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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 Hasbro Inc was -1.60. The lowest was -3.36. 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 * 0.9335||+||0.528 * 0.9407||+||0.404 * 0.9216||+||0.892 * 1.0286||+||0.115 * 1.0741|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0187||+||4.679 * -0.0365||-||0.327 * 1.0129|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Jun15) TTM:||Last Year (Jun14) TTM:|
|Accounts Receivable was $709 Mil.|
Revenue was 797.658 + 713.5 + 1298.593 + 1469.899 = $4,280 Mil.
Gross Profit was 445.19 + 406.676 + 691.017 + 772.781 = $2,316 Mil.
Total Current Assets was $2,406 Mil.
Total Assets was $4,231 Mil.
Property, Plant and Equipment(Net PPE) was $226 Mil.
Depreciation, Depletion and Amortization(DDA) was $160 Mil.
Selling, General & Admin. Expense(SGA) was $1,336 Mil.
Total Current Liabilities was $806 Mil.
Long-Term Debt was $1,560 Mil.
Net Income was 41.809 + 26.667 + 169.911 + 180.457 = $419 Mil.
Non Operating Income was 1.642 + 3.765 + 4.508 + -17.795 = $-8 Mil.
Cash Flow from Operations was -79.177 + 315.281 + 427.585 + -82.444 = $581 Mil.
|Accounts Receivable was $739 Mil.
Revenue was 829.262 + 679.453 + 1281.773 + 1370.348 = $4,161 Mil.
Gross Profit was 438.393 + 371.327 + 650.245 + 657.819 = $2,118 Mil.
Total Current Assets was $2,204 Mil.
Total Assets was $4,139 Mil.
Property, Plant and Equipment(Net PPE) was $237 Mil.
Depreciation, Depletion and Amortization(DDA) was $190 Mil.
Selling, General & Admin. Expense(SGA) was $1,275 Mil.
Total Current Liabilities was $725 Mil.
Long-Term Debt was $1,560 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)|
|=||(709.437 / 4279.65)||/||(738.899 / 4160.836)|
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)|
|=||(406.676 / 4160.836)||/||(445.19 / 4279.65)|
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 - (2405.829 + 225.911) / 4231.107)||/||(1 - (2204.205 + 236.881) / 4138.595)|
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))|
|=||(189.723 / (189.723 + 236.881))||/||(159.642 / (159.642 + 225.911))|
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)|
|=||(1335.751 / 4279.65)||/||(1274.875 / 4160.836)|
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)|
|=||((1559.895 + 805.903) / 4231.107)||/||((1559.895 + 724.692) / 4138.595)|
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|
|=||(418.844 - -7.88||-||581.245)||/||4231.107|
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 -2.75 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