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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.
Jewett-Cameron Trading Company, Ltd. has a M-score of -3.00 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Jewett-Cameron Trading Company, Ltd. was 0.99. The lowest was -3.78. And the median was -2.43.
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 Company, 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 * 0.677||+||0.528 * 0.9101||+||0.404 * 0.7741||+||0.892 * 0.8618||+||0.115 * 0.9701|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1763||+||4.679 * -0.0018||-||0.327 * 0.7503|
|This Year (Feb14) TTM:||Last Year (Feb13) TTM:|
|Accounts Receivable was $4.26 Mil.|
Revenue was 9.733 + 8.006 + 10.71 + 15.052 = $43.50 Mil.
Gross Profit was 1.758 + 1.85 + 2.37 + 3.03 = $9.01 Mil.
Total Current Assets was $20.18 Mil.
Total Assets was $22.73 Mil.
Property, Plant and Equipment(Net PPE) was $2.21 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.28 Mil.
Selling, General & Admin. Expense(SGA) was $4.86 Mil.
Total Current Liabilities was $2.09 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was 0.237 + 0.333 + 0.842 + 1.019 = $2.43 Mil.
Non Operating Income was 0 + 0.004 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was -1.693 + -0.159 + 0.93 + 3.389 = $2.47 Mil.
|Accounts Receivable was $7.30 Mil.
Revenue was 14.228 + 9.296 + 10.84 + 16.113 = $50.48 Mil.
Gross Profit was 2.44 + 1.991 + 2.275 + 2.807 = $9.51 Mil.
Total Current Assets was $19.02 Mil.
Total Assets was $21.41 Mil.
Property, Plant and Equipment(Net PPE) was $1.99 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.24 Mil.
Selling, General & Admin. Expense(SGA) was $4.79 Mil.
Total Current Liabilities was $2.62 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)|
|=||(4.256 / 43.501)||/||(7.295 / 50.477)|
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)|
|=||(1.85 / 50.477)||/||(1.758 / 43.501)|
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 - (20.183 + 2.213) / 22.728)||/||(1 - (19.015 + 1.99) / 21.409)|
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))|
|=||(0.239 / (0.239 + 1.99))||/||(0.275 / (0.275 + 2.213))|
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)|
|=||(4.859 / 43.501)||/||(4.793 / 50.477)|
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 + 2.087) / 22.728)||/||((0 + 2.62) / 21.409)|
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|
|=||(2.431 - 0.004||-||2.467)||/||22.728|
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 Company, Ltd. has a M-score of -3.00 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
Jewett-Cameron Trading Company, Ltd. Annual Data
Jewett-Cameron Trading Company, Ltd. Quarterly Data