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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 Synaptics Inc was -1.52. The lowest was -3.42. And the median was -2.24.
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 Synaptics 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 * 0.795||+||0.528 * 0.9741||+||0.404 * 0.9918||+||0.892 * 0.9788||+||0.115 * 0.9611|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.2916||+||4.679 * -0.1434||-||0.327 * 0.9784|
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $253 Mil.|
Revenue was 323.9 + 402.5 + 470.5 + 470 = $1,667 Mil.
Gross Profit was 108.1 + 144.4 + 165.2 + 163.8 = $582 Mil.
Total Current Assets was $780 Mil.
Total Assets was $1,300 Mil.
Property, Plant and Equipment(Net PPE) was $113 Mil.
Depreciation, Depletion and Amortization(DDA) was $111 Mil.
Selling, General & Admin. Expense(SGA) was $162 Mil.
Total Current Liabilities was $351 Mil.
Long-Term Debt was $217 Mil.
Net Income was -7.1 + 20.5 + 35 + 23.8 = $72 Mil.
Non Operating Income was 2.1 + 0 + 0 + 0 = $2 Mil.
Cash Flow from Operations was 113.2 + 36.6 + 94.5 + 12.3 = $257 Mil.
|Accounts Receivable was $325 Mil.
Revenue was 478.9 + 477.6 + 463.7 + 282.8 = $1,703 Mil.
Gross Profit was 167.3 + 164.3 + 126.8 + 120.3 = $579 Mil.
Total Current Assets was $916 Mil.
Total Assets was $1,519 Mil.
Property, Plant and Equipment(Net PPE) was $123 Mil.
Depreciation, Depletion and Amortization(DDA) was $112 Mil.
Selling, General & Admin. Expense(SGA) was $128 Mil.
Total Current Liabilities was $447 Mil.
Long-Term Debt was $231 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)|
|=||(252.6 / 1666.9)||/||(324.6 / 1703)|
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)|
|=||(578.7 / 1703)||/||(581.5 / 1666.9)|
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 - (780.1 + 112.7) / 1300.2)||/||(1 - (916 + 123.4) / 1519.4)|
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))|
|=||(112.4 / (112.4 + 123.4))||/||(110.9 / (110.9 + 112.7))|
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)|
|=||(161.7 / 1666.9)||/||(127.9 / 1703)|
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)|
|=||((216.7 + 350.8) / 1300.2)||/||((231.1 + 446.7) / 1519.4)|
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|
|=||(72.2 - 2.1||-||256.6)||/||1300.2|
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.
Synaptics Inc has a M-score of -3.42 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
Synaptics Inc Annual Data
Synaptics Inc Quarterly Data