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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.
ValueVision Media Inc has a M-score of -2.63 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of ValueVision Media Inc was -1.23. The lowest was -4.94. And the median was -2.52.
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 ValueVision Media 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 * 0.9774||+||0.528 * 1.0108||+||0.404 * 0.805||+||0.892 * 1.0785||+||0.115 * 1.1343|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9789||+||4.679 * -0.0308||-||0.327 * 0.9931|
|This Year (Apr14) TTM:||Last Year (Apr13) TTM:|
|Accounts Receivable was $96.6 Mil.|
Revenue was 159.701 + 193.253 + 147.318 + 148.564 = $648.8 Mil.
Gross Profit was 60.006 + 62.099 + 55.235 + 55.657 = $233.0 Mil.
Total Current Assets was $182.8 Mil.
Total Assets was $221.2 Mil.
Property, Plant and Equipment(Net PPE) was $25.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $11.7 Mil.
Selling, General & Admin. Expense(SGA) was $222.2 Mil.
Total Current Liabilities was $101.7 Mil.
Long-Term Debt was $38.1 Mil.
Net Income was 0.46 + -1.522 + -1.217 + -0.799 = $-3.1 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was -1.493 + 2.18 + -0.951 + 3.992 = $3.7 Mil.
|Accounts Receivable was $91.7 Mil.
Revenue was 151.354 + 177.5 + 137.592 + 135.179 = $601.6 Mil.
Gross Profit was 57.033 + 58.87 + 50.79 + 51.68 = $218.4 Mil.
Total Current Assets was $179.9 Mil.
Total Assets was $219.7 Mil.
Property, Plant and Equipment(Net PPE) was $23.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $13.2 Mil.
Selling, General & Admin. Expense(SGA) was $210.4 Mil.
Total Current Liabilities was $101.8 Mil.
Long-Term Debt was $38.0 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)|
|=||(96.638 / 648.836)||/||(91.677 / 601.625)|
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)|
|=||(62.099 / 601.625)||/||(60.006 / 648.836)|
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 - (182.771 + 25.569) / 221.204)||/||(1 - (179.949 + 23.847) / 219.664)|
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))|
|=||(13.197 / (13.197 + 23.847))||/||(11.707 / (11.707 + 25.569))|
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)|
|=||(222.169 / 648.836)||/||(210.446 / 601.625)|
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)|
|=||((38.08 + 101.744) / 221.204)||/||((38 + 101.813) / 219.664)|
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|
|=||(-3.078 - 0||-||3.728)||/||221.204|
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.
ValueVision Media 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
ValueVision Media Inc Annual Data
ValueVision Media Inc Quarterly Data