JCTCF has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
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.
Jewett-Cameron Trading Co Ltd has a M-score of -2.21 signals that the company is a manipulator.
During the past 13 years, the highest Beneish M-Score of Jewett-Cameron Trading Co Ltd was 0.99. The lowest was -3.78. And the median was -2.44.
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 Jewett-Cameron Trading Co Ltd 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 * 1.2266||+||0.528 * 0.9661||+||0.404 * 0.8612||+||0.892 * 0.886||+||0.115 * 0.9563|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1348||+||4.679 * 0.0773||-||0.327 * 1.3079|
|This Year (May14) TTM:||Last Year (May13) TTM:|
|Accounts Receivable was $5.26 Mil.|
Revenue was 15.336 + 9.733 + 8.006 + 10.71 = $43.79 Mil.
Gross Profit was 2.951 + 1.758 + 1.85 + 2.37 = $8.93 Mil.
Total Current Assets was $18.07 Mil.
Total Assets was $20.56 Mil.
Property, Plant and Equipment(Net PPE) was $2.18 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.28 Mil.
Selling, General & Admin. Expense(SGA) was $4.91 Mil.
Total Current Liabilities was $2.22 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was 0.936 + 0.237 + 0.333 + 0.842 = $2.35 Mil.
Non Operating Income was 0 + 0 + 0.004 + 0 = $0.00 Mil.
Cash Flow from Operations was 1.677 + -1.693 + -0.159 + 0.93 = $0.76 Mil.
|Accounts Receivable was $4.84 Mil.
Revenue was 15.052 + 14.228 + 9.296 + 10.84 = $49.42 Mil.
Gross Profit was 3.03 + 2.44 + 1.991 + 2.275 = $9.74 Mil.
Total Current Assets was $19.21 Mil.
Total Assets was $21.59 Mil.
Property, Plant and Equipment(Net PPE) was $2.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.25 Mil.
Selling, General & Admin. Expense(SGA) was $4.88 Mil.
Total Current Liabilities was $1.78 Mil.
Long-Term Debt was $0.00 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)|
|=||(5.256 / 43.785)||/||(4.836 / 49.416)|
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)|
|=||(1.758 / 49.416)||/||(2.951 / 43.785)|
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 - (18.068 + 2.177) / 20.56)||/||(1 - (19.206 + 1.996) / 21.586)|
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))|
|=||(0.245 / (0.245 + 1.996))||/||(0.281 / (0.281 + 2.177))|
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)|
|=||(4.907 / 43.785)||/||(4.88 / 49.416)|
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)|
|=||((0 + 2.215) / 20.56)||/||((0 + 1.778) / 21.586)|
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|
|=||(2.348 - 0.004||-||0.755)||/||20.56|
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.
Jewett-Cameron Trading Co Ltd has a M-score of -2.21 signals that the company is likely to 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
Jewett-Cameron Trading Co Ltd Annual Data
Jewett-Cameron Trading Co Ltd Quarterly Data