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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 Bowl America Inc was 6.03. The lowest was -3.79. And the median was -2.71.
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 Bowl America 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||+||0.528 * 0.9802||+||0.404 * 0.9801||+||0.892 * 1.0212||+||0.115 * 0.9501|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9695||+||4.679 * -0.0477||-||0.327 * 1.1271|
|This Year (Mar16) TTM:||Last Year (Mar15) TTM:|
|Accounts Receivable was $0.00 Mil.|
Revenue was 7.421 + 6.006 + 4.92 + 5.009 = $23.36 Mil.
Gross Profit was 5.255 + 3.996 + 2.94 + 3.239 = $15.43 Mil.
Total Current Assets was $4.97 Mil.
Total Assets was $33.65 Mil.
Property, Plant and Equipment(Net PPE) was $19.64 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.28 Mil.
Selling, General & Admin. Expense(SGA) was $11.91 Mil.
Total Current Liabilities was $5.16 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was 1.271 + 0.509 + -0.148 + 0.204 = $1.84 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was 2.989 + 1.694 + 0.492 + -1.734 = $3.44 Mil.
|Accounts Receivable was $0.01 Mil.
Revenue was 7.516 + 5.97 + 4.629 + 4.756 = $22.87 Mil.
Gross Profit was 5.246 + 3.939 + 2.665 + 2.961 = $14.81 Mil.
Total Current Assets was $4.60 Mil.
Total Assets was $34.51 Mil.
Property, Plant and Equipment(Net PPE) was $20.45 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.26 Mil.
Selling, General & Admin. Expense(SGA) was $12.03 Mil.
Total Current Liabilities was $4.69 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 / 23.356)||/||(0.014 / 22.871)|
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)|
|=||(14.811 / 22.871)||/||(15.43 / 23.356)|
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 - (4.969 + 19.643) / 33.654)||/||(1 - (4.596 + 20.45) / 34.505)|
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))|
|=||(1.26 / (1.26 + 20.45))||/||(1.278 / (1.278 + 19.643))|
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)|
|=||(11.906 / 23.356)||/||(12.025 / 22.871)|
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 + 5.157) / 33.654)||/||((0 + 4.691) / 34.505)|
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|
|=||(1.836 - 0||-||3.441)||/||33.654|
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.
Bowl America Inc has a M-score of -3.66 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
Bowl America Inc Annual Data
Bowl America Inc Quarterly Data