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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 Carlisle Companies Inc was -1.10. The lowest was -3.38. And the median was -2.52.
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 Carlisle Companies 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 * 0.9516||+||0.528 * 0.8791||+||0.404 * 0.9641||+||0.892 * 1.0582||+||0.115 * 0.9818|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0845||+||4.679 * -0.0352||-||0.327 * 0.9137|
|This Year (Sep16) TTM:||Last Year (Sep15) TTM:|
|Accounts Receivable was $605 Mil.|
Revenue was 991 + 996.9 + 794 + 876.2 = $3,658 Mil.
Gross Profit was 323.6 + 321.2 + 245.4 + 252.8 = $1,143 Mil.
Total Current Assets was $1,400 Mil.
Total Assets was $3,963 Mil.
Property, Plant and Equipment(Net PPE) was $624 Mil.
Depreciation, Depletion and Amortization(DDA) was $136 Mil.
Selling, General & Admin. Expense(SGA) was $508 Mil.
Total Current Liabilities was $524 Mil.
Long-Term Debt was $596 Mil.
Net Income was -9.8 + 115.2 + 68.5 + 81.8 = $256 Mil.
Non Operating Income was -139.3 + 1.2 + 0.6 + 1.3 = $-136 Mil.
Cash Flow from Operations was 175.2 + 70.9 + 109 + 176.3 = $531 Mil.
|Accounts Receivable was $601 Mil.
Revenue was 973.1 + 984.6 + 709.3 + 790 = $3,457 Mil.
Gross Profit was 295.5 + 285.4 + 173 + 195.7 = $950 Mil.
Total Current Assets was $1,426 Mil.
Total Assets was $4,076 Mil.
Property, Plant and Equipment(Net PPE) was $580 Mil.
Depreciation, Depletion and Amortization(DDA) was $124 Mil.
Selling, General & Admin. Expense(SGA) was $442 Mil.
Total Current Liabilities was $662 Mil.
Long-Term Debt was $599 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)|
|=||(605 / 3658.1)||/||(600.8 / 3457)|
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)|
|=||(949.6 / 3457)||/||(1143 / 3658.1)|
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 - (1399.7 + 623.6) / 3963.3)||/||(1 - (1426.4 + 580) / 4075.6)|
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))|
|=||(123.6 / (123.6 + 580))||/||(135.9 / (135.9 + 623.6))|
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)|
|=||(507.7 / 3658.1)||/||(442.4 / 3457)|
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)|
|=||((596.2 + 523.6) / 3963.3)||/||((598.7 + 661.6) / 4075.6)|
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|
|=||(255.7 - -136.2||-||531.4)||/||3963.3|
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.
Carlisle Companies Inc has a M-score of -2.70 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
Carlisle Companies Inc Annual Data
Carlisle Companies Inc Quarterly Data