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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 14.04. The lowest was -4.28. And the median was -3.39.
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 * 1.42||+||0.528 * 1||+||0.404 * 1.0535||+||0.892 * 0.92||+||0.115 * 1.0136|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1487||+||4.679 * -0.0624||-||0.327 * 1.034|
|This Year (Dec15) TTM:||Last Year (Dec14) TTM:|
|Accounts Receivable was $3.9 Mil.|
Revenue was 55.494 + 57.618 + 60.351 + 57.417 = $230.9 Mil.
Gross Profit was 55.494 + 57.618 + 60.351 + 57.417 = $230.9 Mil.
Total Current Assets was $509.1 Mil.
Total Assets was $561.5 Mil.
Property, Plant and Equipment(Net PPE) was $13.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.1 Mil.
Selling, General & Admin. Expense(SGA) was $200.5 Mil.
Total Current Liabilities was $48.3 Mil.
Long-Term Debt was $46.0 Mil.
Net Income was 0.83 + 0.363 + 2.033 + 0.101 = $3.3 Mil.
Non Operating Income was 0.821 + -10.997 + 0.692 + 5.737 = $-3.7 Mil.
Cash Flow from Operations was 20.265 + 17.454 + 21.74 + -17.335 = $42.1 Mil.
|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.
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)|
|=||(3.876 / 230.88)||/||(2.967 / 250.962)|
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)|
|=||(57.618 / 250.962)||/||(55.494 / 230.88)|
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 - (509.126 + 13.308) / 561.462)||/||(1 - (552.848 + 14.246) / 607.156)|
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))|
|=||(4.428 / (4.428 + 14.246))||/||(4.064 / (4.064 + 13.308))|
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)|
|=||(200.541 / 230.88)||/||(189.772 / 250.962)|
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 + 48.282) / 561.462)||/||((45.955 + 52.602) / 607.156)|
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|
|=||(3.327 - -3.747||-||42.124)||/||561.462|
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 -2.47 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