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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.
Intel Corp has a M-score of -3.04 suggests that the company is not a 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 * 0.9935||+||0.528 * 0.9941||+||0.404 * 1.0042||+||0.892 * 0.9977||+||0.115 * 1.0932|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0219||+||4.679 * -0.1211||-||0.327 * 0.9684|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $3,505 Mil.|
Revenue was 12764 + 13834 + 13483 + 12811 = $52,892 Mil.
Gross Profit was 7613 + 8571 + 8414 + 7470 = $32,068 Mil.
Total Current Assets was $30,554 Mil.
Total Assets was $91,932 Mil.
Property, Plant and Equipment(Net PPE) was $32,502 Mil.
Depreciation, Depletion and Amortization(DDA) was $7,975 Mil.
Selling, General & Admin. Expense(SGA) was $8,188 Mil.
Total Current Liabilities was $13,552 Mil.
Long-Term Debt was $13,172 Mil.
Net Income was 1930 + 2625 + 2950 + 2000 = $9,505 Mil.
Non Operating Income was 162 + 26 + 452 + 8 = $648 Mil.
Cash Flow from Operations was 3501 + 6038 + 5731 + 4722 = $19,992 Mil.
|Accounts Receivable was $3,536 Mil.
Revenue was 12580 + 13477 + 13457 + 13501 = $53,015 Mil.
Gross Profit was 7066 + 7817 + 8515 + 8554 = $31,952 Mil.
Total Current Assets was $28,677 Mil.
Total Assets was $83,083 Mil.
Property, Plant and Equipment(Net PPE) was $28,418 Mil.
Depreciation, Depletion and Amortization(DDA) was $7,801 Mil.
Selling, General & Admin. Expense(SGA) was $8,031 Mil.
Total Current Liabilities was $11,798 Mil.
Long-Term Debt was $13,143 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)|
|=||(3505 / 52892)||/||(3536 / 53015)|
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)|
|=||(8571 / 53015)||/||(7613 / 52892)|
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 - (30554 + 32502) / 91932)||/||(1 - (28677 + 28418) / 83083)|
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))|
|=||(7801 / (7801 + 28418))||/||(7975 / (7975 + 32502))|
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)|
|=||(8188 / 52892)||/||(8031 / 53015)|
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)|
|=||((13172 + 13552) / 91932)||/||((13143 + 11798) / 83083)|
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|
|=||(9505 - 648||-||19992)||/||91932|
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 -3.04 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