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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.
Molson Coors Brewing Co has a M-score of -2.53 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Molson Coors Brewing Co was 1.31. The lowest was -3.37. And the median was -2.59.
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 Molson Coors Brewing Co 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 * 1.0611||+||0.528 * 0.984||+||0.404 * 1.0123||+||0.892 * 0.9934||+||0.115 * 1.039|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0147||+||4.679 * -0.0295||-||0.327 * 0.8691|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $731 Mil.|
Revenue was 1188.5 + 816 + 1028.4 + 1171.2 = $4,204 Mil.
Gross Profit was 505.2 + 292.8 + 384 + 501.2 = $1,683 Mil.
Total Current Assets was $1,800 Mil.
Total Assets was $15,873 Mil.
Property, Plant and Equipment(Net PPE) was $1,974 Mil.
Depreciation, Depletion and Amortization(DDA) was $318 Mil.
Selling, General & Admin. Expense(SGA) was $1,196 Mil.
Total Current Liabilities was $2,112 Mil.
Long-Term Debt was $3,209 Mil.
Net Income was 290.9 + 163.4 + 131.5 + 121.8 = $708 Mil.
Non Operating Income was 0.7 + 0.8 + 27.4 + -5.5 = $23 Mil.
Cash Flow from Operations was 426.3 + 149.7 + 138.2 + 439 = $1,153 Mil.
|Accounts Receivable was $693 Mil.
Revenue was 1178 + 828.5 + 1030.2 + 1195.5 = $4,232 Mil.
Gross Profit was 493.9 + 281.4 + 383.6 + 508.5 = $1,667 Mil.
Total Current Assets was $2,071 Mil.
Total Assets was $16,117 Mil.
Property, Plant and Equipment(Net PPE) was $1,911 Mil.
Depreciation, Depletion and Amortization(DDA) was $322 Mil.
Selling, General & Admin. Expense(SGA) was $1,187 Mil.
Total Current Liabilities was $2,920 Mil.
Long-Term Debt was $3,296 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)|
|=||(730.9 / 4204.1)||/||(693.4 / 4232.2)|
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)|
|=||(292.8 / 4232.2)||/||(505.2 / 4204.1)|
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 - (1800.3 + 1974) / 15873)||/||(1 - (2071.3 + 1910.5) / 16116.9)|
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))|
|=||(321.8 / (321.8 + 1910.5))||/||(318 / (318 + 1974))|
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)|
|=||(1195.9 / 4204.1)||/||(1186.5 / 4232.2)|
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)|
|=||((3208.6 + 2111.7) / 15873)||/||((3295.7 + 2919.9) / 16116.9)|
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|
|=||(707.6 - 23.4||-||1153.2)||/||15873|
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.
Molson Coors Brewing Co has a M-score of -2.53 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
Molson Coors Brewing Co Annual Data
Molson Coors Brewing Co Quarterly Data