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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.
Nexstar Broadcasting Group Inc has a M-score of -2.41 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Nexstar Broadcasting Group Inc was -1.33. 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 * 0.8764||+||0.528 * 1.0596||+||0.404 * 0.969||+||0.892 * 1.2867||+||0.115 * 0.839|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9657||+||4.679 * -0.0156||-||0.327 * 1.0166|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|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 $62.4 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.
Net Income was 7.353 + -12.452 + 3.595 + 6.367 = $4.9 Mil.
Non Operating Income was -0.128 + -34.883 + -1.132 + -0.084 = $-36.2 Mil.
Cash Flow from Operations was 44.731 + -18.389 + 31.894 + 0.729 = $59.0 Mil.
|Accounts Receivable was $92.6 Mil.
Revenue was 112.205 + 116.174 + 89.952 + 88.864 = $407.2 Mil.
Gross Profit was 78.101 + 90.34 + 68.002 + 67.012 = $303.5 Mil.
Total Current Assets was $134.0 Mil.
Total Assets was $1,035.7 Mil.
Property, Plant and Equipment(Net PPE) was $214.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $52.0 Mil.
Selling, General & Admin. Expense(SGA) was $125.9 Mil.
Total Current Liabilities was $78.8 Mil.
Long-Term Debt was $924.5 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)|
|=||(104.457 / 523.958)||/||(92.623 / 407.195)|
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)|
|=||(98.246 / 407.195)||/||(91.984 / 523.958)|
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 - (204.529 + 205.477) / 1148.793)||/||(1 - (134.045 + 214.295) / 1035.71)|
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))|
|=||(52.025 / (52.025 + 214.295))||/||(62.359 / (62.359 + 205.477))|
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)|
|=||(156.473 / 523.958)||/||(125.926 / 407.195)|
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)|
|=||((1061.378 + 69.854) / 1148.793)||/||((924.467 + 78.801) / 1035.71)|
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|
|=||(4.863 - -36.227||-||58.965)||/||1148.793|
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 -2.41 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
Nexstar Broadcasting Group Inc Annual Data
Nexstar Broadcasting Group Inc Quarterly Data