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Computer Sciences Corp (NYSE:CSC)
Beneish M-Score
0.00 (As of Today)

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.

Computer Sciences Corp has a M-score of signals that the company is a manipulator.

CSC' s 10-Year Beneish M-Score Range
Min: -3.88   Max: -2.46
Current: 0

-3.88
-2.46

During the past 13 years, the highest Beneish M-Score of Computer Sciences Corp was -2.46. The lowest was -3.88. And the median was -2.78.


Definition

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 Computer Sciences Corp 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

This Year (Mar14) TTM:Last Year (Mar13) TTM:
Accounts Receivable was $2,759 Mil.
Revenue was 3329 + 3228 + 3187 + 3260 = $13,004 Mil.
Gross Profit was 918 + 866 + 849 + 794 = $3,427 Mil.
Total Current Assets was $5,628 Mil.
Total Assets was $11,389 Mil.
Property, Plant and Equipment(Net PPE) was $2,031 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,018 Mil.
Selling, General & Admin. Expense(SGA) was $1,285 Mil.
Total Current Liabilities was $3,462 Mil.
Long-Term Debt was $2,207 Mil.
Net Income was 174 + 141 + 203 + 156 = $674 Mil.
Non Operating Income was -2 + 0 + 0 + 0 = $-2 Mil.
Cash Flow from Operations was 548 + 529 + 270 + 213 = $1,560 Mil.
Accounts Receivable was $0 Mil.
Revenue was 0 + 3781 + 3854 + 3957 = $11,592 Mil.
Gross Profit was 0 + 786 + 860 + 704 = $2,350 Mil.
Total Current Assets was $0 Mil.
Total Assets was $0 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,757 Mil.
Selling, General & Admin. Expense(SGA) was $870 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt was $0 Mil.



1. DSRI = Days Sales in Receivables Index

Measured as the ratio of days’ sales in receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(2759 / 13004) / (0 / 11592)
=0.21216549 / 0
=

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.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(866 / 11592) / (918 / 13004)
=0.20272602 / 0.2635343
=

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than plant, property and equipment to total assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (5628 + 2031) / 11389) / (1 - (0 + 0) / 0)
=0.327509 / 1
=

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.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=13004 / 11592
=

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))
=(1757.1 / (1757.1 + 0)) / (1018 / (1018 + 2031))
=1 / 0.33387996
=

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)
=(1285 / 13004) / (870 / 11592)
=0.09881575 / 0.07505176
=

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)
=((2207 + 3462) / 11389) / ((0 + 0) / 0)
=0.497761 / 0
=

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(674 - -2 - 1560) / 11389
=-0.0776

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.

Computer Sciences Corp has a M-score of signals that the company is likely to be a manipulator.


Related Terms

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


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

Computer Sciences Corp Annual Data

Mar05Mar06Mar07Mar08Mar09Mar10Mar11Mar12Mar13Mar14
DSRI 1.02761.01861.09880.95970.83681.05510.97140.88491.09860.9419
GMI 0.9580.98490.96871.00810.97621.00631.0633.20350.27820.826
AQI 0.8990.92040.97931.18130.92230.9891.06920.91780.87331.0857
SGI 0.9521.03961.01651.11061.01460.96340.99470.98970.89410.9157
DEPI 0.98920.96371.07830.98870.90591.03011.08540.9450.97081.0236
SGAI 0.99791.00291.07050.95841.09420.94990.9791.19471.15281.1868
LVGI 0.87071.03961.13981.07311.00550.90310.8631.31710.96560.9578
TATA -0.0895-0.0709-0.0867-0.0506-0.0558-0.0502-0.0511-0.4842-0.0163-0.0762
M-score -2.94-2.82-2.85-2.60-2.95-2.65-2.63-3.87-3.01-3.04

Computer Sciences Corp Quarterly Data

Dec11Mar12Jun12Sep12Dec12Mar13Jun13Sep13Dec13Mar14
DSRI 0.88180.88490.81940.8040.90161.28441.3961.5107
GMI 2.70493.20352.98041.87460.39420.28230.37660.7226
AQI 0.94780.91780.92341.0670.84140.90520.94471.1251
SGI 0.98260.98970.97940.9730.9890.68950.65190.616
DEPI 0.98330.9450.93440.95950.99620.7480.73980.734
SGAI 1.10381.19471.21071.14281.09371.08151.16961.3405
LVGI 1.27351.31711.32711.11940.95590.9490.8910.982
TATA -0.4828-0.4847-0.5334-0.2798-0.0934-0.0954-0.0733-0.1135
M-score -4.09-3.88-4.30-3.57-3.40-3.39-3.14-3.06
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