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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 -2.31. The lowest was -3.51. And the median was -2.95.
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 * 1.166||+||0.528 * 0.9383||+||0.404 * 1.079||+||0.892 * 1.06||+||0.115 * 0.9949|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.949||+||4.679 * -0.0992||-||0.327 * 1.0567|
|This Year (Dec14) TTM:||Last Year (Dec13) TTM:|
|Accounts Receivable was $4,427 Mil.|
Revenue was 14721 + 14554 + 13831 + 12764 = $55,870 Mil.
Gross Profit was 9621 + 9458 + 8917 + 7613 = $35,609 Mil.
Total Current Assets was $27,730 Mil.
Total Assets was $91,956 Mil.
Property, Plant and Equipment(Net PPE) was $33,238 Mil.
Depreciation, Depletion and Amortization(DDA) was $8,549 Mil.
Selling, General & Admin. Expense(SGA) was $8,136 Mil.
Total Current Liabilities was $16,019 Mil.
Long-Term Debt was $12,107 Mil.
Net Income was 3661 + 3317 + 2796 + 1930 = $11,704 Mil.
Non Operating Income was 132 + 28 + 89 + 162 = $411 Mil.
Cash Flow from Operations was 5771 + 5693 + 5453 + 3501 = $20,418 Mil.
|Accounts Receivable was $3,582 Mil.
Revenue was 13834 + 13483 + 12811 + 12580 = $52,708 Mil.
Gross Profit was 8571 + 8414 + 7470 + 7066 = $31,521 Mil.
Total Current Assets was $32,084 Mil.
Total Assets was $92,358 Mil.
Property, Plant and Equipment(Net PPE) was $31,428 Mil.
Depreciation, Depletion and Amortization(DDA) was $8,032 Mil.
Selling, General & Admin. Expense(SGA) was $8,088 Mil.
Total Current Liabilities was $13,568 Mil.
Long-Term Debt was $13,165 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)|
|=||(4427 / 55870)||/||(3582 / 52708)|
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)|
|=||(9458 / 52708)||/||(9621 / 55870)|
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 - (27730 + 33238) / 91956)||/||(1 - (32084 + 31428) / 92358)|
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))|
|=||(8032 / (8032 + 31428))||/||(8549 / (8549 + 33238))|
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)|
|=||(8136 / 55870)||/||(8088 / 52708)|
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)|
|=||((12107 + 16019) / 91956)||/||((13165 + 13568) / 92358)|
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|
|=||(11704 - 411||-||20418)||/||91956|
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 -2.75 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
Intel Corp Annual Data
Intel Corp Quarterly Data