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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 -3.39 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 -2.51.
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 * 1.1015||+||0.528 * 1.3755||+||0.404 * 0.1203||+||0.892 * 1.0722||+||0.115 * 0.7377|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.7802||+||4.679 * -0.192||-||0.327 * 1.0682|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $8.3 Mil.|
Revenue was 66.927 + 65.296 + 58.989 + 76.882 = $268.1 Mil.
Gross Profit was 24.2 + 30.026 + 27.552 + 40.822 = $122.6 Mil.
Total Current Assets was $118.1 Mil.
Total Assets was $890.9 Mil.
Property, Plant and Equipment(Net PPE) was $766.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $53.6 Mil.
Selling, General & Admin. Expense(SGA) was $32.4 Mil.
Total Current Liabilities was $72.0 Mil.
Long-Term Debt was $18.2 Mil.
Net Income was 7.59 + 5.98 + -81.229 + 16.32 = $-51.3 Mil.
Non Operating Income was 10.625 + 2.897 + -5.439 + 1.314 = $9.4 Mil.
Cash Flow from Operations was 27.505 + 19.295 + 25.737 + 37.78 = $110.3 Mil.
|Accounts Receivable was $7.0 Mil.
Revenue was 48.372 + 67.07 + 71.007 + 63.581 = $250.0 Mil.
Gross Profit was 24.481 + 42.8 + 47.321 + 42.669 = $157.3 Mil.
Total Current Assets was $145.9 Mil.
Total Assets was $870.3 Mil.
Property, Plant and Equipment(Net PPE) was $672.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $34.1 Mil.
Selling, General & Admin. Expense(SGA) was $38.7 Mil.
Total Current Liabilities was $65.5 Mil.
Long-Term Debt was $17.0 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)|
|=||(8.321 / 268.094)||/||(7.045 / 250.03)|
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)|
|=||(30.026 / 250.03)||/||(24.2 / 268.094)|
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 - (118.074 + 766.451) / 890.896)||/||(1 - (145.912 + 672.691) / 870.333)|
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))|
|=||(34.062 / (34.062 + 672.691))||/||(53.574 / (53.574 + 766.451))|
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)|
|=||(32.354 / 268.094)||/||(38.673 / 250.03)|
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)|
|=||((18.227 + 71.987) / 890.896)||/||((16.96 + 65.546) / 870.333)|
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|
|=||(-51.339 - 9.397||-||110.317)||/||890.896|
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 -3.39 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