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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 6 years, the highest Beneish M-Score of Vishay Precision Group Inc was -1.99. The lowest was -3.00. And the median was -2.77.
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 Vishay Precision 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 * 0.9291||+||0.528 * 1.0244||+||0.404 * 0.7876||+||0.892 * 0.9302||+||0.115 * 1.08|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0145||+||4.679 * -0.0708||-||0.327 * 0.9786|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Sep15) TTM:||Last Year (Sep14) TTM:|
|Accounts Receivable was $37.2 Mil.|
Revenue was 57.149 + 59.508 + 56.608 + 61.019 = $234.3 Mil.
Gross Profit was 21.45 + 21.035 + 20.779 + 21.835 = $85.1 Mil.
Total Current Assets was $171.8 Mil.
Total Assets was $263.0 Mil.
Property, Plant and Equipment(Net PPE) was $50.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $11.1 Mil.
Selling, General & Admin. Expense(SGA) was $73.5 Mil.
Total Current Liabilities was $43.0 Mil.
Long-Term Debt was $13.1 Mil.
Net Income was -1.943 + 1.476 + 0.696 + -4.134 = $-3.9 Mil.
Non Operating Income was -0.387 + -0.414 + -1.013 + -0.291 = $-2.1 Mil.
Cash Flow from Operations was 5.353 + 3.348 + -3.397 + 11.522 = $16.8 Mil.
|Accounts Receivable was $43.1 Mil.
Revenue was 63.402 + 65.162 + 61.041 + 62.248 = $251.9 Mil.
Gross Profit was 23.67 + 24.909 + 22.047 + 23.083 = $93.7 Mil.
Total Current Assets was $186.5 Mil.
Total Assets was $292.6 Mil.
Property, Plant and Equipment(Net PPE) was $48.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $11.7 Mil.
Selling, General & Admin. Expense(SGA) was $77.9 Mil.
Total Current Liabilities was $44.7 Mil.
Long-Term Debt was $19.1 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)|
|=||(37.23 / 234.284)||/||(43.078 / 251.853)|
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)|
|=||(21.035 / 251.853)||/||(21.45 / 234.284)|
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 - (171.846 + 49.993) / 263.02)||/||(1 - (186.514 + 47.956) / 292.648)|
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))|
|=||(11.7 / (11.7 + 47.956))||/||(11.093 / (11.093 + 49.993))|
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)|
|=||(73.53 / 234.284)||/||(77.918 / 251.853)|
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)|
|=||((13.122 + 42.97) / 263.02)||/||((19.06 + 44.718) / 292.648)|
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|
|=||(-3.905 - -2.105||-||16.826)||/||263.02|
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.
Vishay Precision Group Inc has a M-score of -3.00 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
Vishay Precision Group Inc Annual Data
Vishay Precision Group Inc Quarterly Data