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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.
Prestige Brands Holdings Inc has a M-score of -2.62 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Prestige Brands Holdings Inc was -2.28. The lowest was -4.16. And the median was -2.47.
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 * 0.9226||+||0.528 * 0.9855||+||0.404 * 0.9956||+||0.892 * 0.9652||+||0.115 * 0.9794|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0058||+||4.679 * -0.0115||-||0.327 * 0.9246|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $65.1 Mil.|
Revenue was 144.256 + 146.212 + 168.442 + 142.971 = $601.9 Mil.
Gross Profit was 80.04 + 81.809 + 94.719 + 83.483 = $340.1 Mil.
Total Current Assets was $177.2 Mil.
Total Assets was $1,795.7 Mil.
Property, Plant and Equipment(Net PPE) was $9.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $13.5 Mil.
Selling, General & Admin. Expense(SGA) was $137.9 Mil.
Total Current Liabilities was $84.4 Mil.
Long-Term Debt was $934.4 Mil.
Net Income was 16.001 + 3.13 + 32.792 + 20.692 = $72.6 Mil.
Non Operating Income was -3.274 + -15.012 + 0 + 0 = $-18.3 Mil.
Cash Flow from Operations was 30.722 + 25.262 + 32.8 + 22.798 = $111.6 Mil.
|Accounts Receivable was $73.1 Mil.
Revenue was 154.513 + 160.232 + 161.855 + 146.997 = $623.6 Mil.
Gross Profit was 88.07 + 84.997 + 90.545 + 83.604 = $347.2 Mil.
Total Current Assets was $164.2 Mil.
Total Assets was $1,739.8 Mil.
Property, Plant and Equipment(Net PPE) was $9.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $13.2 Mil.
Selling, General & Admin. Expense(SGA) was $142.1 Mil.
Total Current Liabilities was $96.7 Mil.
Long-Term Debt was $970.9 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)|
|=||(65.05 / 601.881)||/||(73.053 / 623.597)|
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)|
|=||(81.809 / 623.597)||/||(80.04 / 601.881)|
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 - (177.185 + 9.597) / 1795.663)||/||(1 - (164.173 + 9.896) / 1739.799)|
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))|
|=||(13.235 / (13.235 + 9.896))||/||(13.486 / (13.486 + 9.597))|
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)|
|=||(137.949 / 601.881)||/||(142.097 / 623.597)|
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)|
|=||((934.414 + 84.358) / 1795.663)||/||((970.9 + 96.668) / 1739.799)|
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|
|=||(72.615 - -18.286||-||111.582)||/||1795.663|
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 -2.62 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