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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 -2.79.
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 * 1.097||+||0.528 * 1.0368||+||0.404 * 1.1007||+||0.892 * 1.4609||+||0.115 * 0.8944|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8784||+||4.679 * -0.0563||-||0.327 * 0.9075|
|This Year (Sep15) TTM:||Last Year (Sep14) TTM:|
|Accounts Receivable was $174.7 Mil.|
Revenue was 224.897 + 221.322 + 203.391 + 192.804 = $842.4 Mil.
Gross Profit was 144.48 + 146.311 + 133.706 + 140.873 = $565.4 Mil.
Total Current Assets was $289.2 Mil.
Total Assets was $1,860.2 Mil.
Property, Plant and Equipment(Net PPE) was $271.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $106.3 Mil.
Selling, General & Admin. Expense(SGA) was $216.6 Mil.
Total Current Liabilities was $143.0 Mil.
Long-Term Debt was $1,465.3 Mil.
Net Income was 17.282 + 20.321 + 12.907 + 30.849 = $81.4 Mil.
Non Operating Income was -0.115 + -0.15 + -0.118 + -0.129 = $-0.5 Mil.
Cash Flow from Operations was 60.062 + 30.967 + 49.626 + 45.885 = $186.5 Mil.
|Accounts Receivable was $109.0 Mil.
Revenue was 157.744 + 146.93 + 133.833 + 138.122 = $576.6 Mil.
Gross Profit was 109.349 + 101.673 + 91.984 + 98.246 = $401.3 Mil.
Total Current Assets was $230.1 Mil.
Total Assets was $1,220.1 Mil.
Property, Plant and Equipment(Net PPE) was $215.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $72.5 Mil.
Selling, General & Admin. Expense(SGA) was $168.8 Mil.
Total Current Liabilities was $82.3 Mil.
Long-Term Debt was $1,080.0 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)|
|=||(174.709 / 842.414)||/||(109.017 / 576.629)|
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)|
|=||(146.311 / 576.629)||/||(144.48 / 842.414)|
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 - (289.153 + 271.567) / 1860.206)||/||(1 - (230.125 + 215.594) / 1220.091)|
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))|
|=||(72.504 / (72.504 + 215.594))||/||(106.325 / (106.325 + 271.567))|
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)|
|=||(216.575 / 842.414)||/||(168.769 / 576.629)|
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)|
|=||((1465.251 + 143.018) / 1860.206)||/||((1079.98 + 82.345) / 1220.091)|
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|
|=||(81.359 - -0.512||-||186.54)||/||1860.206|
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 -2.14 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