AEP Industries Beneish M-Score Historical Data
The historical data trend for AEP Industries'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.
AEP Industries Beneish M-Score Chart
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AEP Industries Annual Data
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Trend |
Oct07 |
Oct08 |
Oct09 |
Oct10 |
Oct11 |
Oct12 |
Oct13 |
Oct14 |
Oct15 |
Oct16 |
| Beneish M-Score |
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-2.98 |
-2.73 |
-2.63 |
-3.30 |
-3.17 |
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AEP Industries Quarterly Data
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Jan12 |
Apr12 |
Jul12 |
Oct12 |
Jan13 |
Apr13 |
Jul13 |
Oct13 |
Jan14 |
Apr14 |
Jul14 |
Oct14 |
Jan15 |
Apr15 |
Jul15 |
Oct15 |
Jan16 |
Apr16 |
Jul16 |
Oct16 |
| Beneish M-Score |
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-3.30 |
-2.95 |
-2.95 |
-3.01 |
-3.17 |
Competitive Comparison of AEP Industries's Beneish M-Score
For the Auto Parts subindustry, AEP Industries'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.
AEP Industries's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, AEP Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where AEP Industries's Beneish M-Score falls into.
AEP Industries 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 AEP Industries 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 * 0.9878 | + | 0.528 * 0.9163 | + | 0.404 * 1.0816 | + | 0.892 * 0.9601 | + | 0.115 * 0.993 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0725 | + | 4.679 * -0.141275 | - | 0.327 * 0.8635 |
| = | -3.17 |
* 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.
| This Year (Oct16) TTM: | Last Year (Oct15) TTM: |
Total Receivables was $100 Mil.
Revenue was 285.426 + 283.689 + 273.162 + 253.553 = $1,096 Mil.
Gross Profit was 46.331 + 46.203 + 54.082 + 43.727 = $190 Mil.
Total Current Assets was $202 Mil.
Total Assets was $393 Mil.
Property, Plant and Equipment(Net PPE) was $180 Mil.
Depreciation, Depletion and Amortization(DDA) was $29 Mil.
Selling, General, & Admin. Expense(SGA) was $124 Mil.
Total Current Liabilities was $115 Mil.
Long-Term Debt & Capital Lease Obligation was $133 Mil.
Net Income was 0.858 + 6.269 + 13.78 + 7.895 = $29 Mil.
Non Operating Income was 0.126 + 0.25 + -0.362 + -0.117 = $-0 Mil.
Cash Flow from Operations was 20.028 + 36.825 + 28.836 + -1.315 = $84 Mil.
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Total Receivables was $105 Mil.
Revenue was 278.248 + 301.982 + 285.722 + 275.439 = $1,141 Mil.
Gross Profit was 51.121 + 48.161 + 49.816 + 32.564 = $182 Mil.
Total Current Assets was $233 Mil.
Total Assets was $438 Mil.
Property, Plant and Equipment(Net PPE) was $194 Mil.
Depreciation, Depletion and Amortization(DDA) was $32 Mil.
Selling, General, & Admin. Expense(SGA) was $120 Mil.
Total Current Liabilities was $112 Mil.
Long-Term Debt & Capital Lease Obligation was $209 Mil.
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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) |
| = | (99.51 / 1095.83) | / | (104.93 / 1141.391) |
| = | 0.090808 | / | 0.091932 |
| | = | 0.9878 |
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) |
| = | (181.662 / 1141.391) | / | (190.343 / 1095.83) |
| = | 0.159158 | / | 0.173698 |
| | = | 0.9163 |
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 - (201.86 + 179.666) / 392.631) | / | (1 - (232.645 + 193.993) / 438.094) |
| = | 0.028284 | / | 0.02615 |
| | = | 1.0816 |
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 |
| = | 1095.83 | / | 1141.391 |
| | = | 0.9601 |
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)) |
| = | (31.567 / (31.567 + 193.993)) | / | (29.476 / (29.476 + 179.666)) |
| = | 0.139949 | / | 0.140938 |
| | = | 0.993 |
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) |
| = | (123.826 / 1095.83) | / | (120.259 / 1141.391) |
| = | 0.112997 | / | 0.105362 |
| | = | 1.0725 |
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) |
| = | ((133.125 + 114.876) / 392.631) | / | ((208.84 + 111.604) / 438.094) |
| = | 0.631639 | / | 0.73145 |
| | = | 0.8635 |
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 |
| = | (28.802 - -0.103 | - | 84.374) | / | 392.631 |
| | = | -0.141275 |
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.
AEP Industries has a M-score of -3.17 suggests that the company is unlikely to be a manipulator.
