DIN has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
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.
DineEquity Inc has a M-score of -2.49 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of DineEquity Inc was -1.16. The lowest was -3.92. And the median was -2.51.
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 DineEquity 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 * 1.4873||+||0.528 * 0.7989||+||0.404 * 0.9892||+||0.892 * 0.7536||+||0.115 * 1.0371|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1674||+||4.679 * -0.0225||-||0.327 * 1.0058|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $144.1 Mil.|
Revenue was 157.901 + 161.283 + 158.114 + 163.169 = $640.5 Mil.
Gross Profit was 91.199 + 93.043 + 91.026 + 94.424 = $369.7 Mil.
Total Current Assets was $331.6 Mil.
Total Assets was $2,404.6 Mil.
Property, Plant and Equipment(Net PPE) was $274.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $35.4 Mil.
Selling, General & Admin. Expense(SGA) was $143.6 Mil.
Total Current Liabilities was $284.3 Mil.
Long-Term Debt was $1,364.1 Mil.
Net Income was 18.131 + 18.73 + 16.937 + 18.239 = $72.0 Mil.
Non Operating Income was -1.167 + 0.464 + -0.08 + -0.998 = $-1.8 Mil.
Cash Flow from Operations was 25.001 + 47.385 + -15.797 + 71.226 = $127.8 Mil.
|Accounts Receivable was $128.6 Mil.
Revenue was 158.637 + 216.318 + 229.391 + 245.582 = $849.9 Mil.
Gross Profit was 88.738 + 96.377 + 98.254 + 108.575 = $391.9 Mil.
Total Current Assets was $294.5 Mil.
Total Assets was $2,415.4 Mil.
Property, Plant and Equipment(Net PPE) was $294.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $39.5 Mil.
Selling, General & Admin. Expense(SGA) was $163.2 Mil.
Total Current Liabilities was $267.8 Mil.
Long-Term Debt was $1,378.5 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)|
|=||(144.137 / 640.467)||/||(128.61 / 849.928)|
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)|
|=||(93.043 / 849.928)||/||(91.199 / 640.467)|
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 - (331.582 + 274.295) / 2404.642)||/||(1 - (294.455 + 294.375) / 2415.4)|
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))|
|=||(39.538 / (39.538 + 294.375))||/||(35.355 / (35.355 + 274.295))|
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)|
|=||(143.586 / 640.467)||/||(163.215 / 849.928)|
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)|
|=||((1364.067 + 284.273) / 2404.642)||/||((1378.487 + 267.76) / 2415.4)|
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|
|=||(72.037 - -1.781||-||127.815)||/||2404.642|
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.
DineEquity Inc has a M-score of -2.49 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
DineEquity Inc Annual Data
DineEquity Inc Quarterly Data