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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 * 1.308||+||0.528 * 0.9818||+||0.404 * 1.0771||+||0.892 * 1.0846||+||0.115 * 0.9675|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0132||+||4.679 * -0.0519||-||0.327 * 0.9547|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Sep15) TTM:||Last Year (Sep14) TTM:|
|Accounts Receivable was $4.5 Mil.|
Revenue was 239.155 + 236.52 + 219.134 + 236.553 = $931.4 Mil.
Gross Profit was 100.725 + 99.718 + 83.659 + 90.196 = $374.3 Mil.
Total Current Assets was $184.3 Mil.
Total Assets was $997.8 Mil.
Property, Plant and Equipment(Net PPE) was $343.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $38.3 Mil.
Selling, General & Admin. Expense(SGA) was $255.1 Mil.
Total Current Liabilities was $155.9 Mil.
Long-Term Debt was $305.3 Mil.
Net Income was 18.872 + 18.799 + 12.551 + 15.986 = $66.2 Mil.
Non Operating Income was 0.097 + 0.106 + 0.097 + 0.506 = $0.8 Mil.
Cash Flow from Operations was 13.856 + 31.621 + 37.733 + 33.94 = $117.2 Mil.
|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.
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)|
|=||(4.473 / 931.362)||/||(3.153 / 858.745)|
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)|
|=||(99.718 / 858.745)||/||(100.725 / 931.362)|
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 - (184.304 + 343.214) / 997.819)||/||(1 - (197.815 + 310.648) / 904.091)|
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))|
|=||(33.431 / (33.431 + 310.648))||/||(38.313 / (38.313 + 343.214))|
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)|
|=||(255.14 / 931.362)||/||(232.177 / 858.745)|
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)|
|=||((305.322 + 155.879) / 997.819)||/||((279.3 + 158.407) / 904.091)|
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|
|=||(66.208 - 0.806||-||117.15)||/||997.819|
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 -2.33 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