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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.
Data Group Ltd has a M-score of -3.44 suggests that the company is not a manipulator.
During the past 9 years, the highest Beneish M-Score of Data Group Ltd was -2.56. The lowest was -4.39. And the median was -3.05.
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 Data Group Ltd 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 * 1.0347||+||0.528 * 1.0504||+||0.404 * 0.827||+||0.892 * 0.9789||+||0.115 * 1.2656|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0026||+||4.679 * -0.1953||-||0.327 * 1.1345|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was C$37.7 Mil.|
Revenue was 78.128 + 76.773 + 77.903 + 82.147 = C$315.0 Mil.
Gross Profit was 19.228 + 17.837 + 18.803 + 20.89 = C$76.8 Mil.
Total Current Assets was C$83.1 Mil.
Total Assets was C$165.2 Mil.
Property, Plant and Equipment(Net PPE) was C$15.3 Mil.
Depreciation, Depletion and Amortization(DDA) was C$8.2 Mil.
Selling, General & Admin. Expense(SGA) was C$33.8 Mil.
Total Current Liabilities was C$48.1 Mil.
Long-Term Debt was C$86.4 Mil.
Net Income was 1.849 + 0.254 + 0.796 + -22.868 = C$-20.0 Mil.
Non Operating Income was -0.077 + -1.009 + -0.139 + -0.134 = C$-1.4 Mil.
Cash Flow from Operations was 5.863 + -1.159 + 0.835 + 8.104 = C$13.6 Mil.
|Accounts Receivable was C$37.3 Mil.
Revenue was 74.129 + 77.822 + 82.863 + 86.915 = C$321.7 Mil.
Gross Profit was 17.698 + 19.756 + 21.738 + 23.172 = C$82.4 Mil.
Total Current Assets was C$81.9 Mil.
Total Assets was C$196.1 Mil.
Property, Plant and Equipment(Net PPE) was C$18.3 Mil.
Depreciation, Depletion and Amortization(DDA) was C$14.4 Mil.
Selling, General & Admin. Expense(SGA) was C$34.5 Mil.
Total Current Liabilities was C$48.8 Mil.
Long-Term Debt was C$92.0 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)|
|=||(37.743 / 314.951)||/||(37.262 / 321.729)|
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)|
|=||(17.837 / 321.729)||/||(19.228 / 314.951)|
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 - (83.112 + 15.295) / 165.167)||/||(1 - (81.912 + 18.349) / 196.107)|
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))|
|=||(14.444 / (14.444 + 18.349))||/||(8.164 / (8.164 + 15.295))|
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)|
|=||(33.845 / 314.951)||/||(34.484 / 321.729)|
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)|
|=||((86.442 + 48.066) / 165.167)||/||((92.009 + 48.759) / 196.107)|
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|
|=||(-19.969 - -1.359||-||13.643)||/||165.167|
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.
Data Group Ltd has a M-score of -3.44 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
Data Group Ltd Annual Data
Data Group Ltd Quarterly Data