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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.
Manitowoc Co Inc has a M-score of -2.60 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Manitowoc Co Inc was -1.69. The lowest was -4.21. And the median was -2.54.
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 Manitowoc Co 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 * 0.9369||+||0.528 * 0.9406||+||0.404 * 0.9733||+||0.892 * 0.9934||+||0.115 * 1.1498|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0193||+||4.679 * -0.009||-||0.327 * 0.9515|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $317 Mil.|
Revenue was 1012.8 + 850 + 1089 + 1014.5 = $3,966 Mil.
Gross Profit was 272.3 + 227.1 + 268.9 + 260.1 = $1,028 Mil.
Total Current Assets was $1,492 Mil.
Total Assets was $4,188 Mil.
Property, Plant and Equipment(Net PPE) was $602 Mil.
Depreciation, Depletion and Amortization(DDA) was $99 Mil.
Selling, General & Admin. Expense(SGA) was $628 Mil.
Total Current Liabilities was $1,047 Mil.
Long-Term Debt was $1,747 Mil.
Net Income was 46.6 + -8.8 + 20.9 + 52.9 = $112 Mil.
Non Operating Income was -4.2 + -25.7 + -6.2 + -0.9 = $-37 Mil.
Cash Flow from Operations was 72.2 + -271.4 + 270.5 + 115 = $186 Mil.
|Accounts Receivable was $341 Mil.
Revenue was 1037.1 + 894.6 + 1105.3 + 955.7 = $3,993 Mil.
Gross Profit was 276 + 222.1 + 239.6 + 236 = $974 Mil.
Total Current Assets was $1,459 Mil.
Total Assets was $4,151 Mil.
Property, Plant and Equipment(Net PPE) was $560 Mil.
Depreciation, Depletion and Amortization(DDA) was $109 Mil.
Selling, General & Admin. Expense(SGA) was $620 Mil.
Total Current Liabilities was $1,110 Mil.
Long-Term Debt was $1,801 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)|
|=||(316.9 / 3966.3)||/||(340.5 / 3992.7)|
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)|
|=||(227.1 / 3992.7)||/||(272.3 / 3966.3)|
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 - (1492.1 + 601.6) / 4187.8)||/||(1 - (1458.5 + 559.9) / 4151.2)|
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))|
|=||(108.5 / (108.5 + 559.9))||/||(98.9 / (98.9 + 601.6))|
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)|
|=||(627.9 / 3966.3)||/||(620.1 / 3992.7)|
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)|
|=||((1747 + 1047.3) / 4187.8)||/||((1800.9 + 1110.1) / 4151.2)|
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|
|=||(111.6 - -37||-||186.3)||/||4187.8|
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.
Manitowoc Co Inc has a M-score of -2.60 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
Manitowoc Co Inc Annual Data
Manitowoc Co Inc Quarterly Data