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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.
Hasbro, 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 Hasbro, Inc. was -1.60. The lowest was -3.20. And the median was -2.61.
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 Hasbro, 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 * 1.0636||+||0.528 * 1.0291||+||0.404 * 1.0437||+||0.892 * 0.9983||+||0.115 * 0.9101|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9864||+||4.679 * -0.0228||-||0.327 * 0.9685|
* 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 $1,094 Mil.|
Revenue was 1281.773 + 1370.348 + 766.342 + 663.694 = $4,082 Mil.
Gross Profit was 650.245 + 657.819 + 465.772 + 346.73 = $2,121 Mil.
Total Current Assets was $2,480 Mil.
Total Assets was $4,402 Mil.
Property, Plant and Equipment(Net PPE) was $236 Mil.
Depreciation, Depletion and Amortization(DDA) was $181 Mil.
Selling, General & Admin. Expense(SGA) was $1,320 Mil.
Total Current Liabilities was $1,363 Mil.
Long-Term Debt was $960 Mil.
Net Income was 129.815 + 126.574 + 36.48 + -6.671 = $286 Mil.
Non Operating Income was -3.845 + -2.925 + -2.219 + -5.622 = $-15 Mil.
Cash Flow from Operations was 353.815 + -250.819 + 0.682 + 297.454 = $401 Mil.
|Accounts Receivable was $1,030 Mil.
Revenue was 1283.529 + 1345.137 + 811.467 + 648.85 = $4,089 Mil.
Gross Profit was 677.57 + 669.397 + 499.483 + 339.38 = $2,186 Mil.
Total Current Assets was $2,508 Mil.
Total Assets was $4,325 Mil.
Property, Plant and Equipment(Net PPE) was $230 Mil.
Depreciation, Depletion and Amortization(DDA) was $150 Mil.
Selling, General & Admin. Expense(SGA) was $1,340 Mil.
Total Current Liabilities was $960 Mil.
Long-Term Debt was $1,396 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)|
|=||(1093.62 / 4082.157)||/||(1029.959 / 4088.983)|
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)|
|=||(657.819 / 4088.983)||/||(650.245 / 4082.157)|
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 - (2480.457 + 236.263) / 4402.267)||/||(1 - (2508.202 + 230.414) / 4325.387)|
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))|
|=||(150.287 / (150.287 + 230.414))||/||(180.985 / (180.985 + 236.263))|
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)|
|=||(1320.006 / 4082.157)||/||(1340.479 / 4088.983)|
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)|
|=||((959.895 + 1363.28) / 4402.267)||/||((1396.421 + 960.435) / 4325.387)|
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|
|=||(286.198 - -14.611||-||401.132)||/||4402.267|
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.
Hasbro, 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
Hasbro, Inc. Annual Data
Hasbro, Inc. Quarterly Data