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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 Caldwell Partners International Inc was 10000000.00. The lowest was -10000000.00. And the median was -2.60.
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 * 1.1054||+||0.528 * 1.0175||+||0.404 * 0.8099||+||0.892 * 1.0417||+||0.115 * 0.7572|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9226||+||4.679 * 0.0335||-||0.327 * 1.0023|
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
|This Year (Nov16) TTM:||Last Year (Nov15) TTM:|
|Accounts Receivable was C$8.24 Mil.|
Revenue was 13.704 + 15.776 + 13.827 + 15.135 = C$58.44 Mil.
Gross Profit was 3.483 + 4.329 + 3.231 + 3.442 = C$14.49 Mil.
Total Current Assets was C$25.05 Mil.
Total Assets was C$33.42 Mil.
Property, Plant and Equipment(Net PPE) was C$1.91 Mil.
Depreciation, Depletion and Amortization(DDA) was C$0.62 Mil.
Selling, General & Admin. Expense(SGA) was C$11.96 Mil.
Total Current Liabilities was C$19.40 Mil.
Long-Term Debt was C$0.00 Mil.
Net Income was 0.762 + -0.058 + 0.339 + 0.764 = C$1.81 Mil.
Non Operating Income was 0 + 0 + 0 + 0.403 = C$0.40 Mil.
Cash Flow from Operations was 1.691 + 2.648 + 2.512 + -6.567 = C$0.28 Mil.
|Accounts Receivable was C$7.16 Mil.
Revenue was 14.01 + 15.404 + 14.814 + 11.874 = C$56.10 Mil.
Gross Profit was 3.142 + 3.971 + 4.012 + 3.023 = C$14.15 Mil.
Total Current Assets was C$24.41 Mil.
Total Assets was C$34.67 Mil.
Property, Plant and Equipment(Net PPE) was C$1.99 Mil.
Depreciation, Depletion and Amortization(DDA) was C$0.45 Mil.
Selling, General & Admin. Expense(SGA) was C$12.45 Mil.
Total Current Liabilities was C$20.08 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)|
|=||(8.24 / 58.442)||/||(7.156 / 56.102)|
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)|
|=||(14.148 / 56.102)||/||(14.485 / 58.442)|
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 - (25.052 + 1.905) / 33.416)||/||(1 - (24.41 + 1.985) / 34.669)|
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))|
|=||(0.454 / (0.454 + 1.985))||/||(0.621 / (0.621 + 1.905))|
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)|
|=||(11.964 / 58.442)||/||(12.449 / 56.102)|
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 + 19.403) / 33.416)||/||((0 + 20.084) / 34.669)|
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|
|=||(1.807 - 0.403||-||0.284)||/||33.416|
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 -2.27 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