PBH has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
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 Prestige Brands Holdings Inc was -2.17. The lowest was -4.25. And the median was -2.50.
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 Prestige Brands Holdings 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 * 0.9656||+||0.528 * 0.9915||+||0.404 * 0.9763||+||0.892 * 1.0823||+||0.115 * 0.9797|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9116||+||4.679 * -0.0333||-||0.327 * 0.9554|
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $87.4 Mil.|
Revenue was 209.575 + 207.855 + 200.195 + 206.065 = $823.7 Mil.
Gross Profit was 121.591 + 118.251 + 116.784 + 119.94 = $476.6 Mil.
Total Current Assets was $281.4 Mil.
Total Assets was $2,878.4 Mil.
Property, Plant and Equipment(Net PPE) was $15.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $24.8 Mil.
Selling, General & Admin. Expense(SGA) was $186.3 Mil.
Total Current Liabilities was $100.1 Mil.
Long-Term Debt was $1,577.4 Mil.
Net Income was -5.531 + 13.936 + 27.995 + 31.803 = $68.2 Mil.
Non Operating Income was 0 + -17.519 + 0 + 0 = $-17.5 Mil.
Cash Flow from Operations was 50.751 + 37.899 + 45.861 + 47.069 = $181.6 Mil.
|Accounts Receivable was $83.6 Mil.
Revenue was 192.132 + 190.046 + 197.606 + 181.269 = $761.1 Mil.
Gross Profit was 112.236 + 110.07 + 111.745 + 102.542 = $436.6 Mil.
Total Current Assets was $201.1 Mil.
Total Assets was $2,636.5 Mil.
Property, Plant and Equipment(Net PPE) was $13.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $20.5 Mil.
Selling, General & Admin. Expense(SGA) was $188.8 Mil.
Total Current Liabilities was $101.8 Mil.
Long-Term Debt was $1,506.5 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)|
|=||(87.391 / 823.69)||/||(83.62 / 761.053)|
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)|
|=||(436.593 / 761.053)||/||(476.566 / 823.69)|
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 - (281.358 + 15.08) / 2878.44)||/||(1 - (201.059 + 13.154) / 2636.502)|
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))|
|=||(20.499 / (20.499 + 13.154))||/||(24.788 / (24.788 + 15.08))|
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)|
|=||(186.301 / 823.69)||/||(188.833 / 761.053)|
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)|
|=||((1577.414 + 100.141) / 2878.44)||/||((1506.541 + 101.792) / 2636.502)|
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|
|=||(68.203 - -17.519||-||181.58)||/||2878.44|
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.
Prestige Brands Holdings 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
Prestige Brands Holdings Inc Annual Data
Prestige Brands Holdings Inc Quarterly Data