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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 -1.37. The lowest was -3.85. And the median was -2.73.
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 * 1.932||+||0.528 * 1.7265||+||0.404 * 1.0899||+||0.892 * 0.753||+||0.115 * 0.8089|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.8704||+||4.679 * -0.1434||-||0.327 * 0.9959|
|This Year (Dec16) TTM:||Last Year (Dec15) TTM:|
|Accounts Receivable was $220 Mil.|
Revenue was 462.022 + 745.578 + 285.8 + 558.514 = $2,052 Mil.
Gross Profit was 99.103 + 415.104 + -73.036 + 192.446 = $634 Mil.
Total Current Assets was $626 Mil.
Total Assets was $9,184 Mil.
Property, Plant and Equipment(Net PPE) was $8,140 Mil.
Depreciation, Depletion and Amortization(DDA) was $599 Mil.
Selling, General & Admin. Expense(SGA) was $358 Mil.
Total Current Liabilities was $940 Mil.
Long-Term Debt was $2,762 Mil.
Net Income was -306.044 + 25.345 + -469.828 + -97.572 = $-848 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 82.647 + 162.897 + 95.299 + 128.442 = $469 Mil.
|Accounts Receivable was $151 Mil.
Revenue was 665.983 + 720.933 + 545.574 + 792.654 = $2,725 Mil.
Gross Profit was 423.036 + 450.925 + 209.086 + 369.796 = $1,453 Mil.
Total Current Assets was $805 Mil.
Total Assets was $10,930 Mil.
Property, Plant and Equipment(Net PPE) was $9,669 Mil.
Depreciation, Depletion and Amortization(DDA) was $567 Mil.
Selling, General & Admin. Expense(SGA) was $254 Mil.
Total Current Liabilities was $1,685 Mil.
Long-Term Debt was $2,739 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)|
|=||(220.222 / 2051.914)||/||(151.383 / 2725.144)|
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)|
|=||(1452.843 / 2725.144)||/||(633.617 / 2051.914)|
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 - (626.139 + 8140.439) / 9183.981)||/||(1 - (804.763 + 9669.377) / 10929.902)|
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))|
|=||(567.12 / (567.12 + 9669.377))||/||(598.503 / (598.503 + 8140.439))|
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)|
|=||(357.916 / 2051.914)||/||(254.139 / 2725.144)|
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)|
|=||((2762.069 + 940.014) / 9183.981)||/||((2738.783 + 1685.359) / 10929.902)|
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|
|=||(-848.099 - 0||-||469.285)||/||9183.981|
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 -2.26 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