Corin Group (LSE:CRG) Beneish M-Score : 0.00 (As of Jun. 14, 2024)

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What is Corin Group Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

The historical rank and industry rank for Corin Group's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Corin Group was 0.00. The lowest was 0.00. And the median was 0.00.

Corin Group Beneish M-Score Historical Data

The historical data trend for Corin Group's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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Corin Group Beneish M-Score Chart

Corin Group Annual Data

Trend

Dec02

Dec03

Dec04

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Beneish M-Score

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Corin Group Quarterly Data
	Jun04	Jun05	Jun06	Jun07	Jun08	Jun09	Jun10	Jun11	Jun12
Beneish M-Score	Get a 7-Day Free Trial				-	-	-	-	-

Competitive Comparison of Corin Group's Beneish M-Score

For the Medical Devices subindustry, Corin Group's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Corin Group's Beneish M-Score Distribution in the Medical Devices & Instruments Industry

For the Medical Devices & Instruments industry and Healthcare sector, Corin Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Corin Group's Beneish M-Score falls into.

Corin Group Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 Corin Group for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1

0.528 * 0.9941

0.404 * 0.9779

0.892 * 1.1164

0.115 * 1.0285

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.082349

0.327 * 1.1043

-2.80

This Year (Dec11) TTM:

Last Year (Dec10) TTM:

Total Receivables was £0.00 Mil.
Revenue was £47.88 Mil.
Gross Profit was £30.63 Mil.
Total Current Assets was £26.55 Mil.
Total Assets was £43.92 Mil.
Property, Plant and Equipment(Net PPE) was £9.54 Mil.
Depreciation, Depletion and Amortization(DDA) was £3.83 Mil.
Selling, General, & Admin. Expense(SGA) was £0.00 Mil.
Total Current Liabilities was £11.37 Mil.
Long-Term Debt & Capital Lease Obligation was £0.00 Mil.
Net Income was £-0.32 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £3.30 Mil.

Total Receivables was £0.00 Mil.
Revenue was £42.88 Mil.
Gross Profit was £27.28 Mil.
Total Current Assets was £26.20 Mil.
Total Assets was £43.90 Mil.
Property, Plant and Equipment(Net PPE) was £9.70 Mil.
Depreciation, Depletion and Amortization(DDA) was £4.05 Mil.
Selling, General, & Admin. Expense(SGA) was £0.00 Mil.
Total Current Liabilities was £10.29 Mil.
Long-Term Debt & Capital Lease Obligation was £0.00 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(0 / 47.875)	/	(0 / 42.882)
	=	0	/	0
	=	1

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.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(27.276 / 42.882)	/	(30.632 / 47.875)
	=	0.636071	/	0.639833
	=	0.9941

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (26.554 + 9.542) / 43.923)	/	(1 - (26.203 + 9.701) / 43.904)
	=	0.178198	/	0.182216
	=	0.9779

4. SGI = Sales Growth Index

Ratio of Revenue 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.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	47.875	/	42.882
	=	1.1164

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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))
	=	(4.05 / (4.05 + 9.701))	/	(3.829 / (3.829 + 9.542))
	=	0.294524	/	0.286366
	=	1.0285

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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)
	=	(0 / 47.875)	/	(0 / 42.882)
	=	0	/	0
	=	1

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 in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((0 + 11.373) / 43.923)	/	((0 + 10.294) / 43.904)
	=	0.25893	/	0.234466
	=	1.1043

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(-0.316 - 0	-	3.301)	/	43.923
	=	-0.082349

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Corin Group has a M-score of -2.80 suggests that the company is unlikely to be a manipulator.

Corin Group Beneish M-Score Related Terms

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Corin Group (LSE:CRG) Business Description

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