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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 -1.33. 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 * 0.9381||+||0.528 * 1.048||+||0.404 * 1.0051||+||0.892 * 1.2821||+||0.115 * 0.7846|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9636||+||4.679 * -0.0641||-||0.327 * 0.9904|
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $206.8 Mil.|
Revenue was 261.994 + 255.658 + 246.767 + 224.897 = $989.3 Mil.
Gross Profit was 169.059 + 165.535 + 169.623 + 144.48 = $648.7 Mil.
Total Current Assets was $261.9 Mil.
Total Assets was $1,898.5 Mil.
Property, Plant and Equipment(Net PPE) was $283.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $120.1 Mil.
Selling, General & Admin. Expense(SGA) was $252.6 Mil.
Total Current Liabilities was $156.0 Mil.
Long-Term Debt was $1,461.7 Mil.
Net Income was 24.529 + 21.727 + 27.174 + 17.282 = $90.7 Mil.
Non Operating Income was -0.147 + -0.136 + -0.134 + -0.115 = $-0.5 Mil.
Cash Flow from Operations was 57.778 + 38.431 + 56.611 + 60.062 = $212.9 Mil.
|Accounts Receivable was $172.0 Mil.
Revenue was 219.349 + 201.735 + 192.804 + 157.744 = $771.6 Mil.
Gross Profit was 146.311 + 133.706 + 140.873 + 109.349 = $530.2 Mil.
Total Current Assets was $266.9 Mil.
Total Assets was $1,865.7 Mil.
Property, Plant and Equipment(Net PPE) was $276.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $84.0 Mil.
Selling, General & Admin. Expense(SGA) was $204.4 Mil.
Total Current Liabilities was $123.3 Mil.
Long-Term Debt was $1,481.9 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)|
|=||(206.83 / 989.316)||/||(171.958 / 771.632)|
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)|
|=||(530.239 / 771.632)||/||(648.697 / 989.316)|
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 - (261.932 + 283.863) / 1898.452)||/||(1 - (266.911 + 276.191) / 1865.703)|
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))|
|=||(84.004 / (84.004 + 276.191))||/||(120.075 / (120.075 + 283.863))|
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)|
|=||(252.571 / 989.316)||/||(204.439 / 771.632)|
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)|
|=||((1461.73 + 155.955) / 1898.452)||/||((1481.859 + 123.349) / 1865.703)|
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|
|=||(90.712 - -0.532||-||212.882)||/||1898.452|
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