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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 Daktronics Inc was -1.37. The lowest was -3.77. And the median was -2.54.
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 Daktronics 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 * 0.9423||+||0.528 * 1.1074||+||0.404 * 0.9641||+||0.892 * 0.9928||+||0.115 * 0.9627|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0332||+||4.679 * -0.0525||-||0.327 * 0.9519|
|This Year (Jan16) TTM:||Last Year (Jan15) TTM:|
|Accounts Receivable was $73.4 Mil.|
Revenue was 123.816 + 157.668 + 150.221 + 158.086 = $589.8 Mil.
Gross Profit was 22.029 + 35.513 + 35.501 + 35.237 = $128.3 Mil.
Total Current Assets was $259.8 Mil.
Total Assets was $348.1 Mil.
Property, Plant and Equipment(Net PPE) was $73.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $16.2 Mil.
Selling, General & Admin. Expense(SGA) was $89.4 Mil.
Total Current Liabilities was $115.5 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was -1.953 + 3.168 + 3.776 + 3.839 = $8.8 Mil.
Non Operating Income was 0.007 + -0.231 + -0.443 + -0.28 = $-0.9 Mil.
Cash Flow from Operations was 11.417 + 0.858 + -10.082 + 25.851 = $28.0 Mil.
|Accounts Receivable was $78.5 Mil.
Revenue was 118.123 + 173.115 + 166.618 + 136.24 = $594.1 Mil.
Gross Profit was 25.062 + 40.877 + 43.403 + 33.754 = $143.1 Mil.
Total Current Assets was $271.7 Mil.
Total Assets was $357.6 Mil.
Property, Plant and Equipment(Net PPE) was $70.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $14.8 Mil.
Selling, General & Admin. Expense(SGA) was $87.2 Mil.
Total Current Liabilities was $124.6 Mil.
Long-Term Debt was $0.0 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)|
|=||(73.43 / 589.791)||/||(78.496 / 594.096)|
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)|
|=||(35.513 / 594.096)||/||(22.029 / 589.791)|
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 - (259.803 + 73.378) / 348.138)||/||(1 - (271.706 + 69.963) / 357.605)|
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))|
|=||(14.774 / (14.774 + 69.963))||/||(16.228 / (16.228 + 73.378))|
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)|
|=||(89.414 / 589.791)||/||(87.175 / 594.096)|
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)|
|=||((0 + 115.504) / 348.138)||/||((0 + 124.644) / 357.605)|
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|
|=||(8.83 - -0.947||-||28.044)||/||348.138|
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.
Daktronics Inc has a M-score of -2.74 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
Daktronics Inc Annual Data
Daktronics Inc Quarterly Data