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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 -2.58.
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 * 1.8137||+||0.528 * 0.8801||+||0.404 * 0.9019||+||0.892 * 1.0735||+||0.115 * 0.9714|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9712||+||4.679 * -0.021||-||0.327 * 1.0758|
|This Year (Jun15) TTM:||Last Year (Jun14) TTM:|
|Accounts Receivable was $3.6 Mil.|
Revenue was 37.875 + 30.405 + 31.258 + 28.123 = $127.7 Mil.
Gross Profit was 20.696 + 13.439 + 13.134 + 11.817 = $59.1 Mil.
Total Current Assets was $34.6 Mil.
Total Assets was $194.7 Mil.
Property, Plant and Equipment(Net PPE) was $137.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $7.8 Mil.
Selling, General & Admin. Expense(SGA) was $40.0 Mil.
Total Current Liabilities was $25.5 Mil.
Long-Term Debt was $37.9 Mil.
Net Income was 6.597 + 1.845 + -0.23 + 0.796 = $9.0 Mil.
Non Operating Income was 0.407 + 0.495 + 0.142 + 0.2 = $1.2 Mil.
Cash Flow from Operations was 4.67 + 2.577 + 5.162 + -0.557 = $11.9 Mil.
|Accounts Receivable was $1.8 Mil.
Revenue was 31.555 + 29.11 + 29.424 + 28.826 = $118.9 Mil.
Gross Profit was 13.022 + 11.448 + 11.795 + 12.176 = $48.4 Mil.
Total Current Assets was $31.1 Mil.
Total Assets was $190.5 Mil.
Property, Plant and Equipment(Net PPE) was $134.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $7.4 Mil.
Selling, General & Admin. Expense(SGA) was $38.4 Mil.
Total Current Liabilities was $27.8 Mil.
Long-Term Debt was $29.8 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)|
|=||(3.571 / 127.661)||/||(1.834 / 118.915)|
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)|
|=||(13.439 / 118.915)||/||(20.696 / 127.661)|
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 - (34.597 + 137.412) / 194.744)||/||(1 - (31.149 + 134.68) / 190.485)|
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))|
|=||(7.383 / (7.383 + 134.68))||/||(7.767 / (7.767 + 137.412))|
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)|
|=||(40.029 / 127.661)||/||(38.392 / 118.915)|
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)|
|=||((37.859 + 25.504) / 194.744)||/||((29.811 + 27.802) / 190.485)|
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|
|=||(9.008 - 1.244||-||11.852)||/||194.744|
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 -1.89 signals that the company is likely to 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