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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 Nexstar Broadcasting Group Inc was -1.32. The lowest was -3.63. And the median was -2.80.
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 Nexstar Broadcasting Group 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 * 1.1779||+||0.528 * 1.0151||+||0.404 * 1.0979||+||0.892 * 1.3376||+||0.115 * 1.151|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9127||+||4.679 * -0.0529||-||0.327 * 0.8875|
|This Year (Mar15) TTM:||Last Year (Mar14) TTM:|
|Accounts Receivable was $164.6 Mil.|
Revenue was 203.391 + 192.804 + 157.744 + 146.93 = $700.9 Mil.
Gross Profit was 133.706 + 140.873 + 109.349 + 101.673 = $485.6 Mil.
Total Current Assets was $281.6 Mil.
Total Assets was $1,903.2 Mil.
Property, Plant and Equipment(Net PPE) was $277.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $84.1 Mil.
Selling, General & Admin. Expense(SGA) was $191.0 Mil.
Total Current Liabilities was $136.4 Mil.
Long-Term Debt was $1,526.8 Mil.
Net Income was 12.907 + 30.849 + 15.404 + 10.944 = $70.1 Mil.
Non Operating Income was -0.118 + -0.129 + -0.172 + -0.198 = $-0.6 Mil.
Cash Flow from Operations was 49.626 + 45.885 + 47.222 + 28.689 = $171.4 Mil.
|Accounts Receivable was $104.5 Mil.
Revenue was 133.833 + 138.122 + 125.792 + 126.211 = $524.0 Mil.
Gross Profit was 91.984 + 98.246 + 88.522 + 89.75 = $368.5 Mil.
Total Current Assets was $204.5 Mil.
Total Assets was $1,148.8 Mil.
Property, Plant and Equipment(Net PPE) was $205.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $75.0 Mil.
Selling, General & Admin. Expense(SGA) was $156.5 Mil.
Total Current Liabilities was $69.9 Mil.
Long-Term Debt was $1,061.4 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)|
|=||(164.581 / 700.869)||/||(104.457 / 523.958)|
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)|
|=||(140.873 / 523.958)||/||(133.706 / 700.869)|
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 - (281.638 + 277.837) / 1903.151)||/||(1 - (204.529 + 205.477) / 1148.793)|
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))|
|=||(74.972 / (74.972 + 205.477))||/||(84.053 / (84.053 + 277.837))|
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)|
|=||(191.04 / 700.869)||/||(156.473 / 523.958)|
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)|
|=||((1526.83 + 136.413) / 1903.151)||/||((1061.378 + 69.854) / 1148.793)|
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|
|=||(70.104 - -0.617||-||171.422)||/||1903.151|
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.
Nexstar Broadcasting Group Inc has a M-score of -2.15 signals that the company is likely to 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
Nexstar Broadcasting Group Inc Annual Data
Nexstar Broadcasting Group Inc Quarterly Data