MWIV has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
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.
MWI Veterinary Supply, Inc. has a M-score of -2.23 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of MWI Veterinary Supply, Inc. was -1.82. The lowest was -2.47. And the median was -2.16.
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 MWI Veterinary Supply, 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 * 1.0734||+||0.528 * 1.001||+||0.404 * 0.8157||+||0.892 * 1.1262||+||0.115 * 1.0678|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9959||+||4.679 * 0.0344||-||0.327 * 1.083|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $354 Mil.|
Revenue was 687.259 + 605.08 + 606.443 + 563.114 = $2,462 Mil.
Gross Profit was 89.088 + 75.219 + 77.511 + 74.679 = $316 Mil.
Total Current Assets was $766 Mil.
Total Assets was $939 Mil.
Property, Plant and Equipment(Net PPE) was $46 Mil.
Depreciation, Depletion and Amortization(DDA) was $10 Mil.
Selling, General & Admin. Expense(SGA) was $203 Mil.
Total Current Liabilities was $480 Mil.
Long-Term Debt was $0 Mil.
Net Income was 18.439 + 14.217 + 16.781 + 15.1 = $65 Mil.
Non Operating Income was 0.301 + 0.252 + 0.229 + 0.294 = $1 Mil.
Cash Flow from Operations was -10.673 + -3.021 + 54.699 + -9.798 = $31 Mil.
|Accounts Receivable was $293 Mil.
Revenue was 572.848 + 551.406 + 554.669 + 507.17 = $2,186 Mil.
Gross Profit was 76.929 + 68.265 + 69.519 + 66.618 = $281 Mil.
Total Current Assets was $575 Mil.
Total Assets was $734 Mil.
Property, Plant and Equipment(Net PPE) was $37 Mil.
Depreciation, Depletion and Amortization(DDA) was $9 Mil.
Selling, General & Admin. Expense(SGA) was $181 Mil.
Total Current Liabilities was $346 Mil.
Long-Term Debt was $0 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)|
|=||(353.851 / 2461.896)||/||(292.715 / 2186.093)|
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)|
|=||(75.219 / 2186.093)||/||(89.088 / 2461.896)|
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 - (766.42 + 45.507) / 938.914)||/||(1 - (574.74 + 37.18) / 733.545)|
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))|
|=||(9.264 / (9.264 + 37.18))||/||(10.454 / (10.454 + 45.507))|
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)|
|=||(202.612 / 2461.896)||/||(180.657 / 2186.093)|
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)|
|=||((0.009 + 479.666) / 938.914)||/||((0.07 + 345.955) / 733.545)|
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|
|=||(64.537 - 1.076||-||31.207)||/||938.914|
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.
MWI Veterinary Supply, Inc. has a M-score of -2.23 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
MWI Veterinary Supply, Inc. Annual Data
MWI Veterinary Supply, Inc. Quarterly Data