Pacer International, (FRA:PA1) Beneish M-Score : 0.00 (As of May. 26, 2024)

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What is Pacer International, Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

The historical rank and industry rank for Pacer International,'s Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Pacer International, was 0.00. The lowest was 0.00. And the median was 0.00.

Pacer International, Beneish M-Score Historical Data

The historical data trend for Pacer International,'s Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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Pacer International, Beneish M-Score Chart

Pacer International, Annual Data

Trend

Dec04

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

Beneish M-Score

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-5.48

-2.99

-3.09

-2.86

-3.40

Pacer International, Quarterly Data
	Mar09	Jun09	Sep09	Dec09	Mar10	Jun10	Sep10	Dec10	Mar11	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13	Jun13	Sep13	Dec13
Beneish M-Score	Get a 7-Day Free Trial															-2.86	-3.33	-3.46	-3.61	-3.40

Competitive Comparison of Pacer International,'s Beneish M-Score

For the Integrated Freight & Logistics subindustry, Pacer International,'s Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Pacer International,'s Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, Pacer International,'s Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Pacer International,'s Beneish M-Score falls into.

Pacer International, Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 Pacer International, for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.1795

0.528 * 0.713

0.404 * 0.7406

0.892 * 0.6733

0.115 * 0.896

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3694

4.679 * -0.118501

0.327 * 0.8749

-3.45

This Year (Dec13) TTM:

Last Year (Dec12) TTM:

Total Receivables was €80.3 Mil.
Revenue was 189.727 + 187 + 180.404 + 179.644 = €736.8 Mil.
Gross Profit was 41.829 + 43.234 + 43.054 + 42.306 = €170.4 Mil.
Total Current Assets was €120.2 Mil.
Total Assets was €165.1 Mil.
Property, Plant and Equipment(Net PPE) was €33.1 Mil.
Depreciation, Depletion and Amortization(DDA) was €6.5 Mil.
Selling, General, & Admin. Expense(SGA) was €160.3 Mil.
Total Current Liabilities was €69.4 Mil.
Long-Term Debt & Capital Lease Obligation was €0.0 Mil.
Net Income was 1.46 + 2.094 + 1.44 + 1.004 = €6.0 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0.0 Mil.
Cash Flow from Operations was 5.548 + 11.22 + 0.606 + 8.183 = €25.6 Mil.

Total Receivables was €101.1 Mil.
Revenue was 268.148 + 270.746 + 293.535 + 261.846 = €1,094.3 Mil.
Gross Profit was 46.558 + 44.775 + 46.067 + 43.073 = €180.5 Mil.
Total Current Assets was €125.5 Mil.
Total Assets was €178.3 Mil.
Property, Plant and Equipment(Net PPE) was €35.7 Mil.
Depreciation, Depletion and Amortization(DDA) was €6.1 Mil.
Selling, General, & Admin. Expense(SGA) was €173.9 Mil.
Total Current Liabilities was €85.7 Mil.
Long-Term Debt & Capital Lease Obligation was €0.0 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total 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)
	=	(80.3 / 736.775)	/	(101.117 / 1094.275)
	=	0.108988	/	0.092405
	=	1.1795

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)
	=	(180.473 / 1094.275)	/	(170.423 / 736.775)
	=	0.164925	/	0.231309
	=	0.713

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 Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (120.158 + 33.142) / 165.053)	/	(1 - (125.501 + 35.662) / 178.308)
	=	0.071207	/	0.096154
	=	0.7406

4. SGI = Sales Growth Index

Ratio of Revenue 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
	=	736.775	/	1094.275
	=	0.6733

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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))
	=	(6.107 / (6.107 + 35.662))	/	(6.463 / (6.463 + 33.142))
	=	0.146209	/	0.163186
	=	0.896

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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)
	=	(160.317 / 736.775)	/	(173.879 / 1094.275)
	=	0.217593	/	0.158899
	=	1.3694

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 in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((0 + 69.423) / 165.053)	/	((0 + 85.725) / 178.308)
	=	0.42061	/	0.480769
	=	0.8749

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
	=	(5.998 - 0	-	25.557)	/	165.053
	=	-0.118501

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Pacer International, has a M-score of -3.45 suggests that the company is unlikely to be a manipulator.

Pacer International, Beneish M-Score Related Terms

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Pacer International, (FRA:PA1) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » Pacer International, Inc. (FRA:PA1) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

Website

http://www.pacer.com

Pacer International, Inc., is an asset-light transportation and global logistics services provider. The Company provide its services from two operating segments, an intermodal segment, which provides intermodal transportation services mainly to beneficial cargo owners, transportation intermediaries and steamship lines who use intermodal transportation, and the logistics segment, which provides highway brokerage, supply chain management services, international freight forwarding, ocean shipping, and warehousing and distribution services to a wide variety of end-user customers. Intermodal segment offers full service door-to-door intermodal services to its customers, which include end-user customers, transportation intermediaries, such as intermodal marketing companies, and steamship lines. The Company logistics segment consists of: Highway brokerage services; International freight forwarding and NVOCC services; Warehousing and Distribution services; and Supply Chain Management services. The Company provides transportation and logistics services to many Fortune 500 and multi-national companies as well as to numerous other shippers and transportation third parties. The Company has direct sales and customer service representatives in its intermodal and logistics segments that sell and support its portfolio of services to a diverse customer base which includes beneficial cargo owners, steamship lines, truckload carriers, truck brokers, freight forwarders and other third party transportation service providers such as intermodal marketing companies, third-party logistics companies, and shippers' agents. The Company's main competitors are J.B. Hunt Transport, Schneider National, the Hub Group, C.H. Robinson, the supply chain solutions divisions of Ryder and Menlo Worldwide, Expeditors International and UTi Worldwide, Inc. The Company's facilities and operations are subject to federal, state and local environmental, hazardous materials transportation and occupational health and safety requirements, including those relating to the handling, labeling, shipping and transportation of hazardous materials, discharges of substances into the air, water and land, the handling, storage and disposal of wastes and the cleanup of properties affected by pollutants.

Pacer International, (FRA:PA1) Headlines

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