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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 11 years, the highest Beneish M-Score of IBI Group Inc was -1.85. The lowest was -6.94. And the median was -2.39.
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 IBI Group 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 * 0.8984||+||0.528 * 1||+||0.404 * 1.366||+||0.892 * 1.1308||+||0.115 * 5.1418|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.897||+||4.679 * -0.1735||-||0.327 * 1.0058|
|This Year (Dec14) TTM:||Last Year (Dec13) TTM:|
|Accounts Receivable was C$106.5 Mil.|
Revenue was 75.03 + 73.605 + 84.067 + 81.71 = C$314.4 Mil.
Gross Profit was 75.03 + 73.605 + 84.067 + 81.71 = C$314.4 Mil.
Total Current Assets was C$212.4 Mil.
Total Assets was C$252.1 Mil.
Property, Plant and Equipment(Net PPE) was C$12.8 Mil.
Depreciation, Depletion and Amortization(DDA) was C$3.5 Mil.
Selling, General & Admin. Expense(SGA) was C$253.2 Mil.
Total Current Liabilities was C$113.2 Mil.
Long-Term Debt was C$164.7 Mil.
Net Income was -5.423 + 1.313 + 0.723 + 0.929 = C$-2.5 Mil.
Non Operating Income was -0.423 + 16.95 + -1.103 + -1.106 = C$14.3 Mil.
Cash Flow from Operations was 10.911 + 7.422 + 6.686 + 1.929 = C$26.9 Mil.
|Accounts Receivable was C$104.8 Mil.
Revenue was 72.109 + 34.602 + 86.745 + 84.599 = C$278.1 Mil.
Gross Profit was 72.109 + 34.602 + 86.745 + 84.599 = C$278.1 Mil.
Total Current Assets was C$216.8 Mil.
Total Assets was C$242.3 Mil.
Property, Plant and Equipment(Net PPE) was C$6.6 Mil.
Depreciation, Depletion and Amortization(DDA) was C$-70.4 Mil.
Selling, General & Admin. Expense(SGA) was C$249.6 Mil.
Total Current Liabilities was C$108.2 Mil.
Long-Term Debt was C$157.4 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)|
|=||(106.451 / 314.412)||/||(104.791 / 278.055)|
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)|
|=||(73.605 / 278.055)||/||(75.03 / 314.412)|
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 - (212.43 + 12.78) / 252.063)||/||(1 - (216.809 + 6.559) / 242.261)|
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))|
|=||(-70.425 / (-70.425 + 6.559))||/||(3.489 / (3.489 + 12.78))|
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)|
|=||(253.167 / 314.412)||/||(249.593 / 278.055)|
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)|
|=||((164.726 + 113.241) / 252.063)||/||((157.408 + 108.206) / 242.261)|
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|
|=||(-2.458 - 14.318||-||26.948)||/||252.063|
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.
IBI Group Inc has a M-score of -2.63 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
IBI Group Inc Annual Data
IBI Group Inc Quarterly Data