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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 Steiner Leisure Ltd was 0.42. The lowest was -4.33. And the median was -2.58.
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 Steiner Leisure Ltd 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 * 1.1509||+||0.528 * 1.01||+||0.404 * 0.7836||+||0.892 * 1.0093||+||0.115 * 0.8099|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0703||+||4.679 * -0.3665||-||0.327 * 1.4994|
|This Year (Dec14) TTM:||Last Year (Dec13) TTM:|
|Accounts Receivable was $79.9 Mil.|
Revenue was 217.778 + 219.677 + 209.263 + 216.736 = $863.5 Mil.
Gross Profit was 47.825 + 48.664 + 44.704 + 44.911 = $186.1 Mil.
Total Current Assets was $209.9 Mil.
Total Assets was $552.8 Mil.
Property, Plant and Equipment(Net PPE) was $96.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $24.0 Mil.
Selling, General & Admin. Expense(SGA) was $136.8 Mil.
Total Current Liabilities was $202.0 Mil.
Long-Term Debt was $127.2 Mil.
Net Income was -185.847 + 12.106 + 8.283 + 7.361 = $-158.1 Mil.
Non Operating Income was 0.382 + 0.202 + 0.326 + 0.143 = $1.1 Mil.
Cash Flow from Operations was 27.395 + 5.756 + 20.144 + -9.817 = $43.5 Mil.
|Accounts Receivable was $68.8 Mil.
Revenue was 220.964 + 214.831 + 207.653 + 212.014 = $855.5 Mil.
Gross Profit was 46.129 + 44.316 + 45.553 + 50.223 = $186.2 Mil.
Total Current Assets was $219.9 Mil.
Total Assets was $776.3 Mil.
Property, Plant and Equipment(Net PPE) was $114.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $22.1 Mil.
Selling, General & Admin. Expense(SGA) was $126.6 Mil.
Total Current Liabilities was $215.2 Mil.
Long-Term Debt was $93.1 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)|
|=||(79.89 / 863.454)||/||(68.77 / 855.462)|
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)|
|=||(48.664 / 855.462)||/||(47.825 / 863.454)|
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 - (209.857 + 96.509) / 552.843)||/||(1 - (219.904 + 114.724) / 776.313)|
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))|
|=||(22.059 / (22.059 + 114.724))||/||(23.995 / (23.995 + 96.509))|
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)|
|=||(136.803 / 863.454)||/||(126.632 / 855.462)|
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)|
|=||((127.177 + 202.02) / 552.843)||/||((93.139 + 215.163) / 776.313)|
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|
|=||(-158.097 - 1.053||-||43.478)||/||552.843|
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.
Steiner Leisure Ltd has a M-score of -4.33 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
Steiner Leisure Ltd Annual Data
Steiner Leisure Ltd Quarterly Data