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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.
Caldwell Partners International Inc has a M-score of -2.80 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Caldwell Partners International Inc was 129.93. The lowest was -10000000.00. And the median was -2.75.
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 Caldwell Partners International 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 * 1.0864||+||0.528 * 0.9377||+||0.404 * 0.6089||+||0.892 * 1.3055||+||0.115 * 1.145|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8587||+||4.679 * -0.106||-||0.327 * 1.0849|
|This Year (May14) TTM:||Last Year (May13) TTM:|
|Accounts Receivable was C$8.57 Mil.|
Revenue was 12.359 + 9.158 + 10.339 + 10.338 = C$42.19 Mil.
Gross Profit was 3.09 + 2.298 + 2.584 + 2.731 = C$10.70 Mil.
Total Current Assets was C$24.82 Mil.
Total Assets was C$28.32 Mil.
Property, Plant and Equipment(Net PPE) was C$1.55 Mil.
Depreciation, Depletion and Amortization(DDA) was C$0.44 Mil.
Selling, General & Admin. Expense(SGA) was C$8.77 Mil.
Total Current Liabilities was C$14.18 Mil.
Long-Term Debt was C$0.00 Mil.
Net Income was 0.639 + 0.043 + 0.393 + 0.793 = C$1.87 Mil.
Non Operating Income was 0.006 + 0.004 + 0.001 + -0.024 = C$-0.01 Mil.
Cash Flow from Operations was 0.865 + -1.702 + 2.182 + 3.537 = C$4.88 Mil.
|Accounts Receivable was C$6.04 Mil.
Revenue was 9.223 + 6.825 + 7.417 + 8.856 = C$32.32 Mil.
Gross Profit was 2.04 + 1.23 + 1.797 + 2.621 = C$7.69 Mil.
Total Current Assets was C$15.12 Mil.
Total Assets was C$18.65 Mil.
Property, Plant and Equipment(Net PPE) was C$1.42 Mil.
Depreciation, Depletion and Amortization(DDA) was C$0.48 Mil.
Selling, General & Admin. Expense(SGA) was C$7.82 Mil.
Total Current Liabilities was C$8.61 Mil.
Long-Term Debt was C$0.00 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)|
|=||(8.572 / 42.194)||/||(6.044 / 32.321)|
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)|
|=||(2.298 / 32.321)||/||(3.09 / 42.194)|
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 - (24.815 + 1.553) / 28.317)||/||(1 - (15.122 + 1.42) / 18.65)|
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))|
|=||(0.477 / (0.477 + 1.42))||/||(0.437 / (0.437 + 1.553))|
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)|
|=||(8.765 / 42.194)||/||(7.819 / 32.321)|
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)|
|=||((0 + 14.184) / 28.317)||/||((0 + 8.611) / 18.65)|
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|
|=||(1.868 - -0.013||-||4.882)||/||28.317|
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.
Caldwell Partners International Inc has a M-score of -2.80 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
Caldwell Partners International Inc Annual Data
Caldwell Partners International Inc Quarterly Data