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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 Yahoo Japan Corp was -1.25. The lowest was -3.38. And the median was -1.92.
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 Yahoo Japan Corp 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||+||0.528 * 1.3699||+||0.404 * 1.2429||+||0.892 * 1.8872||+||0.115 * 0.7669|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9715||+||4.679 * 0.0083||-||0.327 * 1.133|
|This Year (Sep16) TTM:||Last Year (Sep15) TTM:|
|Accounts Receivable was $0 Mil.|
Revenue was 2017.3543464 + 1938.85386836 + 1833.22308971 + 1614.88058536 = $7,404 Mil.
Gross Profit was 1135.6663061 + 1073.04256537 + 1009.96442983 + 900.842685082 = $4,120 Mil.
Total Current Assets was $8,064 Mil.
Total Assets was $13,554 Mil.
Property, Plant and Equipment(Net PPE) was $1,287 Mil.
Depreciation, Depletion and Amortization(DDA) was $338 Mil.
Selling, General & Admin. Expense(SGA) was $2,531 Mil.
Total Current Liabilities was $3,634 Mil.
Long-Term Debt was $236 Mil.
Net Income was 330.217921624 + 337.045056093 + 160.149895911 + 236.642413779 = $1,064 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 468.746162227 + 97.4932345144 + 265.576450191 + 119.842150697 = $952 Mil.
|Accounts Receivable was $0 Mil.
Revenue was 1151.042551 + 893.770217251 + 977.212414188 + 901.500377546 = $3,924 Mil.
Gross Profit was 789.886772603 + 698.520675145 + 782.79323391 + 719.272765671 = $2,990 Mil.
Total Current Assets was $6,870 Mil.
Total Assets was $10,386 Mil.
Property, Plant and Equipment(Net PPE) was $925 Mil.
Depreciation, Depletion and Amortization(DDA) was $175 Mil.
Selling, General & Admin. Expense(SGA) was $1,380 Mil.
Total Current Liabilities was $2,618 Mil.
Long-Term Debt was $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)|
|=||(0 / 7404.31188982)||/||(0 / 3923.52555998)|
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)|
|=||(2990.47344733 / 3923.52555998)||/||(4119.51598638 / 7404.31188982)|
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 - (8064.40678965 + 1287.37929131) / 13554.0156979)||/||(1 - (6869.79182272 + 925.395097364) / 10385.9752504)|
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))|
|=||(175.472837815 / (175.472837815 + 925.395097364))||/||(337.761876944 / (337.761876944 + 1287.37929131))|
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)|
|=||(2530.51513154 / 7404.31188982)||/||(1380.21088791 / 3923.52555998)|
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)|
|=||((236.283984858 + 3634.26383047) / 13554.0156979)||/||((0 + 2617.68025329) / 10385.9752504)|
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|
|=||(1064.05528741 - 0||-||951.657997629)||/||13554.0156979|
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.
Yahoo Japan Corp has a M-score of -1.42 signals that the company is likely to 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
Yahoo Japan Corp Annual Data
Yahoo Japan Corp Quarterly Data