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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 Intel Corp was -2.20. The lowest was -3.51. And the median was -3.01.
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 Intel 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 * 1.0795||+||0.528 * 0.9798||+||0.404 * 1.0632||+||0.892 * 1.0248||+||0.115 * 0.9431|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9572||+||4.679 * -0.0882||-||0.327 * 1.0229|
|This Year (Jun15) TTM:||Last Year (Jun14) TTM:|
|Accounts Receivable was $3,860 Mil.|
Revenue was 13195 + 12781 + 14721 + 14554 = $55,251 Mil.
Gross Profit was 8248 + 7730 + 9621 + 9458 = $35,057 Mil.
Total Current Assets was $26,710 Mil.
Total Assets was $90,492 Mil.
Property, Plant and Equipment(Net PPE) was $32,683 Mil.
Depreciation, Depletion and Amortization(DDA) was $8,662 Mil.
Selling, General & Admin. Expense(SGA) was $7,930 Mil.
Total Current Liabilities was $13,529 Mil.
Long-Term Debt was $12,116 Mil.
Net Income was 2706 + 1992 + 3661 + 3317 = $11,676 Mil.
Non Operating Income was 112 + 68 + 132 + 28 = $340 Mil.
Cash Flow from Operations was 3440 + 4415 + 5771 + 5693 = $19,319 Mil.
|Accounts Receivable was $3,489 Mil.
Revenue was 13831 + 12764 + 13834 + 13483 = $53,912 Mil.
Gross Profit was 8917 + 7613 + 8571 + 8414 = $33,515 Mil.
Total Current Assets was $29,006 Mil.
Total Assets was $91,793 Mil.
Property, Plant and Equipment(Net PPE) was $33,115 Mil.
Depreciation, Depletion and Amortization(DDA) was $8,154 Mil.
Selling, General & Admin. Expense(SGA) was $8,084 Mil.
Total Current Liabilities was $12,251 Mil.
Long-Term Debt was $13,180 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)|
|=||(3860 / 55251)||/||(3489 / 53912)|
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)|
|=||(7730 / 53912)||/||(8248 / 55251)|
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 - (26710 + 32683) / 90492)||/||(1 - (29006 + 33115) / 91793)|
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))|
|=||(8154 / (8154 + 33115))||/||(8662 / (8662 + 32683))|
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)|
|=||(7930 / 55251)||/||(8084 / 53912)|
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)|
|=||((12116 + 13529) / 90492)||/||((13180 + 12251) / 91793)|
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|
|=||(11676 - 340||-||19319)||/||90492|
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.
Intel Corp has a M-score of -2.79 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
Intel Corp Annual Data
Intel Corp Quarterly Data