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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.
Stewart Enterprises, Inc. has a M-score of -2.48 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Stewart Enterprises, Inc. was -1.99. The lowest was -3.30. And the median was -2.53.
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 Stewart Enterprises, 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 * 1.0133||+||0.528 * 0.9803||+||0.404 * 0.7662||+||0.892 * 1.0154||+||0.115 * 2.2839|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9887||+||4.679 * -0.0164||-||0.327 * 0.9721|
|This Year (Oct13) TTM:||Last Year (Oct12) TTM:|
|Accounts Receivable was $54.0 Mil.|
Revenue was 127.461 + 127.062 + 133.853 + 135.681 = $524.1 Mil.
Gross Profit was 26.132 + 23.195 + 31.967 + 32.316 = $113.6 Mil.
Total Current Assets was $247.4 Mil.
Total Assets was $2,317.6 Mil.
Property, Plant and Equipment(Net PPE) was $694.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $26.2 Mil.
Selling, General & Admin. Expense(SGA) was $28.6 Mil.
Total Current Liabilities was $183.4 Mil.
Long-Term Debt was $241.5 Mil.
Net Income was 5.292 + 8.277 + 11.875 + 15.477 = $40.9 Mil.
Non Operating Income was 0.069 + -0.002 + -8.225 + 0 = $-8.2 Mil.
Cash Flow from Operations was 18.591 + 23.336 + 33.151 + 11.896 = $87.0 Mil.
|Accounts Receivable was $52.4 Mil.
Revenue was 129.436 + 129.239 + 132.598 + 124.824 = $516.1 Mil.
Gross Profit was 28.162 + 26.986 + 29.138 + 25.396 = $109.7 Mil.
Total Current Assets was $209.5 Mil.
Total Assets was $2,221.7 Mil.
Property, Plant and Equipment(Net PPE) was $291.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $26.4 Mil.
Selling, General & Admin. Expense(SGA) was $28.5 Mil.
Total Current Liabilities was $97.2 Mil.
Long-Term Debt was $321.9 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)|
|=||(53.957 / 524.057)||/||(52.441 / 516.097)|
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)|
|=||(23.195 / 516.097)||/||(26.132 / 524.057)|
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 - (247.404 + 694.782) / 2317.639)||/||(1 - (209.481 + 291.26) / 2221.685)|
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))|
|=||(26.412 / (26.412 + 291.26))||/||(26.248 / (26.248 + 694.782))|
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)|
|=||(28.633 / 524.057)||/||(28.521 / 516.097)|
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)|
|=||((241.525 + 183.442) / 2317.639)||/||((321.887 + 97.189) / 2221.685)|
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|
|=||(40.921 - -8.158||-||86.974)||/||2317.639|
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.
Stewart Enterprises, Inc. has a M-score of -2.48 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
Stewart Enterprises, Inc. Annual Data
Stewart Enterprises, Inc. Quarterly Data