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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 Monro Muffler Brake Inc was -0.12. The lowest was -3.17. And the median was -2.59.
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 Monro Muffler Brake Inc 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 * 0.9474||+||0.528 * 0.9555||+||0.404 * 1.107||+||0.892 * 1.0763||+||0.115 * 1.0213|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9827||+||4.679 * -0.0464||-||0.327 * 1.1165|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $3.2 Mil.|
Revenue was 221.299 + 217.507 + 203.244 + 216.695 = $858.7 Mil.
Gross Profit was 89.472 + 90.022 + 77.024 + 82.324 = $338.8 Mil.
Total Current Assets was $197.8 Mil.
Total Assets was $904.1 Mil.
Property, Plant and Equipment(Net PPE) was $310.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $33.4 Mil.
Selling, General & Admin. Expense(SGA) was $232.2 Mil.
Total Current Liabilities was $158.4 Mil.
Long-Term Debt was $279.3 Mil.
Net Income was 16.33 + 16.932 + 11.909 + 15.329 = $60.5 Mil.
Non Operating Income was 0.227 + 0.08 + 0.076 + 0.352 = $0.7 Mil.
Cash Flow from Operations was 20.57 + 34.106 + 18.91 + 28.113 = $101.7 Mil.
|Accounts Receivable was $3.1 Mil.
Revenue was 205.321 + 206.172 + 195.909 + 190.437 = $797.8 Mil.
Gross Profit was 81.748 + 78.878 + 70.574 + 69.61 = $300.8 Mil.
Total Current Assets was $169.9 Mil.
Total Assets was $734.4 Mil.
Property, Plant and Equipment(Net PPE) was $274.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $30.2 Mil.
Selling, General & Admin. Expense(SGA) was $219.5 Mil.
Total Current Liabilities was $139.2 Mil.
Long-Term Debt was $179.3 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)|
|=||(3.153 / 858.745)||/||(3.092 / 797.839)|
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)|
|=||(90.022 / 797.839)||/||(89.472 / 858.745)|
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 - (197.815 + 310.648) / 904.091)||/||(1 - (169.861 + 274.201) / 734.362)|
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))|
|=||(30.208 / (30.208 + 274.201))||/||(33.431 / (33.431 + 310.648))|
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)|
|=||(232.177 / 858.745)||/||(219.5 / 797.839)|
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)|
|=||((279.3 + 158.407) / 904.091)||/||((179.255 + 139.179) / 734.362)|
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|
|=||(60.5 - 0.735||-||101.699)||/||904.091|
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.
Monro Muffler Brake Inc has a M-score of -2.69 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
Monro Muffler Brake Inc Annual Data
Monro Muffler Brake Inc Quarterly Data