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The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -2.8 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Cedar Fair LP's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Cedar Fair LP was 42.97. The lowest was -3.41. And the median was -2.78.
The historical data trend for Cedar Fair LP's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Cedar Fair LP Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.51 | 7.33 | 2.10 | -3.24 | -2.80 |
Cedar Fair LP Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial | -3.41 | -2.79 | -2.70 | -2.80 | -2.80 |
For the Leisure subindustry, Cedar Fair LP's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the Travel & Leisure industry and Consumer Cyclical sector, Cedar Fair LP's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cedar Fair LP's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 Cedar Fair LP 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 * 1.0955 | + | 0.528 * 0.9976 | + | 0.404 * 0.9703 | + | 0.892 * 1.007 | + | 0.115 * 1.0436 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.1614 | + | 4.679 * -0.082317 | - | 0.327 * 0.9758 | |||||||
= | -2.80 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $62 Mil. Revenue was 101.615 + 371.123 + 842.009 + 500.982 = $1,816 Mil. Gross Profit was 90.004 + 340.378 + 771.937 + 452.35 = $1,655 Mil. Total Current Assets was $190 Mil. Total Assets was $2,264 Mil. Property, Plant and Equipment(Net PPE) was $1,761 Mil. Depreciation, Depletion and Amortization(DDA) was $155 Mil. Selling, General, & Admin. Expense(SGA) was $311 Mil. Total Current Liabilities was $424 Mil. Long-Term Debt & Capital Lease Obligation was $2,505 Mil. Net Income was -133.467 + -9.953 + 215.494 + 53.564 = $126 Mil. Non Operating Income was -7.517 + -0.109 + -6.351 + 3.795 = $-10 Mil. Cash Flow from Operations was -110.61 + -4.343 + 316.883 + 120.278 = $322 Mil. |
Total Receivables was $56 Mil. Revenue was 84.554 + 365.994 + 843.063 + 509.491 = $1,803 Mil. Gross Profit was 74.173 + 334.806 + 769.991 + 460.329 = $1,639 Mil. Total Current Assets was $184 Mil. Total Assets was $2,210 Mil. Property, Plant and Equipment(Net PPE) was $1,711 Mil. Depreciation, Depletion and Amortization(DDA) was $157 Mil. Selling, General, & Admin. Expense(SGA) was $266 Mil. Total Current Liabilities was $412 Mil. Long-Term Debt & Capital Lease Obligation was $2,518 Mil. |
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
= | (61.53 / 1815.729) | / | (55.777 / 1803.102) | |
= | 0.033887 | / | 0.030934 | |
= | 1.0955 |
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.
GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
= | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) | |
= | (1639.299 / 1803.102) | / | (1654.669 / 1815.729) | |
= | 0.909155 | / | 0.911297 | |
= | 0.9976 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
= | (1 - (190.187 + 1760.843) / 2264.265) | / | (1 - (184.163 + 1710.526) / 2209.741) | |
= | 0.138338 | / | 0.142574 | |
= | 0.9703 |
4. SGI = Sales Growth Index
Ratio of Revenue 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.
SGI | = | Sales_t | / | Sales_t-1 |
= | Revenue_t | / | Revenue_t-1 | |
= | 1815.729 | / | 1803.102 | |
= | 1.007 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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)) |
= | (157.356 / (157.356 + 1710.526)) | / | (154.626 / (154.626 + 1760.843)) | |
= | 0.084243 | / | 0.080725 | |
= | 1.0436 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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) |
= | (311.417 / 1815.729) | / | (266.271 / 1803.102) | |
= | 0.171511 | / | 0.147674 | |
= | 1.1614 |
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 in leverage
LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
= | ((2504.567 + 424.266) / 2264.265) | / | ((2517.548 + 411.518) / 2209.741) | |
= | 1.293503 | / | 1.325525 | |
= | 0.9758 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
= | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t | |
= | (125.638 - -10.182 | - | 322.208) | / | 2264.265 | |
= | -0.082317 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Cedar Fair LP has a M-score of -2.80 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Cedar Fair LP's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Nina Barton | director | ONE CEDAR POINT DRIVE, SANDUSKY OH 44870 |
Monica Sauls | officer: Senior VP CHRO | ONE CEDAR POINT DRIVE, SANDUSKY OH 44870 |
Jennifer Mason | director | C/O CEDAR FAIR, 8701 RED OAK BLVD., CHARLOTTE NC 28217 |
Michelle M Frymire | director | C/O SPIRIT REALTY CAPITAL, INC., 2727 N. HARWOOD STREET, SUITE 300, DALLAS TX 75201 |
Daniel J Hanrahan | director | ROYAL CARIBBEAN CRUISES LTD, 1050 CARIBBEAN WAY, MIAMI FL 33132 |
Brian Nurse | officer: Exec VP, Chief Legal Officer | ONE CEDAR POINT DRIVE, SANDUSKY OH 44870 |
Matthew A Ouimet | officer: President | ONE CEDAR POINT DR., SANDUSKY OH 44870 |
Louis Carr | director | ONE CEDAR POINT DRIVE, SANDUSKY OH 44870 |
Carlos Ruisanchez | director | C/O PINNACLE ENTERTAINMENT INC, 3980 HOWARD HUGHES PARKWAY, LAS VEGAS NV 89169 |
Tim Fisher | officer: Chief Operating Officer | ONE CEDAR POINT DRIVE, SANDUSKY OH 44870 |
Craig Heckman | officer: SVP, Human Resources | ONE CEDAR POINT DRIVE, SANDUSKY OH 44870 |
Brian C Witherow | officer: V.P. & Corporate Controller | ONE CEDAR POINT DRIVE, SANDUSKY OH 44870 |
David R. Hoffman | officer: VP of Finance & Corp Tax | ONE CEDAR POINT DRIVE, SANDUSKY OH 44870 |
Milkie Duffield | officer: V.P. & General Counsel | ONE CEDAR POINT DR, SANDUSKY OH 44870 |
Richard Zimmerman | officer: VP & GM - Great America | ONE CEDAR POINT DRIVE, SANDUSKY OH 44870 |
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