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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 ChyronHego Corp was 79.44. The lowest was -10.18. And the median was -2.86.
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 ChyronHego 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 * 0.8279||+||0.528 * 1.0759||+||0.404 * 1.0428||+||0.892 * 1.4475||+||0.115 * 0.6825|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.7991||+||4.679 * -0.1843||-||0.327 * 0.7205|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $12.23 Mil.|
Revenue was 16.011 + 14.704 + 12.621 + 14.715 = $58.05 Mil.
Gross Profit was 10.099 + 9.076 + 7.736 + 9.309 = $36.22 Mil.
Total Current Assets was $23.00 Mil.
Total Assets was $62.27 Mil.
Property, Plant and Equipment(Net PPE) was $3.91 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.34 Mil.
Selling, General & Admin. Expense(SGA) was $25.45 Mil.
Total Current Liabilities was $15.95 Mil.
Long-Term Debt was $0.73 Mil.
Net Income was -2.56 + 2.947 + -3.242 + -3.76 = $-6.62 Mil.
Non Operating Income was -0.022 + 0.068 + -0.07 + 0.012 = $-0.01 Mil.
Cash Flow from Operations was 0.807 + 1.206 + -0.887 + 3.748 = $4.87 Mil.
|Accounts Receivable was $10.20 Mil.
Revenue was 13.959 + 10.716 + 8.017 + 7.413 = $40.11 Mil.
Gross Profit was 8.749 + 7.331 + 5.722 + 5.119 = $26.92 Mil.
Total Current Assets was $18.42 Mil.
Total Assets was $49.96 Mil.
Property, Plant and Equipment(Net PPE) was $4.33 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.99 Mil.
Selling, General & Admin. Expense(SGA) was $22.01 Mil.
Total Current Liabilities was $17.08 Mil.
Long-Term Debt was $1.51 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)|
|=||(12.227 / 58.051)||/||(10.203 / 40.105)|
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)|
|=||(9.076 / 40.105)||/||(10.099 / 58.051)|
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 - (23 + 3.906) / 62.269)||/||(1 - (18.421 + 4.333) / 49.962)|
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))|
|=||(1.987 / (1.987 + 4.333))||/||(3.336 / (3.336 + 3.906))|
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)|
|=||(25.453 / 58.051)||/||(22.005 / 40.105)|
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)|
|=||((0.733 + 15.954) / 62.269)||/||((1.508 + 17.075) / 49.962)|
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|
|=||(-6.615 - -0.012||-||4.874)||/||62.269|
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.
ChyronHego Corp has a M-score of -2.95 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
ChyronHego Corp Annual Data
ChyronHego Corp Quarterly Data