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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 -2.59.
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 * 0.8753||+||0.528 * 0.9786||+||0.404 * 0.8948||+||0.892 * 1.0487||+||0.115 * 0.9273|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0456||+||4.679 * -0.0431||-||0.327 * 1.1142|
|This Year (Mar15) TTM:||Last Year (Mar14) TTM:|
|Accounts Receivable was $1.2 Mil.|
Revenue was 30.405 + 31.258 + 28.123 + 31.555 = $121.3 Mil.
Gross Profit was 13.439 + 13.134 + 11.817 + 13.022 = $51.4 Mil.
Total Current Assets was $30.0 Mil.
Total Assets was $183.6 Mil.
Property, Plant and Equipment(Net PPE) was $131.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $7.8 Mil.
Selling, General & Admin. Expense(SGA) was $39.8 Mil.
Total Current Liabilities was $25.7 Mil.
Long-Term Debt was $35.2 Mil.
Net Income was 1.845 + -0.23 + 0.796 + 0.156 = $2.6 Mil.
Non Operating Income was 0.495 + 0.142 + 0.2 + 0.045 = $0.9 Mil.
Cash Flow from Operations was 2.577 + 5.162 + -0.557 + 2.409 = $9.6 Mil.
|Accounts Receivable was $1.4 Mil.
Revenue was 29.11 + 29.424 + 28.826 + 28.348 = $115.7 Mil.
Gross Profit was 11.448 + 11.936 + 12.279 + 12.313 = $48.0 Mil.
Total Current Assets was $31.5 Mil.
Total Assets was $187.9 Mil.
Property, Plant and Equipment(Net PPE) was $131.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $7.2 Mil.
Selling, General & Admin. Expense(SGA) was $36.3 Mil.
Total Current Liabilities was $27.7 Mil.
Long-Term Debt was $28.2 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)|
|=||(1.241 / 121.341)||/||(1.352 / 115.708)|
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)|
|=||(13.134 / 115.708)||/||(13.439 / 121.341)|
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 - (29.962 + 131.843) / 183.615)||/||(1 - (31.456 + 131.53) / 187.934)|
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))|
|=||(7.218 / (7.218 + 131.53))||/||(7.836 / (7.836 + 131.843))|
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)|
|=||(39.802 / 121.341)||/||(36.299 / 115.708)|
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)|
|=||((35.193 + 25.68) / 183.615)||/||((28.199 + 27.72) / 187.934)|
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|
|=||(2.567 - 0.882||-||9.591)||/||183.615|
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 -2.86 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