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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 26.06. The lowest was -3.43. And the median was -2.57.
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 * 0.8463||+||0.528 * 1.0898||+||0.404 * 0.9406||+||0.892 * 1.2723||+||0.115 * 0.8936|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0468||+||4.679 * -0.0145||-||0.327 * 1.4444|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $0.9 Mil.|
Revenue was 28.123 + 31.555 + 29.11 + 29.424 = $118.2 Mil.
Gross Profit was 11.817 + 13.022 + 11.448 + 11.421 = $47.7 Mil.
Total Current Assets was $32.4 Mil.
Total Assets was $188.5 Mil.
Property, Plant and Equipment(Net PPE) was $132.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $7.7 Mil.
Selling, General & Admin. Expense(SGA) was $37.9 Mil.
Total Current Liabilities was $27.3 Mil.
Long-Term Debt was $32.1 Mil.
Net Income was 0.796 + 0.156 + 0.51 + -0.211 = $1.3 Mil.
Non Operating Income was 0.2 + 0.045 + 0.13 + 0.488 = $0.9 Mil.
Cash Flow from Operations was -0.557 + 2.409 + 0.308 + 0.965 = $3.1 Mil.
|Accounts Receivable was $0.8 Mil.
Revenue was 28.826 + 28.348 + 17.991 + 17.746 = $92.9 Mil.
Gross Profit was 12.279 + 12.313 + 8.759 + 7.513 = $40.9 Mil.
Total Current Assets was $33.3 Mil.
Total Assets was $169.3 Mil.
Property, Plant and Equipment(Net PPE) was $113.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $5.9 Mil.
Selling, General & Admin. Expense(SGA) was $28.5 Mil.
Total Current Liabilities was $27.2 Mil.
Long-Term Debt was $9.8 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)|
|=||(0.912 / 118.212)||/||(0.847 / 92.911)|
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)|
|=||(13.022 / 92.911)||/||(11.817 / 118.212)|
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 - (32.37 + 132.797) / 188.497)||/||(1 - (33.333 + 113.726) / 169.342)|
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))|
|=||(5.893 / (5.893 + 113.726))||/||(7.748 / (7.748 + 132.797))|
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)|
|=||(37.949 / 118.212)||/||(28.493 / 92.911)|
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)|
|=||((32.126 + 27.344) / 188.497)||/||((9.783 + 27.205) / 169.342)|
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|
|=||(1.251 - 0.863||-||3.125)||/||188.497|
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 -2.59 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