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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 Carrizo Oil & Gas Inc was 1.52. The lowest was -5.20. And the median was -2.74.
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 Carrizo Oil & Gas 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 * 0.6953||+||0.528 * 1.1317||+||0.404 * 1.9742||+||0.892 * 0.7287||+||0.115 * 0.8488|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0214||+||4.679 * -0.5444||-||0.327 * 1.2954|
|This Year (Sep15) TTM:||Last Year (Sep14) TTM:|
|Accounts Receivable was $57.3 Mil.|
Revenue was 106.237 + 123.494 + 100.05 + 163.275 = $493.1 Mil.
Gross Profit was 77.504 + 93.365 + 71.283 + 130.361 = $372.5 Mil.
Total Current Assets was $171.3 Mil.
Total Assets was $2,318.3 Mil.
Property, Plant and Equipment(Net PPE) was $2,071.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $322.9 Mil.
Selling, General & Admin. Expense(SGA) was $66.4 Mil.
Total Current Liabilities was $302.1 Mil.
Long-Term Debt was $1,412.2 Mil.
Net Income was -707.647 + -46.132 + -21.21 + 134.259 = $-640.7 Mil.
Non Operating Income was 24.236 + -12.876 + 19.447 + 193.545 = $224.4 Mil.
Cash Flow from Operations was 118.54 + 91.166 + 73.266 + 114.094 = $397.1 Mil.
|Accounts Receivable was $113.1 Mil.
Revenue was 196.225 + 193.475 + 157.212 + 129.728 = $676.6 Mil.
Gross Profit was 164.578 + 166.009 + 137.088 + 110.849 = $578.5 Mil.
Total Current Assets was $145.2 Mil.
Total Assets was $2,440.8 Mil.
Property, Plant and Equipment(Net PPE) was $2,255.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $291.6 Mil.
Selling, General & Admin. Expense(SGA) was $89.3 Mil.
Total Current Liabilities was $373.5 Mil.
Long-Term Debt was $1,019.8 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)|
|=||(57.305 / 493.056)||/||(113.107 / 676.64)|
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)|
|=||(93.365 / 676.64)||/||(77.504 / 493.056)|
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 - (171.276 + 2071.019) / 2318.287)||/||(1 - (145.159 + 2255.147) / 2440.834)|
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))|
|=||(291.616 / (291.616 + 2255.147))||/||(322.929 / (322.929 + 2071.019))|
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)|
|=||(66.427 / 493.056)||/||(89.251 / 676.64)|
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)|
|=||((1412.221 + 302.083) / 2318.287)||/||((1019.791 + 373.526) / 2440.834)|
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|
|=||(-640.73 - 224.352||-||397.066)||/||2318.287|
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.
Carrizo Oil & Gas Inc has a M-score of -5.20 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
Carrizo Oil & Gas Inc Annual Data
Carrizo Oil & Gas Inc Quarterly Data