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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 Entergy Corp was -2.28. The lowest was -3.46. And the median was -2.81.
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 Entergy 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 * 1.095||+||0.528 * 0.9643||+||0.404 * 1.0673||+||0.892 * 0.958||+||0.115 * 0.9776|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1017||+||4.679 * -0.0776||-||0.327 * 1.0144|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Sep15) TTM:||Last Year (Sep14) TTM:|
|Accounts Receivable was $766 Mil.|
Revenue was 3371.406 + 2713.231 + 2920.09 + 2831.318 = $11,836 Mil.
Gross Profit was 2113.596 + 1773.471 + 1882.744 + 1777.801 = $7,548 Mil.
Total Current Assets was $4,117 Mil.
Total Assets was $45,042 Mil.
Property, Plant and Equipment(Net PPE) was $28,204 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,155 Mil.
Selling, General & Admin. Expense(SGA) was $279 Mil.
Total Current Liabilities was $3,454 Mil.
Long-Term Debt was $13,080 Mil.
Net Income was -718.233 + 153.722 + 302.929 + 125.007 = $-137 Mil.
Non Operating Income was 4.124 + -3.769 + 2.718 + 9.158 = $12 Mil.
Cash Flow from Operations was 1011.284 + 727.403 + 610.958 + 998.072 = $3,348 Mil.
|Accounts Receivable was $731 Mil.
Revenue was 3458.11 + 2996.65 + 3208.843 + 2691.906 = $12,356 Mil.
Gross Profit was 2062.452 + 1808.174 + 2030.843 + 1696.507 = $7,598 Mil.
Total Current Assets was $4,265 Mil.
Total Assets was $44,542 Mil.
Property, Plant and Equipment(Net PPE) was $28,491 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,125 Mil.
Selling, General & Admin. Expense(SGA) was $264 Mil.
Total Current Liabilities was $4,454 Mil.
Long-Term Debt was $11,665 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)|
|=||(766.383 / 11836.045)||/||(730.619 / 12355.509)|
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)|
|=||(1773.471 / 12355.509)||/||(2113.596 / 11836.045)|
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 - (4117.346 + 28204.307) / 45041.605)||/||(1 - (4264.539 + 28491.081) / 44541.649)|
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))|
|=||(2124.638 / (2124.638 + 28491.081))||/||(2155.035 / (2155.035 + 28204.307))|
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)|
|=||(278.82 / 11836.045)||/||(264.181 / 12355.509)|
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)|
|=||((13080.244 + 3453.826) / 45041.605)||/||((11665.016 + 4453.567) / 44541.649)|
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|
|=||(-136.575 - 12.231||-||3347.717)||/||45041.605|
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.
Entergy Corp has a M-score of -2.81 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
Entergy Corp Annual Data
Entergy Corp Quarterly Data