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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 -1.78. The lowest was -3.63. And the median was -2.77.
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 * 0.9298||+||0.528 * 1.004||+||0.404 * 0.9619||+||0.892 * 1.2568||+||0.115 * 1.1315|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9215||+||4.679 * -0.0693||-||0.327 * 0.9133|
|This Year (Dec14) TTM:||Last Year (Dec13) TTM:|
|Accounts Receivable was $127.9 Mil.|
Revenue was 192.804 + 157.744 + 146.93 + 133.833 = $631.3 Mil.
Gross Profit was 140.873 + 109.349 + 101.673 + 91.984 = $443.9 Mil.
Total Current Assets was $317.7 Mil.
Total Assets was $1,462.2 Mil.
Property, Plant and Equipment(Net PPE) was $237.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $72.5 Mil.
Selling, General & Admin. Expense(SGA) was $174.8 Mil.
Total Current Liabilities was $97.3 Mil.
Long-Term Debt was $1,220.3 Mil.
Net Income was 30.849 + 15.404 + 10.944 + 7.353 = $64.6 Mil.
Non Operating Income was -0.129 + -0.172 + -0.198 + -0.128 = $-0.6 Mil.
Cash Flow from Operations was 45.885 + 47.222 + 28.689 + 44.731 = $166.5 Mil.
|Accounts Receivable was $109.4 Mil.
Revenue was 138.122 + 125.792 + 126.211 + 112.205 = $502.3 Mil.
Gross Profit was 98.246 + 88.522 + 89.75 + 78.101 = $354.6 Mil.
Total Current Assets was $201.2 Mil.
Total Assets was $1,163.7 Mil.
Property, Plant and Equipment(Net PPE) was $212.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $76.3 Mil.
Selling, General & Admin. Expense(SGA) was $150.9 Mil.
Total Current Liabilities was $83.9 Mil.
Long-Term Debt was $1,064.3 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)|
|=||(127.878 / 631.311)||/||(109.43 / 502.33)|
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)|
|=||(109.349 / 502.33)||/||(140.873 / 631.311)|
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 - (317.664 + 237.739) / 1462.225)||/||(1 - (201.166 + 212.259) / 1163.722)|
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))|
|=||(76.339 / (76.339 + 212.259))||/||(72.531 / (72.531 + 237.739))|
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)|
|=||(174.791 / 631.311)||/||(150.933 / 502.33)|
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)|
|=||((1220.304 + 97.266) / 1462.225)||/||((1064.262 + 83.922) / 1163.722)|
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|
|=||(64.55 - -0.627||-||166.527)||/||1462.225|
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 -2.60 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