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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.
bebe stores Inc has a M-score of -3.98 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of bebe stores Inc was 1.46. The lowest was -3.98. 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 bebe stores 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 * 0.7439||+||0.528 * 1.0246||+||0.404 * 0.3505||+||0.892 * 0.9178||+||0.115 * 0.9957|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.093||+||4.679 * -0.1594||-||0.327 * 1.5623|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $4.8 Mil.|
Revenue was 87.546 + 93.47 + 129.974 + 114.127 = $425.1 Mil.
Gross Profit was 28.56 + 25.292 + 43.655 + 40.62 = $138.1 Mil.
Total Current Assets was $160.3 Mil.
Total Assets was $270.4 Mil.
Property, Plant and Equipment(Net PPE) was $93.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $19.4 Mil.
Selling, General & Admin. Expense(SGA) was $197.8 Mil.
Total Current Liabilities was $59.3 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was -34.486 + -24.276 + -5.465 + -9.153 = $-73.4 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was -5.184 + -19.861 + 5.984 + -11.216 = $-30.3 Mil.
|Accounts Receivable was $7.1 Mil.
Revenue was 97.638 + 112.905 + 135.535 + 117.091 = $463.2 Mil.
Gross Profit was 32.414 + 33.578 + 45.928 + 42.275 = $154.2 Mil.
Total Current Assets was $180.4 Mil.
Total Assets was $344.8 Mil.
Property, Plant and Equipment(Net PPE) was $104.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $21.6 Mil.
Selling, General & Admin. Expense(SGA) was $197.2 Mil.
Total Current Liabilities was $48.4 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)|
|=||(4.814 / 425.117)||/||(7.051 / 463.169)|
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)|
|=||(25.292 / 463.169)||/||(28.56 / 425.117)|
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 - (160.299 + 93.64) / 270.355)||/||(1 - (180.366 + 104.72) / 344.816)|
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))|
|=||(21.56 / (21.56 + 104.72))||/||(19.379 / (19.379 + 93.64))|
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)|
|=||(197.795 / 425.117)||/||(197.17 / 463.169)|
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 + 59.299) / 270.355)||/||((0 + 48.409) / 344.816)|
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|
|=||(-73.38 - 0||-||-30.277)||/||270.355|
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.
bebe stores Inc has a M-score of -3.98 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
bebe stores Inc Annual Data
bebe stores Inc Quarterly Data