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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 Calamos Asset Management Inc was -1.14. The lowest was -4.39. And the median was -3.60.
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 Calamos Asset Management 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 * 0.548||+||0.528 * 1||+||0.404 * 0.9414||+||0.892 * 0.9325||+||0.115 * 0.895|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0641||+||4.679 * -0.1467||-||0.327 * 0.7238|
|This Year (Dec14) TTM:||Last Year (Dec13) TTM:|
|Accounts Receivable was $3.0 Mil.|
Revenue was 60.495 + 63.532 + 63.005 + 63.93 = $251.0 Mil.
Gross Profit was 60.495 + 63.532 + 63.005 + 63.93 = $251.0 Mil.
Total Current Assets was $552.8 Mil.
Total Assets was $607.2 Mil.
Property, Plant and Equipment(Net PPE) was $14.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.4 Mil.
Selling, General & Admin. Expense(SGA) was $189.8 Mil.
Total Current Liabilities was $52.6 Mil.
Long-Term Debt was $46.0 Mil.
Net Income was 4.794 + 3.369 + 3.228 + 2.139 = $13.5 Mil.
Non Operating Income was 3.384 + 4.482 + 10.464 + 1.583 = $19.9 Mil.
Cash Flow from Operations was 32.521 + 23.085 + 28.117 + -1.015 = $82.7 Mil.
|Accounts Receivable was $5.8 Mil.
Revenue was 66.522 + 64.965 + 66.69 + 70.953 = $269.1 Mil.
Gross Profit was 66.522 + 64.965 + 66.69 + 70.953 = $269.1 Mil.
Total Current Assets was $595.1 Mil.
Total Assets was $658.2 Mil.
Property, Plant and Equipment(Net PPE) was $17.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.6 Mil.
Selling, General & Admin. Expense(SGA) was $191.2 Mil.
Total Current Liabilities was $101.7 Mil.
Long-Term Debt was $46.0 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)|
|=||(2.967 / 250.962)||/||(5.806 / 269.13)|
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)|
|=||(63.532 / 269.13)||/||(60.495 / 250.962)|
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 - (552.848 + 14.246) / 607.156)||/||(1 - (595.116 + 16.99) / 658.244)|
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))|
|=||(4.577 / (4.577 + 16.99))||/||(4.428 / (4.428 + 14.246))|
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)|
|=||(189.772 / 250.962)||/||(191.244 / 269.13)|
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)|
|=||((45.955 + 52.602) / 607.156)||/||((45.955 + 101.673) / 658.244)|
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|
|=||(13.53 - 19.913||-||82.708)||/||607.156|
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.
Calamos Asset Management Inc has a M-score of -3.60 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
Calamos Asset Management Inc Annual Data
Calamos Asset Management Inc Quarterly Data