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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 26.33. The lowest was -3.68. And the median was -2.52.
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 * 0.9231||+||0.528 * 0.972||+||0.404 * 1.8142||+||0.892 * 1.0137||+||0.115 * 0.9327|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0453||+||4.679 * -0.0773||-||0.327 * 1.1396|
|This Year (Sep16) TTM:||Last Year (Sep15) TTM:|
|Accounts Receivable was $3.6 Mil.|
Revenue was 34.526 + 35.201 + 32.53 + 32.628 = $134.9 Mil.
Gross Profit was 17.109 + 18.157 + 16.462 + 15.71 = $67.4 Mil.
Total Current Assets was $39.3 Mil.
Total Assets was $219.5 Mil.
Property, Plant and Equipment(Net PPE) was $134.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $8.5 Mil.
Selling, General & Admin. Expense(SGA) was $44.7 Mil.
Total Current Liabilities was $24.8 Mil.
Long-Term Debt was $52.8 Mil.
Net Income was 1.887 + 2.249 + 1.894 + 0.737 = $6.8 Mil.
Non Operating Income was 0.02 + 1.56 + 0.198 + 0.984 = $2.8 Mil.
Cash Flow from Operations was 6.679 + 5.616 + 3.263 + 5.403 = $21.0 Mil.
|Accounts Receivable was $3.9 Mil.
Revenue was 33.526 + 37.875 + 30.405 + 31.258 = $133.1 Mil.
Gross Profit was 17.395 + 20.696 + 13.439 + 13.134 = $64.7 Mil.
Total Current Assets was $35.7 Mil.
Total Assets was $190.4 Mil.
Property, Plant and Equipment(Net PPE) was $132.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $7.8 Mil.
Selling, General & Admin. Expense(SGA) was $42.2 Mil.
Total Current Liabilities was $24.9 Mil.
Long-Term Debt was $34.3 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)|
|=||(3.642 / 134.885)||/||(3.892 / 133.064)|
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)|
|=||(64.664 / 133.064)||/||(67.438 / 134.885)|
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 - (39.312 + 134.132) / 219.484)||/||(1 - (35.651 + 132.77) / 190.441)|
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))|
|=||(7.795 / (7.795 + 132.77))||/||(8.479 / (8.479 + 134.132))|
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)|
|=||(44.726 / 134.885)||/||(42.212 / 133.064)|
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)|
|=||((52.846 + 24.845) / 219.484)||/||((34.286 + 24.865) / 190.441)|
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|
|=||(6.767 - 2.762||-||20.961)||/||219.484|
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 -2.65 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