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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 Agenus Inc was 184.25. The lowest was -5.76. And the median was -2.06.
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 * 1.0702||+||0.528 * 1||+||0.404 * 2.2455||+||0.892 * 1.3106||+||0.115 * 1.3219|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0065||+||4.679 * -0.1951||-||0.327 * 1.6102|
|This Year (Sep16) TTM:||Last Year (Sep15) TTM:|
|Accounts Receivable was $10.28 Mil.|
Revenue was 4.446 + 6.592 + 5.959 + 7.639 = $24.64 Mil.
Gross Profit was 4.446 + 6.592 + 5.959 + 7.639 = $24.64 Mil.
Total Current Assets was $109.53 Mil.
Total Assets was $174.84 Mil.
Property, Plant and Equipment(Net PPE) was $23.51 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.21 Mil.
Selling, General & Admin. Expense(SGA) was $32.92 Mil.
Total Current Liabilities was $34.85 Mil.
Long-Term Debt was $126.26 Mil.
Net Income was -40.774 + -28.32 + -31.779 + -15.607 = $-116.48 Mil.
Non Operating Income was -0.14 + -0.509 + 0.323 + 1.388 = $1.06 Mil.
Cash Flow from Operations was -23.82 + -18.492 + -21.533 + -19.591 = $-83.44 Mil.
|Accounts Receivable was $7.33 Mil.
Revenue was 6.848 + 6.377 + 3.953 + 1.619 = $18.80 Mil.
Gross Profit was 6.848 + 6.377 + 3.953 + 1.619 = $18.80 Mil.
Total Current Assets was $208.94 Mil.
Total Assets was $242.61 Mil.
Property, Plant and Equipment(Net PPE) was $7.83 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.97 Mil.
Selling, General & Admin. Expense(SGA) was $24.95 Mil.
Total Current Liabilities was $28.29 Mil.
Long-Term Debt was $110.55 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)|
|=||(10.284 / 24.636)||/||(7.332 / 18.797)|
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)|
|=||(18.797 / 18.797)||/||(24.636 / 24.636)|
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 - (109.526 + 23.508) / 174.842)||/||(1 - (208.943 + 7.83) / 242.608)|
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))|
|=||(1.968 / (1.968 + 7.83))||/||(4.212 / (4.212 + 23.508))|
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)|
|=||(32.915 / 24.636)||/||(24.951 / 18.797)|
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)|
|=||((126.263 + 34.849) / 174.842)||/||((110.553 + 28.286) / 242.608)|
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|
|=||(-116.48 - 1.062||-||-83.436)||/||174.842|
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 -2.71 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