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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 10 years, the highest Beneish M-Score of Data Group Ltd was -2.11. The lowest was -4.39. And the median was -2.95.
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 * 0.9005||+||0.528 * 1.053||+||0.404 * 0.9752||+||0.892 * 0.9977||+||0.115 * 1.463|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9769||+||4.679 * -0.0446||-||0.327 * 0.9945|
|This Year (Mar15) TTM:||Last Year (Mar14) TTM:|
|Accounts Receivable was C$32.9 Mil.|
Revenue was 76.002 + 80.371 + 78.128 + 76.773 = C$311.3 Mil.
Gross Profit was 17.285 + 18.744 + 19.228 + 17.837 = C$73.1 Mil.
Total Current Assets was C$80.9 Mil.
Total Assets was C$163.8 Mil.
Property, Plant and Equipment(Net PPE) was C$16.8 Mil.
Depreciation, Depletion and Amortization(DDA) was C$6.7 Mil.
Selling, General & Admin. Expense(SGA) was C$57.3 Mil.
Total Current Liabilities was C$47.6 Mil.
Long-Term Debt was C$85.1 Mil.
Net Income was -1.131 + 1.58 + 1.849 + 0.254 = C$2.6 Mil.
Non Operating Income was -0.036 + -2.936 + -0.077 + -1.009 = C$-4.1 Mil.
Cash Flow from Operations was 4.7 + 4.514 + 5.863 + -1.159 = C$13.9 Mil.
|Accounts Receivable was C$36.6 Mil.
Revenue was 77.903 + 82.147 + 74.129 + 77.822 = C$312.0 Mil.
Gross Profit was 18.803 + 20.89 + 17.698 + 19.756 = C$77.1 Mil.
Total Current Assets was C$81.3 Mil.
Total Assets was C$167.0 Mil.
Property, Plant and Equipment(Net PPE) was C$16.6 Mil.
Depreciation, Depletion and Amortization(DDA) was C$11.8 Mil.
Selling, General & Admin. Expense(SGA) was C$58.8 Mil.
Total Current Liabilities was C$46.9 Mil.
Long-Term Debt was C$89.2 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)|
|=||(32.922 / 311.274)||/||(36.646 / 312.001)|
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)|
|=||(18.744 / 312.001)||/||(17.285 / 311.274)|
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 - (80.904 + 16.798) / 163.764)||/||(1 - (81.344 + 16.562) / 166.982)|
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))|
|=||(11.849 / (11.849 + 16.562))||/||(6.698 / (6.698 + 16.798))|
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)|
|=||(57.329 / 311.274)||/||(58.82 / 312.001)|
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)|
|=||((85.122 + 47.613) / 163.764)||/||((89.192 + 46.894) / 166.982)|
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|
|=||(2.552 - -4.058||-||13.918)||/||163.764|
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 -2.71 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