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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 Century Casinos Inc was -1.39. The lowest was -3.33. And the median was -2.62.
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 Century Casinos 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 * 0.9764||+||0.528 * 1.0518||+||0.404 * 0.8999||+||0.892 * 1.1478||+||0.115 * 0.8617|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0257||+||4.679 * -0.0352||-||0.327 * 1.0965|
|This Year (Dec14) TTM:||Last Year (Dec13) TTM:|
|Accounts Receivable was $1.6 Mil.|
Revenue was 31.258 + 28.123 + 31.555 + 29.11 = $120.0 Mil.
Gross Profit was 13.134 + 11.817 + 13.022 + 11.448 = $49.4 Mil.
Total Current Assets was $30.2 Mil.
Total Assets was $187.5 Mil.
Property, Plant and Equipment(Net PPE) was $134.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $7.8 Mil.
Selling, General & Admin. Expense(SGA) was $38.9 Mil.
Total Current Liabilities was $28.1 Mil.
Long-Term Debt was $33.0 Mil.
Net Income was -0.23 + 0.796 + 0.156 + 0.51 = $1.2 Mil.
Non Operating Income was 0.142 + 0.2 + 0.045 + 0.13 = $0.5 Mil.
Cash Flow from Operations was 5.162 + -0.557 + 2.409 + 0.308 = $7.3 Mil.
|Accounts Receivable was $1.4 Mil.
Revenue was 29.424 + 28.826 + 28.348 + 17.991 = $104.6 Mil.
Gross Profit was 11.936 + 12.279 + 12.313 + 8.759 = $45.3 Mil.
Total Current Assets was $32.4 Mil.
Total Assets was $190.6 Mil.
Property, Plant and Equipment(Net PPE) was $132.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $6.6 Mil.
Selling, General & Admin. Expense(SGA) was $33.1 Mil.
Total Current Liabilities was $26.8 Mil.
Long-Term Debt was $29.9 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)|
|=||(1.569 / 120.046)||/||(1.4 / 104.589)|
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)|
|=||(11.817 / 104.589)||/||(13.134 / 120.046)|
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 - (30.163 + 134.627) / 187.467)||/||(1 - (32.36 + 132.639) / 190.624)|
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))|
|=||(6.599 / (6.599 + 132.639))||/||(7.835 / (7.835 + 134.627))|
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)|
|=||(38.929 / 120.046)||/||(33.068 / 104.589)|
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)|
|=||((32.977 + 28.128) / 187.467)||/||((29.864 + 26.801) / 190.624)|
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|
|=||(1.232 - 0.517||-||7.322)||/||187.467|
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.
Century Casinos Inc has a M-score of -2.60 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
Century Casinos Inc Annual Data
Century Casinos Inc Quarterly Data