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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 -2.57 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Nexstar Broadcasting Group Inc was -1.32. The lowest was -3.63. And the median was -2.81.
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 * 0.8356||+||0.528 * 1.0506||+||0.404 * 1.006||+||0.892 * 1.2253||+||0.115 * 0.9803|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9738||+||4.679 * -0.0363||-||0.327 * 1.002|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $106.9 Mil.|
Revenue was 146.93 + 133.833 + 138.122 + 125.792 = $544.7 Mil.
Gross Profit was 101.673 + 91.984 + 98.246 + 88.522 = $380.4 Mil.
Total Current Assets was $189.6 Mil.
Total Assets was $1,189.1 Mil.
Property, Plant and Equipment(Net PPE) was $219.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $61.3 Mil.
Selling, General & Admin. Expense(SGA) was $162.7 Mil.
Total Current Liabilities was $73.2 Mil.
Long-Term Debt was $1,081.8 Mil.
Net Income was 10.944 + 7.353 + -12.452 + 3.595 = $9.4 Mil.
Non Operating Income was -0.198 + -0.128 + -34.883 + -1.132 = $-36.3 Mil.
Cash Flow from Operations was 28.689 + 44.731 + -18.389 + 33.926 = $89.0 Mil.
|Accounts Receivable was $104.4 Mil.
Revenue was 126.211 + 112.205 + 116.174 + 89.952 = $444.5 Mil.
Gross Profit was 89.75 + 78.101 + 90.34 + 68.002 = $326.2 Mil.
Total Current Assets was $168.4 Mil.
Total Assets was $1,086.8 Mil.
Property, Plant and Equipment(Net PPE) was $209.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $57.2 Mil.
Selling, General & Admin. Expense(SGA) was $136.4 Mil.
Total Current Liabilities was $63.3 Mil.
Long-Term Debt was $990.2 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)|
|=||(106.851 / 544.677)||/||(104.359 / 444.542)|
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)|
|=||(91.984 / 444.542)||/||(101.673 / 544.677)|
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 - (189.64 + 219.155) / 1189.052)||/||(1 - (168.37 + 209.518) / 1086.766)|
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))|
|=||(57.175 / (57.175 + 209.518))||/||(61.347 / (61.347 + 219.155))|
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)|
|=||(162.704 / 544.677)||/||(136.36 / 444.542)|
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)|
|=||((1081.805 + 73.2) / 1189.052)||/||((990.174 + 63.334) / 1086.766)|
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|
|=||(9.44 - -36.341||-||88.957)||/||1189.052|
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 -2.57 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