AEP Industries (AEP Industries) Business Description
Traded in Other Exchanges
N/A
Address
AEP Industries Inc was founded in 1970 and incorporated in Delaware in 1985. The Company is a manufacturer of plastic packaging films in North America. It manufactures and markets a diverse line of polyethylene, polyvinyl chloride and polypropylene flexible packaging products, with consumer, industrial and agricultural applications. The Company's plastic packaging films are used in the packaging, transportation, beverage, food, automotive, pharmaceutical, chemical, electronics, constructions, agriculture and textile industries. It manufactures plastic films, mainly from resins blended with other raw materials, which it either sell or further process by printing, laminating, slitting or converting. The Company's processing technologies enable it to create a variety of value-added products according to the specifications of its customers. Its manufacturing operations are located in the United States and Canada. It manufactures both industrial grade products, which are manufactured to general industry specifications, and specialty products, which are manufactured under more exacting standards to assure certain required chemical and physical properties. Specialty products generally sell at higher margins than industrial grade products. It manufactures custom films, generally for industrial applications, including sheeting, tubing and bags. The Company manufactures a line of stretch film products for both hand wrap and rotary applications, using both monolayer and co-extruded constructions used to wrap pallets of industrial and commercial goods for shipping or storage. The Company manufacture specifically formulated in-store and pre-store films with its Resinite line of polyvinyl chloride food wrap for the supermarket and industrial markets. It offers product with approximately 50 different formulations. Its Griffin, Georgia facility also produces dispenser (ZipSafe cutter) boxes containing polyvinyl chloride food wrap for sale to consumers and institutions, including restaurants, schools, hospitals and penitentiaries. The Company's PROformance films are used for food, pharmaceutical and medical applications and are available in up to five layers for applications requiring strength, clarity, sealability, barrier properties against oxygen or moisture transmission, and breathability for preserving freshness. Its canliners product line includes retail kitchen and standard trash bags and others. The Company manufactures approximately ten color printing, sheeting, and wicketed bags. It's printed and converted films provide printed rollstock to the food and beverage industries and other manufacturing and distributing companies. It also converts printed rollstock to bags and pouches for use by bakeries, fresh or frozen food processors, manufacturers or other dry goods processors. The Company's operations are conducted within one business segment-the production, manufacture and distribution of flexible plastic packaging products, for the food
Executives
| Lee C Stewart |
director |
PO BOX 816, SHARON CT 06069 |
| Daniel Khoshaba |
10 percent owner |
67 EAST PARK PLACE, 8TH FLOOR, SUITE 800, MORRISTOWN NJ 07960 |
| Jmb Capital Partners Master Fund L.p. |
10 percent owner |
1999 AVENUE OF THE STARS, SUITE 2040, LOS ANGELES CA 90067 |
| Jonathan Brooks |
10 percent owner |
2201 NORTH BEVERLY DR., BEVERLY HILLS CA 90210 |
| Smithwood Partners Llc |
10 percent owner |
1999 AVENUE OF THE STARS, SUITE 2040, LOS ANGELES CA 90067 |
| Smithwood General Partner, Llc |
10 percent owner |
1999 AVENUE OF THE STARS, SUITE 2040, LOS ANGELES CA 90067-6022 |
| Smithwood Advisers, L.p. |
10 percent owner |
1999 AVENUE OF THE STARS, SUITE 2040, LOS ANGELES CA 90067-6022 |
| Third Point Llc |
10 percent owner |
55 HUDSON YARDS, NEW YORK NY 10001 |
| Daniel S Loeb |
10 percent owner |
THIRD POINT LLC, 390 PARK AVENUE, NEW YORK NY 10022 |
| Bradley Louis Radoff |
other: See Remarks Below |
2727 KIRBY DRIVE, UNIT 29L, HOUSTON TX 77098 |
| Matthew Constantino |
other: Former Director (1) |
120 FIFTH AVENUE, 3RD FLOOR, NEW YORK NY 10011 |
| Eric Press |
other: Former Director (1) |
1301 AVENUE OF THE AMERICA 38TH FLOOR, NEW YORK NY 10019 |
| Apollo Investment Fund V Lp |
10 percent owner |
2 MANHATTANVILLE RD, C/O APOLLO ADVISORS LP, PURCHASE NY 10577 |
| Apollo Advisors V Lp |
10 percent owner |
2 MANHATTANVILLE RD, C/O APOLLO ADVISORS LP, PURCHASE NY 10577 |
| Apollo Management V Lp |
10 percent owner |
2 MANHATTANVILLE RD, C/O APOLLO ADVISORS LP, PURCHASE NY 10577 |
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