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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 -3.90. And the median was -2.80.
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 * 1.1197||+||0.528 * 1.041||+||0.404 * 1.1823||+||0.892 * 0.9382||+||0.115 * 0.9215|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0537||+||4.679 * -0.0906||-||0.327 * 0.3171|
|This Year (Mar16) TTM:||Last Year (Mar15) TTM:|
|Accounts Receivable was $16.8 Mil.|
Revenue was 33.586 + 31.294 + 37.029 + 32.45 = $134.4 Mil.
Gross Profit was 7.848 + 5.47 + 10.367 + 7.013 = $30.7 Mil.
Total Current Assets was $92.3 Mil.
Total Assets was $195.8 Mil.
Property, Plant and Equipment(Net PPE) was $103.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $16.1 Mil.
Selling, General & Admin. Expense(SGA) was $9.4 Mil.
Total Current Liabilities was $7.0 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 4.066 + 2.286 + 5.676 + 2.559 = $14.6 Mil.
Non Operating Income was 0.043 + 0.082 + 0.054 + -0.712 = $-0.5 Mil.
Cash Flow from Operations was 7.882 + 9.594 + 9.123 + 6.254 = $32.9 Mil.
|Accounts Receivable was $16.0 Mil.
Revenue was 30.064 + 35.401 + 39.073 + 38.676 = $143.2 Mil.
Gross Profit was 5.864 + 7.893 + 9.883 + 10.423 = $34.1 Mil.
Total Current Assets was $92.1 Mil.
Total Assets was $200.2 Mil.
Property, Plant and Equipment(Net PPE) was $107.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $15.3 Mil.
Selling, General & Admin. Expense(SGA) was $9.5 Mil.
Total Current Liabilities was $22.6 Mil.
Long-Term Debt was $0.0 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)|
|=||(16.837 / 134.359)||/||(16.028 / 143.214)|
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)|
|=||(34.063 / 143.214)||/||(30.698 / 134.359)|
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 - (92.303 + 103.356) / 195.814)||/||(1 - (92.14 + 107.876) / 200.15)|
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))|
|=||(15.264 / (15.264 + 107.876))||/||(16.063 / (16.063 + 103.356))|
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)|
|=||(9.38 / 134.359)||/||(9.489 / 143.214)|
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 + 7.018) / 195.814)||/||((0 + 22.62) / 200.15)|
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|
|=||(14.587 - -0.533||-||32.853)||/||195.814|
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 -2.55 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