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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 13 years, the highest Beneish M-Score of United States Lime & Minerals Inc was -2.07. The lowest was -3.86. And the median was -2.81.
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 United States Lime & Minerals 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 * 1.0454||+||0.528 * 1.0594||+||0.404 * 0.8771||+||0.892 * 0.9336||+||0.115 * 0.9276|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1004||+||4.679 * -0.0863||-||0.327 * 0.2993|
|This Year (Sep15) TTM:||Last Year (Sep14) TTM:|
|Accounts Receivable was $19.2 Mil.|
Revenue was 37.029 + 32.45 + 30.064 + 35.401 = $134.9 Mil.
Gross Profit was 10.367 + 7.013 + 5.864 + 7.893 = $31.1 Mil.
Total Current Assets was $88.8 Mil.
Total Assets was $193.5 Mil.
Property, Plant and Equipment(Net PPE) was $104.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $15.7 Mil.
Selling, General & Admin. Expense(SGA) was $9.5 Mil.
Total Current Liabilities was $7.8 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 5.676 + 2.559 + 2.365 + 3.731 = $14.3 Mil.
Non Operating Income was 0.054 + -0.712 + 0.007 + 0.086 = $-0.6 Mil.
Cash Flow from Operations was 9.123 + 6.254 + 7.523 + 8.688 = $31.6 Mil.
|Accounts Receivable was $19.7 Mil.
Revenue was 39.073 + 38.676 + 36.691 + 30.109 = $144.5 Mil.
Gross Profit was 9.883 + 10.423 + 8.592 + 6.435 = $35.3 Mil.
Total Current Assets was $92.2 Mil.
Total Assets was $198.0 Mil.
Property, Plant and Equipment(Net PPE) was $105.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $14.6 Mil.
Selling, General & Admin. Expense(SGA) was $9.3 Mil.
Total Current Liabilities was $13.9 Mil.
Long-Term Debt was $12.9 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)|
|=||(19.214 / 134.944)||/||(19.687 / 144.549)|
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)|
|=||(7.013 / 144.549)||/||(10.367 / 134.944)|
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 - (88.781 + 104.564) / 193.483)||/||(1 - (92.189 + 105.645) / 197.995)|
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))|
|=||(14.581 / (14.581 + 105.645))||/||(15.728 / (15.728 + 104.564))|
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)|
|=||(9.534 / 134.944)||/||(9.281 / 144.549)|
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 + 7.846) / 193.483)||/||((12.917 + 13.906) / 197.995)|
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|
|=||(14.331 - -0.565||-||31.588)||/||193.483|
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.
United States Lime & Minerals Inc has a M-score of -2.72 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
United States Lime & Minerals Inc Annual Data
United States Lime & Minerals Inc Quarterly Data