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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.
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 -2.54.
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 * 0.6859||+||0.528 * 1.3955||+||0.404 * 1.5829||+||0.892 * 0.9407||+||0.115 * 0.7018|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.7481||+||4.679 * -0.2212||-||0.327 * 1.2555|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Mar15) TTM:||Last Year (Mar14) TTM:|
|Accounts Receivable was $7.8 Mil.|
Revenue was 54.569 + 72.48 + 40.77 + 66.927 = $234.7 Mil.
Gross Profit was 22.233 + 27.607 + 8.797 + 24.2 = $82.8 Mil.
Total Current Assets was $61.9 Mil.
Total Assets was $757.1 Mil.
Property, Plant and Equipment(Net PPE) was $687.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $65.0 Mil.
Selling, General & Admin. Expense(SGA) was $24.3 Mil.
Total Current Liabilities was $74.5 Mil.
Long-Term Debt was $34.8 Mil.
Net Income was -1.105 + -64.568 + -10.45 + 7.59 = $-68.5 Mil.
Non Operating Income was 0.369 + 10.291 + -2.816 + 10.625 = $18.5 Mil.
Cash Flow from Operations was 6.35 + 41.609 + 4.974 + 27.505 = $80.4 Mil.
|Accounts Receivable was $12.1 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.
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)|
|=||(7.813 / 234.746)||/||(12.109 / 249.539)|
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)|
|=||(27.607 / 249.539)||/||(22.233 / 234.746)|
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 - (61.866 + 687.822) / 757.117)||/||(1 - (101.575 + 761.272) / 868.229)|
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))|
|=||(49.109 / (49.109 + 761.272))||/||(65.008 / (65.008 + 687.822))|
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)|
|=||(24.328 / 234.746)||/||(34.567 / 249.539)|
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)|
|=||((34.807 + 74.464) / 757.117)||/||((16.979 + 82.826) / 868.229)|
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|
|=||(-68.533 - 18.469||-||80.438)||/||757.117|
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 -3.49 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