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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.
First Majestic Silver Corp has a M-score of -3.83 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of First Majestic Silver Corp was 10000000.00. The lowest was -10000000.00. And the median was -2.23.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (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 First Majestic Silver Corp 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 * 0.8122||+||0.528 * 1.3392||+||0.404 * 0.1135||+||0.892 * 0.9731||+||0.115 * 0.7263|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9764||+||4.679 * -0.1884||-||0.327 * 1.1961|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $24.5 Mil.|
Revenue was 65.296 + 58.989 + 76.882 + 48.372 = $249.5 Mil.
Gross Profit was 30.026 + 27.552 + 40.822 + 24.481 = $122.9 Mil.
Total Current Assets was $101.6 Mil.
Total Assets was $868.2 Mil.
Property, Plant and Equipment(Net PPE) was $761.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $49.1 Mil.
Selling, General & Admin. Expense(SGA) was $34.6 Mil.
Total Current Liabilities was $82.8 Mil.
Long-Term Debt was $17.0 Mil.
Net Income was 5.98 + -81.229 + 16.32 + 0.16 = $-58.8 Mil.
Non Operating Income was 2.897 + -5.439 + 1.314 + -2.681 = $-3.9 Mil.
Cash Flow from Operations was 19.295 + 25.737 + 37.78 + 25.874 = $108.7 Mil.
|Accounts Receivable was $31.0 Mil.
Revenue was 67.07 + 71.007 + 63.581 + 54.774 = $256.4 Mil.
Gross Profit was 42.8 + 47.321 + 42.669 + 36.318 = $169.1 Mil.
Total Current Assets was $174.2 Mil.
Total Assets was $848.5 Mil.
Property, Plant and Equipment(Net PPE) was $628.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $28.9 Mil.
Selling, General & Admin. Expense(SGA) was $36.4 Mil.
Total Current Liabilities was $65.9 Mil.
Long-Term Debt was $15.6 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(24.517 / 249.539)||/||(31.021 / 256.432)|
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.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(27.552 / 256.432)||/||(30.026 / 249.539)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (101.575 + 761.272) / 868.229)||/||(1 - (174.209 + 627.96) / 848.493)|
4. SGI = Sales Growth Index
Ratio of sales 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.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation 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))|
|=||(28.911 / (28.911 + 627.96))||/||(49.109 / (49.109 + 761.272))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses 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)|
|=||(34.567 / 249.539)||/||(36.379 / 256.432)|
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$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((16.979 + 82.826) / 868.229)||/||((15.605 + 65.939) / 848.493)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(-58.769 - -3.909||-||108.686)||/||868.229|
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.
First Majestic Silver Corp has a M-score of -3.83 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
First Majestic Silver Corp Annual Data
First Majestic Silver Corp Quarterly Data