Liabilities was €334 Mil.
Long-Term Debt & Capital Lease Obligation was €6,331 Mil.
Net Income was 160.507 + 193.755 + 172.417 + 143.646 = €670 Mil.
Non Operating Income was 0 + 0 + 0.021 + 0 = €0 Mil.
Cash Flow from Operations was 237.242 + 241.167 + 237.305 + 232.534 = €948 Mil.

Total Receivables was €1,788 Mil.
Revenue was 331.77 + 317.55 + 337.156 + 308.881 = €1,295 Mil.
Gross Profit was 320.549 + 306.345 + 325.285 + 297.794 = €1,250 Mil.
Total Current Assets was €1,794 Mil.
Total Assets was €10,382 Mil.
Property, Plant and Equipment(Net PPE) was €203 Mil.
Depreciation, Depletion and Amortization(DDA) was €247 Mil.
Selling, General, & Admin. Expense(SGA) was €50 Mil.
Total Current Liabilities was €377 Mil.
Long-Term Debt & Capital Lease Obligation was €6,131 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)
	=	(2058.973 / 1350.327)	/	(1787.949 / 1295.357)
	=	1.524796	/	1.380275
	=	1.1047

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)
	=	(1249.973 / 1295.357)	/	(1308.077 / 1350.327)
	=	0.964964	/	0.968711
	=	0.9961

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 - (2569.368 + 180.254) / 10841.299)	/	(1 - (1794.32 + 203.326) / 10382.433)
	=	0.746375	/	0.807594
	=	0.9242

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
	=	1350.327	/	1295.357
	=	1.0424

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))
	=	(247.416 / (247.416 + 203.326))	/	(255.301 / (255.301 + 180.254))
	=	0.548908	/	0.586151
	=	0.9365

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)
	=	(53.483 / 1350.327)	/	(49.779 / 1295.357)
	=	0.039607	/	0.038429
	=	1.0307

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)
	=	((6330.584 + 333.848) / 10841.299)	/	((6130.555 + 376.746) / 10382.433)
	=	0.614726	/	0.626761
	=	0.9808

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
	=	(670.325 - 0.021	-	948.248)	/	10841.299
	=	-0.025638

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.

Gaming and Leisure Properties has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.

Gaming and Leisure Properties Beneish M-Score Related Terms

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Gaming and Leisure Properties (FRA:2GL) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » Gaming and Leisure Properties Inc (FRA:2GL) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

GLPI:USA

Address

845 Berkshire Boulevard, Suite 200, Wyomissing, PA, USA, 19610

Website

https://www.glpropinc.com

Gaming and Leisure Properties Inc, or GLP, is a real estate investment property trust primarily involved in the leasing of gaming and related facilities to wholly-owned subsidiaries of Penn National Gaming, or Penn, throughout the U.S. GLP segments its operations into GLP Capital and TRS Properties divisions. The company derives the vast majority of its revenue from its GLP Capital unit in the form of rental income from dockside and land-based casinos located mostly in the American Midwest. Almost all of GLP Capital's leases are long-term agreements that give Penn the option for future extensions. Gaming revenue generated by TRS Properties, which encompasses the operations of Hollywood Casino Perryville and Hollywood Casino Baton Rouge, also represents a significant income stream for GLP.

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