Progressive Waste Solutions (TSX:BIN) Beneish M-Score : 0.00 (As of May. 24, 2024)

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What is Progressive Waste Solutions Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

The historical rank and industry rank for Progressive Waste Solutions's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Progressive Waste Solutions was 0.00. The lowest was 0.00. And the median was 0.00.

Progressive Waste Solutions Beneish M-Score Historical Data

The historical data trend for Progressive Waste Solutions's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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Progressive Waste Solutions Beneish M-Score Chart

Progressive Waste Solutions Annual Data

Trend

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

Dec14

Dec15

Beneish M-Score

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-3.34

-2.84

-2.87

-2.76

-2.75

Progressive Waste Solutions Quarterly Data
	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13	Jun13	Sep13	Dec13	Mar14	Jun14	Sep14	Dec14	Mar15	Jun15	Sep15	Dec15	Mar16
Beneish M-Score	Get a 7-Day Free Trial															-2.73	-	-2.51	-2.75	-2.89

Competitive Comparison of Progressive Waste Solutions's Beneish M-Score

For the Waste Management subindustry, Progressive Waste Solutions's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Progressive Waste Solutions's Beneish M-Score Distribution in the Waste Management Industry

For the Waste Management industry and Industrials sector, Progressive Waste Solutions's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Progressive Waste Solutions's Beneish M-Score falls into.

Progressive Waste Solutions Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 Progressive Waste Solutions for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.9745

0.528 * 0.9985

0.404 * 0.5299

0.892 * 1.11

0.115 * 1.8635

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1312

4.679 * -0.085185

0.327 * 1.0406

-2.93

This Year (Mar16) TTM:

Last Year (Mar15) TTM:

Total Receivables was C$274 Mil.
Revenue was 623.524 + 663.564 + 648.081 + 609.551 = C$2,545 Mil.
Gross Profit was 223.381 + 244.267 + 239.194 + 214.008 = C$921 Mil.
Total Current Assets was C$379 Mil.
Total Assets was C$4,375 Mil.
Property, Plant and Equipment(Net PPE) was C$2,539 Mil.
Depreciation, Depletion and Amortization(DDA) was C$341 Mil.
Selling, General, & Admin. Expense(SGA) was C$321 Mil.
Total Current Liabilities was C$418 Mil.
Long-Term Debt & Capital Lease Obligation was C$2,094 Mil.
Net Income was -2.658 + 62.694 + 30.387 + 45.911 = C$136 Mil.
Non Operating Income was -19.847 + 13.607 + -23.62 + 11.938 = C$-18 Mil.
Cash Flow from Operations was 96.646 + 136.827 + 187.055 + 106.411 = C$527 Mil.

Total Receivables was C$254 Mil.
Revenue was 580.687 + 581.869 + 573.846 + 556.122 = C$2,293 Mil.
Gross Profit was 205.301 + 216.351 + 207.829 + 198.886 = C$828 Mil.
Total Current Assets was C$361 Mil.
Total Assets was C$4,051 Mil.
Property, Plant and Equipment(Net PPE) was C$1,143 Mil.
Depreciation, Depletion and Amortization(DDA) was C$324 Mil.
Selling, General, & Admin. Expense(SGA) was C$255 Mil.
Total Current Liabilities was C$370 Mil.
Long-Term Debt & Capital Lease Obligation was C$1,865 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(274.291 / 2544.72)	/	(253.586 / 2292.524)
	=	0.107788	/	0.110614
	=	0.9745

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.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(828.367 / 2292.524)	/	(920.85 / 2544.72)
	=	0.361334	/	0.361867
	=	0.9985

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (378.909 + 2538.563) / 4374.998)	/	(1 - (361.498 + 1142.7) / 4051.471)
	=	0.333149	/	0.628728
	=	0.5299

4. SGI = Sales Growth Index

Ratio of Revenue 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.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	2544.72	/	2292.524
	=	1.11

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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))
	=	(323.8 / (323.8 + 1142.7))	/	(341.218 / (341.218 + 2538.563))
	=	0.220798	/	0.118487
	=	1.8635

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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)
	=	(320.552 / 2544.72)	/	(255.283 / 2292.524)
	=	0.125967	/	0.111355
	=	1.1312

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 in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((2093.927 + 417.993) / 4374.998)	/	((1865.131 + 370.183) / 4051.471)
	=	0.574153	/	0.551729
	=	1.0406

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(136.334 - -17.922	-	526.939)	/	4374.998
	=	-0.085185

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Progressive Waste Solutions has a M-score of -2.93 suggests that the company is unlikely to be a manipulator.

Progressive Waste Solutions Beneish M-Score Related Terms

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Progressive Waste Solutions (TSX:BIN) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Waste Management » Progressive Waste Solutions Ltd (TSX:BIN) » Definitions » Beneish M-Score

Comparable Companies

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Address

Website

http://www.progressivewaste.com

Progressive Waste Solutions Ltd was incorporated on May 20, 2009 under the provisions of the Business Corporations Act (Ontario). The Company provides vertically integrated non-hazardous solid waste services to commercial, industrial, municipal and residential customers in Canada and the U.S. The Company carries on business through three geographic segments: Canada, the U.S. South and the U.S. Northeast. The business segments are vertically integrated and their operations include the collection and disposal of waste and recyclable materials, transfer station operations, material recovery facilities, landfills and landfill gas to energy facilities.

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