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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 * 0.8898||+||0.528 * 1.0372||+||0.404 * 0.9348||+||0.892 * 1.2004||+||0.115 * 1.031|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9601||+||4.679 * -0.0389||-||0.327 * 0.9891|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|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 $59.9 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.
Net Income was 15.404 + 10.944 + 7.353 + -12.452 = $21.2 Mil.
Non Operating Income was -0.172 + -0.198 + -0.128 + -34.883 = $-35.4 Mil.
Cash Flow from Operations was 47.222 + 28.689 + 44.731 + -16.607 = $104.0 Mil.
|Accounts Receivable was $102.1 Mil.
Revenue was 125.792 + 126.211 + 112.205 + 116.174 = $480.4 Mil.
Gross Profit was 88.522 + 89.75 + 78.101 + 90.34 = $346.7 Mil.
Total Current Assets was $149.3 Mil.
Total Assets was $1,148.0 Mil.
Property, Plant and Equipment(Net PPE) was $219.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $63.3 Mil.
Selling, General & Admin. Expense(SGA) was $146.4 Mil.
Total Current Liabilities was $99.0 Mil.
Long-Term Debt was $1,006.7 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)|
|=||(109.017 / 576.629)||/||(102.064 / 480.382)|
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)|
|=||(101.673 / 480.382)||/||(109.349 / 576.629)|
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 - (230.125 + 215.594) / 1220.091)||/||(1 - (149.317 + 219.263) / 1147.988)|
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))|
|=||(63.342 / (63.342 + 219.263))||/||(59.891 / (59.891 + 215.594))|
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)|
|=||(168.769 / 576.629)||/||(146.441 / 480.382)|
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)|
|=||((1079.98 + 82.345) / 1220.091)||/||((1006.749 + 98.95) / 1147.988)|
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|
|=||(21.249 - -35.381||-||104.035)||/||1220.091|
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 -2.58 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