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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 Consol Energy Inc was -1.32. The lowest was -3.81. And the median was -2.79.
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 Consol Energy 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 * 0.8723||+||0.528 * 0.9549||+||0.404 * 1.1112||+||0.892 * 0.9092||+||0.115 * 0.8659|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.6262||+||4.679 * -0.059||-||0.327 * 1.0751|
|This Year (Sep15) TTM:||Last Year (Sep14) TTM:|
|Accounts Receivable was $238 Mil.|
Revenue was 813.938 + 648.939 + 889.592 + 935.665 = $3,288 Mil.
Gross Profit was 479.916 + 228.477 + 413.492 + 426.141 = $1,548 Mil.
Total Current Assets was $970 Mil.
Total Assets was $11,185 Mil.
Property, Plant and Equipment(Net PPE) was $9,759 Mil.
Depreciation, Depletion and Amortization(DDA) was $614 Mil.
Selling, General & Admin. Expense(SGA) was $282 Mil.
Total Current Liabilities was $1,868 Mil.
Long-Term Debt was $2,777 Mil.
Net Income was 118.98 + -603.301 + 79.03 + 73.666 = $-332 Mil.
Non Operating Income was 0 + 0 + -67.734 + -95.267 = $-163 Mil.
Cash Flow from Operations was 110.068 + 65.845 + 228.37 + 86.609 = $491 Mil.
|Accounts Receivable was $300 Mil.
Revenue was 884.616 + 937.37 + 969.153 + 825.23 = $3,616 Mil.
Gross Profit was 391.345 + 434.385 + 479.602 + 320.367 = $1,626 Mil.
Total Current Assets was $1,325 Mil.
Total Assets was $11,719 Mil.
Property, Plant and Equipment(Net PPE) was $9,964 Mil.
Depreciation, Depletion and Amortization(DDA) was $538 Mil.
Selling, General & Admin. Expense(SGA) was $495 Mil.
Total Current Liabilities was $1,247 Mil.
Long-Term Debt was $3,279 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)|
|=||(237.896 / 3288.134)||/||(299.939 / 3616.369)|
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)|
|=||(228.477 / 3616.369)||/||(479.916 / 3288.134)|
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 - (970.461 + 9758.98) / 11185.366)||/||(1 - (1325.095 + 9963.984) / 11718.935)|
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))|
|=||(537.965 / (537.965 + 9963.984))||/||(613.591 / (613.591 + 9758.98))|
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)|
|=||(282.134 / 3288.134)||/||(495.495 / 3616.369)|
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)|
|=||((2776.678 + 1867.703) / 11185.366)||/||((3279.322 + 1246.646) / 11718.935)|
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|
|=||(-331.625 - -163.001||-||490.892)||/||11185.366|
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.
Consol Energy Inc has a M-score of -2.91 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
Consol Energy Inc Annual Data
Consol Energy Inc Quarterly Data