CBM has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
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.
Cambrex Corp has a M-score of -2.01 signals that the company is a manipulator.
During the past 13 years, the highest Beneish M-Score of Cambrex Corp was 0.84. The lowest was -4.72. 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 Cambrex Corp 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 * 1.2694||+||0.528 * 0.9913||+||0.404 * 0.8281||+||0.892 * 1.291||+||0.115 * 0.9822|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8946||+||4.679 * -0.0005||-||0.327 * 0.9248|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $69.8 Mil.|
Revenue was 97.893 + 66.105 + 103.036 + 77.452 = $344.5 Mil.
Gross Profit was 33.415 + 16.578 + 33.938 + 24.966 = $108.9 Mil.
Total Current Assets was $213.0 Mil.
Total Assets was $476.1 Mil.
Property, Plant and Equipment(Net PPE) was $170.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $23.4 Mil.
Selling, General & Admin. Expense(SGA) was $52.0 Mil.
Total Current Liabilities was $98.1 Mil.
Long-Term Debt was $74.0 Mil.
Net Income was 19.667 + 0.982 + 8.899 + 3.574 = $33.1 Mil.
Non Operating Income was -4.269 + 0.328 + -5.392 + -0.513 = $-9.8 Mil.
Cash Flow from Operations was -12.052 + 24.582 + 38.589 + -7.894 = $43.2 Mil.
|Accounts Receivable was $42.6 Mil.
Revenue was 62.803 + 74.885 + 69.93 + 59.21 = $266.8 Mil.
Gross Profit was 19.251 + 24.749 + 21.083 + 18.531 = $83.6 Mil.
Total Current Assets was $171.0 Mil.
Total Assets was $435.5 Mil.
Property, Plant and Equipment(Net PPE) was $161.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $21.9 Mil.
Selling, General & Admin. Expense(SGA) was $45.1 Mil.
Total Current Liabilities was $83.3 Mil.
Long-Term Debt was $87.0 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)|
|=||(69.751 / 344.486)||/||(42.56 / 266.828)|
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)|
|=||(16.578 / 266.828)||/||(33.415 / 344.486)|
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 - (212.982 + 170.164) / 476.07)||/||(1 - (170.957 + 161.927) / 435.543)|
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))|
|=||(21.851 / (21.851 + 161.927))||/||(23.436 / (23.436 + 170.164))|
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)|
|=||(52.035 / 344.486)||/||(45.055 / 266.828)|
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)|
|=||((74 + 98.122) / 476.07)||/||((87 + 83.279) / 435.543)|
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|
|=||(33.122 - -9.846||-||43.225)||/||476.07|
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.
Cambrex Corp has a M-score of -2.01 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
Cambrex Corp Annual Data
Cambrex Corp Quarterly Data