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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 12 years, the highest Beneish M-Score of IBI Group Inc was -1.65. The lowest was -6.94. And the median was -2.34.
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 * 0.8703||+||0.528 * 1||+||0.404 * 1.2816||+||0.892 * 1.1103||+||0.115 * 0.8029|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9785||+||4.679 * -0.1063||-||0.327 * 0.9349|
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
|This Year (Sep16) TTM:||Last Year (Sep15) TTM:|
|Accounts Receivable was C$106.0 Mil.|
Revenue was 88.211 + 90.443 + 88.645 + 84.913 = C$352.2 Mil.
Gross Profit was 88.211 + 90.443 + 88.645 + 84.913 = C$352.2 Mil.
Total Current Assets was C$222.0 Mil.
Total Assets was C$271.9 Mil.
Property, Plant and Equipment(Net PPE) was C$14.3 Mil.
Depreciation, Depletion and Amortization(DDA) was C$5.3 Mil.
Selling, General & Admin. Expense(SGA) was C$268.8 Mil.
Total Current Liabilities was C$180.3 Mil.
Long-Term Debt was C$92.4 Mil.
Net Income was -3.777 + 3.567 + -3.066 + 0.413 = C$-2.9 Mil.
Non Operating Income was -0.452 + -0.367 + -0.441 + -0.539 = C$-1.8 Mil.
Cash Flow from Operations was 13.895 + -6.099 + 5.807 + 14.246 = C$27.8 Mil.
|Accounts Receivable was C$109.7 Mil.
Revenue was 83.819 + 80.879 + 77.481 + 75.03 = C$317.2 Mil.
Gross Profit was 83.819 + 80.879 + 77.481 + 75.03 = C$317.2 Mil.
Total Current Assets was C$215.0 Mil.
Total Assets was C$255.4 Mil.
Property, Plant and Equipment(Net PPE) was C$14.3 Mil.
Depreciation, Depletion and Amortization(DDA) was C$3.9 Mil.
Selling, General & Admin. Expense(SGA) was C$247.4 Mil.
Total Current Liabilities was C$168.3 Mil.
Long-Term Debt was C$105.6 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)|
|=||(106.006 / 352.212)||/||(109.693 / 317.209)|
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)|
|=||(317.209 / 317.209)||/||(352.212 / 352.212)|
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 - (221.995 + 14.281) / 271.93)||/||(1 - (215.005 + 14.259) / 255.392)|
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))|
|=||(3.934 / (3.934 + 14.259))||/||(5.264 / (5.264 + 14.281))|
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)|
|=||(268.779 / 352.212)||/||(247.396 / 317.209)|
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)|
|=||((92.373 + 180.349) / 271.93)||/||((105.629 + 168.343) / 255.392)|
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|
|=||(-2.863 - -1.799||-||27.849)||/||271.93|
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 -2.88 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