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NASB Financial Inc (OTCPK:NASB)
Beneish M-Score
0.00 (As of Today)

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.

NASB Financial Inc has a M-score of signals that the company is a manipulator.

During the past 13 years, the highest Beneish M-Score of NASB Financial Inc was 0.07. The lowest was -904.46. And the median was -2.46.


Definition

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 NASB Financial 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

This Year (Dec15) TTM:Last Year (Dec14) TTM:
Accounts Receivable was $5.8 Mil.
Revenue was 26.041 + 23.444 + 27.635 + 22.989 = $100.1 Mil.
Gross Profit was 26.041 + 23.444 + 27.635 + 22.989 = $100.1 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $1,598.9 Mil.
Property, Plant and Equipment(Net PPE) was $10.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.0 Mil.
Selling, General & Admin. Expense(SGA) was $59.5 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt was $335.8 Mil.
Net Income was 5.769 + 4.111 + 9.152 + 4.032 = $23.1 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = $0.0 Mil.
Accounts Receivable was $4.4 Mil.
Revenue was 21.808 + 21.969 + 21.989 + 19.454 = $85.2 Mil.
Gross Profit was 21.808 + 21.969 + 21.989 + 19.454 = $85.2 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $1,300.3 Mil.
Property, Plant and Equipment(Net PPE) was $10.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.0 Mil.
Selling, General & Admin. Expense(SGA) was $53.1 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt was $295.8 Mil.



1. DSRI = Days Sales in Receivables Index

Measured as the ratio of days’ sales in 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)
=(5.824 / 100.109) / (4.358 / 85.22)
=0.05817659 / 0.05113823
=

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)
=(23.444 / 85.22) / (26.041 / 100.109)
=1 / 1
=

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 plant, property and equipment to total assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 10.013) / 1598.898) / (1 - (0 + 10.859) / 1300.256)
=0.99373756 / 0.99164857
=

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.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=100.109 / 85.22
=

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))
=(0 / (0 + 10.859)) / (0 / (0 + 10.013))
=0 / 0
=

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)
=(59.469 / 100.109) / (53.068 / 85.22)
=0.59404249 / 0.62271767
=

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)
=((335.774 + 0) / 1598.898) / ((295.774 + 0) / 1300.256)
=0.21000339 / 0.22747367
=

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
=(23.064 - 0 - 0) / 1598.898
=0.0144

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.

NASB Financial Inc has a M-score of signals that the company is likely to be a manipulator.


Related Terms

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


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

NASB Financial Inc Annual Data

Sep06Sep07Sep08Sep09Sep10Sep11Sep12Sep13Sep14Sep15
DSRI 1.33471.13130.90590.58770.80391.8410.41060.90751.29131.1582
GMI 1111111111
AQI 0.99830.9981.00081.0010.99890.99811.00220.99891.0011.0029
SGI 0.87860.90470.90521.53081.10840.78661.3411.02580.7741.1749
DEPI 80.43050.06390.5720.22717.68320.26091.04540.50221.29061.0093
SGAI 1.05511.09571.12070.88361.09761.13750.87141.33391.10050.9412
LVGI 1.0940.98251.180.78840.72631.0010.56581.28330.95241.4144
TATA -0.0278-0.0031-0.0050.00750.056-0.09850.0192-0.08460.01720.0667
M-score 6.68-2.58-2.80-2.35-1.46-2.47-2.46-3.15-2.30-1.99

NASB Financial Inc Quarterly Data

Sep13Dec13Mar14Jun14Sep14Dec14Mar15Jun15Sep15Dec15
DSRI 0.91181.10841.87281.1186
GMI 1111
AQI 0.99891.00210.99991.0009
SGI 1.0210.90690.74220.7896
DEPI 0.50220.51561.11961.6253
SGAI 1.40061.32451.53111.3794
LVGI 1.28331.42221.43081.812
TATA -0.0846-0.0802-0.021-0.0208
M-score -3.16-3.09-2.22-2.91
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