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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.
Astec Industries, Inc. has a M-score of -2.19 signals that the company is a manipulator.
During the past 13 years, the highest Beneish M-Score of Astec Industries, Inc. was -1.88. The lowest was -3.07. And the median was -2.44.
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 Astec Industries, 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 * 1.0682||+||0.528 * 0.9972||+||0.404 * 0.9842||+||0.892 * 0.9965||+||0.115 * 1.0397|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9815||+||4.679 * 0.0417||-||0.327 * 0.8923|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $94.8 Mil.|
Revenue was 223.862 + 213.177 + 248.127 + 247.833 = $933.0 Mil.
Gross Profit was 47.324 + 45.787 + 55.442 + 58.567 = $207.1 Mil.
Total Current Assets was $522.4 Mil.
Total Assets was $749.3 Mil.
Property, Plant and Equipment(Net PPE) was $184.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $22.3 Mil.
Selling, General & Admin. Expense(SGA) was $133.3 Mil.
Total Current Liabilities was $133.5 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 8.266 + 6.514 + 11.092 + 13.171 = $39.0 Mil.
Non Operating Income was 0.855 + 0.875 + -0.207 + 0.413 = $1.9 Mil.
Cash Flow from Operations was -0.871 + 28.642 + -22.696 + 0.786 = $5.9 Mil.
|Accounts Receivable was $89.0 Mil.
Revenue was 227.64 + 218.391 + 238.275 + 251.967 = $936.3 Mil.
Gross Profit was 48.311 + 47.297 + 53.061 + 58.596 = $207.3 Mil.
Total Current Assets was $504.1 Mil.
Total Assets was $728.8 Mil.
Property, Plant and Equipment(Net PPE) was $182.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $23.0 Mil.
Selling, General & Admin. Expense(SGA) was $136.3 Mil.
Total Current Liabilities was $145.5 Mil.
Long-Term Debt was $0.0 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)|
|=||(94.789 / 932.999)||/||(89.048 / 936.273)|
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)|
|=||(45.787 / 936.273)||/||(47.324 / 932.999)|
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 - (522.411 + 184.52) / 749.291)||/||(1 - (504.084 + 182.839) / 728.783)|
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))|
|=||(23.048 / (23.048 + 182.839))||/||(22.265 / (22.265 + 184.52))|
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)|
|=||(133.337 / 932.999)||/||(136.323 / 936.273)|
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)|
|=||((0 + 133.531) / 749.291)||/||((0 + 145.548) / 728.783)|
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|
|=||(39.043 - 1.936||-||5.861)||/||749.291|
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.
Astec Industries, Inc. has a M-score of -2.19 signals that the company is likely to 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
Astec Industries, Inc. Annual Data
Astec Industries, Inc. Quarterly Data