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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 * 1.1447||+||0.528 * 1.3203||+||0.404 * 1.4383||+||0.892 * 2.001||+||0.115 * 1.2931|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.6649||+||4.679 * -0.0598||-||0.327 * 3.8871|
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $9.42 Mil.|
Revenue was 6.592 + 5.959 + 7.639 + 6.848 = $27.04 Mil.
Gross Profit was 0 + 0 + 7.639 + 6.848 = $14.49 Mil.
Total Current Assets was $136.07 Mil.
Total Assets was $196.45 Mil.
Property, Plant and Equipment(Net PPE) was $18.22 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.59 Mil.
Selling, General & Admin. Expense(SGA) was $31.22 Mil.
Total Current Liabilities was $33.06 Mil.
Long-Term Debt was $122.13 Mil.
Net Income was -28.32 + -31.779 + -15.607 + -13.122 = $-88.83 Mil.
Non Operating Income was -0.509 + 0.323 + 1.388 + -0.653 = $0.55 Mil.
Cash Flow from Operations was -18.492 + -21.533 + -19.591 + -18.01 = $-77.63 Mil.
|Accounts Receivable was $4.11 Mil.
Revenue was 6.377 + 3.953 + 1.619 + 1.563 = $13.51 Mil.
Gross Profit was 6.377 + 0 + 1.619 + 1.563 = $9.56 Mil.
Total Current Assets was $146.28 Mil.
Total Assets was $180.11 Mil.
Property, Plant and Equipment(Net PPE) was $6.95 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.88 Mil.
Selling, General & Admin. Expense(SGA) was $23.46 Mil.
Total Current Liabilities was $25.32 Mil.
Long-Term Debt was $11.28 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)|
|=||(9.417 / 27.038)||/||(4.111 / 13.512)|
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)|
|=||(9.559 / 13.512)||/||(14.487 / 27.038)|
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 - (136.069 + 18.224) / 196.454)||/||(1 - (146.283 + 6.952) / 180.11)|
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))|
|=||(1.88 / (1.88 + 6.952))||/||(3.591 / (3.591 + 18.224))|
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)|
|=||(31.216 / 27.038)||/||(23.463 / 13.512)|
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)|
|=||((122.125 + 33.063) / 196.454)||/||((11.281 + 25.321) / 180.11)|
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|
|=||(-88.828 - 0.549||-||-77.626)||/||196.454|
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 -2.24 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