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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.
Iconix Brand Group, Inc. has a M-score of -2.65 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Iconix Brand Group, Inc. was 7.83. The lowest was -4.41. And the median was -2.39.
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 Iconix Brand Group, 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 * 0.9708||+||0.528 * 1||+||0.404 * 0.9787||+||0.892 * 1.2227||+||0.115 * 0.8457|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0356||+||4.679 * -0.0409||-||0.327 * 1.3498|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $101.2 Mil.|
Revenue was 105.264 + 107.175 + 115.125 + 105.062 = $432.6 Mil.
Gross Profit was 105.264 + 107.175 + 115.125 + 105.062 = $432.6 Mil.
Total Current Assets was $476.6 Mil.
Total Assets was $2,860.2 Mil.
Property, Plant and Equipment(Net PPE) was $8.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $10.1 Mil.
Selling, General & Admin. Expense(SGA) was $175.2 Mil.
Total Current Liabilities was $127.9 Mil.
Long-Term Debt was $1,366.1 Mil.
Net Income was 26.146 + 28.997 + 38.716 + 34.189 = $128.0 Mil.
Non Operating Income was 4.541 + 3.388 + 2.264 + 1.936 = $12.1 Mil.
Cash Flow from Operations was 76.788 + 51.688 + 50.803 + 53.51 = $232.8 Mil.
|Accounts Receivable was $85.2 Mil.
Revenue was 85.131 + 86.59 + 93.646 + 88.451 = $353.8 Mil.
Gross Profit was 85.131 + 86.59 + 93.646 + 88.451 = $353.8 Mil.
Total Current Assets was $366.4 Mil.
Total Assets was $2,481.7 Mil.
Property, Plant and Equipment(Net PPE) was $10.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $8.3 Mil.
Selling, General & Admin. Expense(SGA) was $138.4 Mil.
Total Current Liabilities was $100.6 Mil.
Long-Term Debt was $859.7 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)|
|=||(101.19 / 432.626)||/||(85.249 / 353.818)|
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)|
|=||(107.175 / 353.818)||/||(105.264 / 432.626)|
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 - (476.628 + 8.837) / 2860.194)||/||(1 - (366.351 + 10.09) / 2481.738)|
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))|
|=||(8.312 / (8.312 + 10.09))||/||(10.13 / (10.13 + 8.837))|
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)|
|=||(175.215 / 432.626)||/||(138.368 / 353.818)|
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)|
|=||((1366.069 + 127.858) / 2860.194)||/||((859.718 + 100.61) / 2481.738)|
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|
|=||(128.048 - 12.129||-||232.789)||/||2860.194|
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.
Iconix Brand Group, Inc. has a M-score of -2.65 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
Iconix Brand Group, Inc. Annual Data
Iconix Brand Group, Inc. Quarterly Data