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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 Stoneridge Inc was -1.69. The lowest was -4.97. And the median was -2.76.
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 Stoneridge 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 * 1.0961||+||0.528 * 0.9947||+||0.404 * 0.8572||+||0.892 * 1.0014||+||0.115 * 1.3648|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0715||+||4.679 * -0.0893||-||0.327 * 0.9477|
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $125.6 Mil.|
Revenue was 186.903 + 162.616 + 154.641 + 162.057 = $666.2 Mil.
Gross Profit was 52.751 + 45.161 + 42.239 + 45.145 = $185.3 Mil.
Total Current Assets was $275.8 Mil.
Total Assets was $419.2 Mil.
Property, Plant and Equipment(Net PPE) was $90.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $18.2 Mil.
Selling, General & Admin. Expense(SGA) was $106.2 Mil.
Total Current Liabilities was $130.7 Mil.
Long-Term Debt was $106.9 Mil.
Net Income was 11.571 + 7.239 + 6.084 + 7.367 = $32.3 Mil.
Non Operating Income was 0.559 + -0.038 + -2.055 + 0.243 = $-1.3 Mil.
Cash Flow from Operations was 16.662 + 1.132 + 37.672 + 15.501 = $71.0 Mil.
|Accounts Receivable was $114.5 Mil.
Revenue was 165.289 + 162.825 + 166.811 + 170.338 = $665.3 Mil.
Gross Profit was 45.946 + 43.648 + 44.901 + 49.55 = $184.0 Mil.
Total Current Assets was $246.4 Mil.
Total Assets was $391.5 Mil.
Property, Plant and Equipment(Net PPE) was $86.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $25.9 Mil.
Selling, General & Admin. Expense(SGA) was $98.9 Mil.
Total Current Liabilities was $127.1 Mil.
Long-Term Debt was $107.0 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)|
|=||(125.638 / 666.217)||/||(114.456 / 665.263)|
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)|
|=||(184.045 / 665.263)||/||(185.296 / 666.217)|
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 - (275.782 + 89.991) / 419.199)||/||(1 - (246.357 + 86.93) / 391.498)|
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))|
|=||(25.9 / (25.9 + 86.93))||/||(18.196 / (18.196 + 89.991))|
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)|
|=||(106.166 / 666.217)||/||(98.944 / 665.263)|
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)|
|=||((106.914 + 130.692) / 419.199)||/||((107.014 + 127.132) / 391.498)|
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|
|=||(32.261 - -1.291||-||70.967)||/||419.199|
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.
Stoneridge Inc has a M-score of -2.82 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
Stoneridge Inc Annual Data
Stoneridge Inc Quarterly Data