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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 -2.91 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Caldwell Partners International Inc was -1.53. The lowest was -3.56. And the median was -2.62.
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 * 0.861||+||0.528 * 0.9427||+||0.404 * 1.4033||+||0.892 * 1.3338||+||0.115 * 1.2194|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.927||+||4.679 * -0.1576||-||0.327 * 1.1016|
|This Year (Aug14) TTM:||Last Year (Aug13) TTM:|
|Accounts Receivable was C$8.14 Mil.|
Revenue was 13.231 + 12.359 + 9.158 + 10.339 = C$45.09 Mil.
Gross Profit was 3.061 + 3.09 + 2.298 + 2.584 = C$11.03 Mil.
Total Current Assets was C$30.06 Mil.
Total Assets was C$36.22 Mil.
Property, Plant and Equipment(Net PPE) was C$1.61 Mil.
Depreciation, Depletion and Amortization(DDA) was C$0.43 Mil.
Selling, General & Admin. Expense(SGA) was C$9.85 Mil.
Total Current Liabilities was C$21.28 Mil.
Long-Term Debt was C$0.00 Mil.
Net Income was 0.892 + 0.639 + 0.043 + 0.393 = C$1.97 Mil.
Non Operating Income was 0.013 + 0.006 + 0.004 + 0.001 = C$0.02 Mil.
Cash Flow from Operations was 6.306 + 0.865 + -1.702 + 2.182 = C$7.65 Mil.
|Accounts Receivable was C$7.09 Mil.
Revenue was 10.338 + 9.223 + 6.825 + 7.417 = C$33.80 Mil.
Gross Profit was 2.731 + 2.04 + 1.23 + 1.797 = C$7.80 Mil.
Total Current Assets was C$19.34 Mil.
Total Assets was C$22.73 Mil.
Property, Plant and Equipment(Net PPE) was C$1.36 Mil.
Depreciation, Depletion and Amortization(DDA) was C$0.47 Mil.
Selling, General & Admin. Expense(SGA) was C$7.97 Mil.
Total Current Liabilities was C$12.13 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)|
|=||(8.141 / 45.087)||/||(7.089 / 33.803)|
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)|
|=||(3.09 / 33.803)||/||(3.061 / 45.087)|
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 - (30.058 + 1.61) / 36.215)||/||(1 - (19.339 + 1.361) / 22.734)|
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))|
|=||(0.472 / (0.472 + 1.361))||/||(0.431 / (0.431 + 1.61))|
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)|
|=||(9.85 / 45.087)||/||(7.966 / 33.803)|
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 + 21.284) / 36.215)||/||((0 + 12.129) / 22.734)|
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|
|=||(1.967 - 0.024||-||7.651)||/||36.215|
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 -2.91 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