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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 Stantec Inc was -0.18. The lowest was -3.01. And the median was -2.51.
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 Stantec 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 * 0.9864||+||0.528 * 1.0795||+||0.404 * 1.1035||+||0.892 * 1.3813||+||0.115 * 0.9547|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9651||+||4.679 * -0.0415||-||0.327 * 1.2656|
|This Year (Dec16) TTM:||Last Year (Dec15) TTM:|
|Accounts Receivable was $555 Mil.|
Revenue was 930.198665567 + 959.195148001 + 602.858693966 + 571.134885831 = $3,063 Mil.
Gross Profit was 335.244770972 + 360.904028074 + 323.333333333 + 256.418418267 = $1,276 Mil.
Total Current Assets was $1,186 Mil.
Total Assets was $3,212 Mil.
Property, Plant and Equipment(Net PPE) was $160 Mil.
Depreciation, Depletion and Amortization(DDA) was $97 Mil.
Selling, General & Admin. Expense(SGA) was $1,016 Mil.
Total Current Liabilities was $804 Mil.
Long-Term Debt was $696 Mil.
Net Income was 22.106604693 + 37.5869697894 + 16.4192647743 + 23.1521246031 = $99 Mil.
Non Operating Income was 31.8442162081 + -12.9760451633 + -1.18504730883 + -0.744745198851 = $17 Mil.
Cash Flow from Operations was 153.836119649 + 45.1502898993 + 24.0088413215 + -7.29925903523 = $216 Mil.
|Accounts Receivable was $408 Mil.
Revenue was 518.09159192 + 565.964872607 + 574.406793368 + 559.298621018 = $2,218 Mil.
Gross Profit was 223.805877634 + 254.605005277 + 259.425798625 + 259.273260422 = $997 Mil.
Total Current Assets was $694 Mil.
Total Assets was $1,708 Mil.
Property, Plant and Equipment(Net PPE) was $115 Mil.
Depreciation, Depletion and Amortization(DDA) was $65 Mil.
Selling, General & Admin. Expense(SGA) was $762 Mil.
Total Current Liabilities was $461 Mil.
Long-Term Debt was $169 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)|
|=||(555.262763326 / 3063.38739337)||/||(407.528622475 / 2217.76187891)|
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)|
|=||(997.109941958 / 2217.76187891)||/||(1275.90055065 / 3063.38739337)|
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 - (1186.38578604 + 160.380088462) / 3212.13584227)||/||(1 - (693.788375994 + 115.281120105) / 1707.78020856)|
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))|
|=||(64.5075148495 / (64.5075148495 + 115.281120105))||/||(96.5605831792 / (96.5605831792 + 160.380088462))|
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)|
|=||(1016.2103666 / 3063.38739337)||/||(762.286824116 / 2217.76187891)|
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)|
|=||((696.143638953 + 804.271684534) / 3212.13584227)||/||((169.402027273 + 460.915919201) / 1707.78020856)|
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|
|=||(99.2649638598 - 16.9383785372||-||215.695991835)||/||3212.13584227|
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.
Stantec Inc has a M-score of -2.35 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
Stantec Inc Annual Data
Stantec Inc Quarterly Data