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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.
Agenus Inc has a M-score of -3.47 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Agenus Inc was 135.76. The lowest was -5.76. And the median was -2.68.
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 Agenus Inc 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||+||0.528 * 0.8332||+||0.404 * 1.7325||+||0.892 * 0.7191||+||0.115 * 2.0223|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 2.029||+||4.679 * -0.0552||-||0.327 * 0.1088|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $0.00 Mil.|
Revenue was 0.721 + 0.393 + 0.736 + 0.807 = $2.66 Mil.
Gross Profit was 0.721 + 0.386 + 0.656 + 0.631 = $2.39 Mil.
Total Current Assets was $75.26 Mil.
Total Assets was $108.30 Mil.
Property, Plant and Equipment(Net PPE) was $4.14 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.71 Mil.
Selling, General & Admin. Expense(SGA) was $16.76 Mil.
Total Current Liabilities was $14.37 Mil.
Long-Term Debt was $5.28 Mil.
Net Income was -0.358 + -5.777 + -7.319 + -11.142 = $-24.60 Mil.
Non Operating Income was 9.822 + 0.804 + -0.157 + -3.323 = $7.15 Mil.
Cash Flow from Operations was -10.124 + -5.544 + -4.431 + -5.663 = $-25.76 Mil.
|Accounts Receivable was $0.16 Mil.
Revenue was 1.109 + 1.09 + 0.869 + 0.627 = $3.70 Mil.
Gross Profit was 0.836 + 0.788 + 0.652 + 0.498 = $2.77 Mil.
Total Current Assets was $18.35 Mil.
Total Assets was $25.13 Mil.
Property, Plant and Equipment(Net PPE) was $2.92 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.22 Mil.
Selling, General & Admin. Expense(SGA) was $11.48 Mil.
Total Current Liabilities was $5.78 Mil.
Long-Term Debt was $36.15 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)|
|=||(0 / 2.657)||/||(0.164 / 3.695)|
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)|
|=||(0.386 / 3.695)||/||(0.721 / 2.657)|
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 - (75.26 + 4.136) / 108.304)||/||(1 - (18.346 + 2.915) / 25.133)|
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))|
|=||(1.219 / (1.219 + 2.915))||/||(0.706 / (0.706 + 4.136))|
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)|
|=||(16.755 / 2.657)||/||(11.484 / 3.695)|
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)|
|=||((5.278 + 14.373) / 108.304)||/||((36.148 + 5.778) / 25.133)|
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|
|=||(-24.596 - 7.146||-||-25.762)||/||108.304|
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.
Agenus Inc has a M-score of -3.47 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
Agenus Inc Annual Data
Agenus Inc Quarterly Data