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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 Buckeye Technologies, Inc. was 0.00. The lowest was 0.00. And the median was 0.00.
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 Buckeye Technologies, 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 * 1.1448||+||0.528 * 0.9894||+||0.404 * 1.3944||+||0.892 * 0.8589||+||0.115 * 1.1793|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1526||+||4.679 * -0.0712||-||0.327 * 0.7825|
|This Year (Mar13) TTM:||Last Year (Mar12) TTM:|
|Accounts Receivable was $128.6 Mil.|
Revenue was 195.562 + 204.333 + 196.958 + 210.652 = $807.5 Mil.
Gross Profit was 43.358 + 47.319 + 50.12 + 53.379 = $194.2 Mil.
Total Current Assets was $299.8 Mil.
Total Assets was $884.4 Mil.
Property, Plant and Equipment(Net PPE) was $532.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $49.6 Mil.
Selling, General & Admin. Expense(SGA) was $49.0 Mil.
Total Current Liabilities was $64.1 Mil.
Long-Term Debt was $62.3 Mil.
Net Income was 28.262 + 12.909 + 29.491 + 28.515 = $99.2 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 46.061 + 25.019 + 3.736 + 87.369 = $162.2 Mil.
|Accounts Receivable was $130.8 Mil.
Revenue was 217.065 + 227.097 + 240.067 + 255.9 = $940.1 Mil.
Gross Profit was 52.819 + 54.435 + 56.852 + 59.567 = $223.7 Mil.
Total Current Assets was $324.9 Mil.
Total Assets was $842.1 Mil.
Property, Plant and Equipment(Net PPE) was $481.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $53.8 Mil.
Selling, General & Admin. Expense(SGA) was $49.5 Mil.
Total Current Liabilities was $83.6 Mil.
Long-Term Debt was $70.1 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)|
|=||(128.624 / 807.505)||/||(130.803 / 940.129)|
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)|
|=||(223.673 / 940.129)||/||(194.176 / 807.505)|
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 - (299.784 + 532.278) / 884.364)||/||(1 - (324.927 + 481.474) / 842.118)|
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))|
|=||(53.835 / (53.835 + 481.474))||/||(49.621 / (49.621 + 532.278))|
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)|
|=||(49.049 / 807.505)||/||(49.543 / 940.129)|
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)|
|=||((62.271 + 64.08) / 884.364)||/||((70.139 + 83.62) / 842.118)|
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|
|=||(99.177 - 0||-||162.185)||/||884.364|
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.
Buckeye Technologies, Inc. has a M-score of -2.59 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
Buckeye Technologies, Inc. Annual Data
Buckeye Technologies, Inc. Quarterly Data