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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 BroadVision Inc was 18.81. The lowest was -8.75. And the median was -2.52.
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 BroadVision 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 * 0.4371||+||0.528 * 0.9078||+||0.404 * 1.187||+||0.892 * 0.8522||+||0.115 * 0.8241|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0817||+||4.679 * -0.0119||-||0.327 * 1.1253|
|This Year (Sep15) TTM:||Last Year (Sep14) TTM:|
|Accounts Receivable was $0.81 Mil.|
Revenue was 2.082 + 2.187 + 2.496 + 4.306 = $11.07 Mil.
Gross Profit was 1.384 + 1.33 + 1.734 + 3.267 = $7.72 Mil.
Total Current Assets was $34.53 Mil.
Total Assets was $34.82 Mil.
Property, Plant and Equipment(Net PPE) was $0.10 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.09 Mil.
Selling, General & Admin. Expense(SGA) was $8.43 Mil.
Total Current Liabilities was $5.21 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was -2.067 + -2.496 + -3.555 + -1.556 = $-9.67 Mil.
Non Operating Income was 0.375 + 0.131 + -1.399 + -0.734 = $-1.63 Mil.
Cash Flow from Operations was -2.863 + -1.104 + -1.045 + -2.621 = $-7.63 Mil.
|Accounts Receivable was $2.18 Mil.
Revenue was 3.125 + 3.16 + 2.994 + 3.712 = $12.99 Mil.
Gross Profit was 2.021 + 1.782 + 1.96 + 2.455 = $8.22 Mil.
Total Current Assets was $43.09 Mil.
Total Assets was $43.46 Mil.
Property, Plant and Equipment(Net PPE) was $0.17 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.12 Mil.
Selling, General & Admin. Expense(SGA) was $9.14 Mil.
Total Current Liabilities was $5.78 Mil.
Long-Term Debt was $0.00 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)|
|=||(0.811 / 11.071)||/||(2.177 / 12.991)|
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)|
|=||(1.33 / 12.991)||/||(1.384 / 11.071)|
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 - (34.531 + 0.096) / 34.821)||/||(1 - (43.085 + 0.173) / 43.462)|
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))|
|=||(0.118 / (0.118 + 0.173))||/||(0.093 / (0.093 + 0.096))|
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)|
|=||(8.428 / 11.071)||/||(9.143 / 12.991)|
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 + 5.213) / 34.821)||/||((0 + 5.782) / 43.462)|
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|
|=||(-9.674 - -1.627||-||-7.633)||/||34.821|
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.
BroadVision Inc has a M-score of -3.23 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
BroadVision Inc Annual Data
BroadVision Inc Quarterly Data