Juniata Valley Financial (Juniata Valley Financial) Beneish M-Score

: -2.30 (As of Today)

View and export this data going back to . Start your Free Trial

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -2.3 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Juniata Valley Financial's Beneish M-Score or its related term are showing as below:

JUVF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.19 Med: -2.49 Max: -1.86
Current: -2.3

During the past 13 years, the highest Beneish M-Score of Juniata Valley Financial was -1.86. The lowest was -3.19. And the median was -2.49.

Juniata Valley Financial Beneish M-Score Calculation

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 Juniata Valley Financial for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.2116

0.528 * 1

0.404 * 0.9896

0.892 * 0.9538

0.115 * 1.0575

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0571

4.679 * -0.001456

0.327 * 0.8729

-2.30

* 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 (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $6.44 Mil.
Revenue was 7.015 + 6.981 + 7.052 + 6.981 = $28.03 Mil.
Gross Profit was 7.015 + 6.981 + 7.052 + 6.981 = $28.03 Mil.
Total Current Assets was $102.94 Mil.
Total Assets was $871.81 Mil.
Property, Plant and Equipment(Net PPE) was $8.18 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.64 Mil.
Selling, General, & Admin. Expense(SGA) was $11.31 Mil.
Total Current Liabilities was $47.61 Mil.
Long-Term Debt & Capital Lease Obligation was $20.00 Mil.
Net Income was 1.674 + 1.791 + 1.398 + 1.733 = $6.60 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was 3.535 + 2.238 + 0.539 + 1.553 = $7.87 Mil.

Total Receivables was $5.58 Mil.
Revenue was 7.451 + 7.309 + 7.41 + 7.216 = $29.39 Mil.
Gross Profit was 7.451 + 7.309 + 7.41 + 7.216 = $29.39 Mil.
Total Current Assets was $90.11 Mil.
Total Assets was $830.88 Mil.
Property, Plant and Equipment(Net PPE) was $8.19 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.69 Mil.
Selling, General, & Admin. Expense(SGA) was $11.22 Mil.
Total Current Liabilities was $53.82 Mil.
Long-Term Debt & Capital Lease Obligation was $20.00 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)
	=	(6.444 / 28.029)	/	(5.576 / 29.386)
	=	0.229905	/	0.18975
	=	1.2116

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)
	=	(29.386 / 29.386)	/	(28.029 / 28.029)
	=	1	/	1
	=	1

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 - (102.938 + 8.18) / 871.811)	/	(1 - (90.111 + 8.19) / 830.875)
	=	0.872543	/	0.88169
	=	0.9896

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
	=	28.029	/	29.386
	=	0.9538

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))
	=	(0.685 / (0.685 + 8.19))	/	(0.644 / (0.644 + 8.18))
	=	0.077183	/	0.072983
	=	1.0575

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)
	=	(11.313 / 28.029)	/	(11.22 / 29.386)
	=	0.403618	/	0.381814
	=	1.0571

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)
	=	((20 + 47.612) / 871.811)	/	((20 + 53.818) / 830.875)
	=	0.077554	/	0.088844
	=	0.8729

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
	=	(6.596 - 0	-	7.865)	/	871.811
	=	-0.001456

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.

Juniata Valley Financial has a M-score of -2.30 suggests that the company is unlikely to be a manipulator.

Juniata Valley Financial Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Juniata Valley Financial's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Juniata Valley Financial (Juniata Valley Financial) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Banks » Juniata Valley Financial Corp (OTCPK:JUVF) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Bridge and Main Streets, PO Box 66, Mifflintown, PA, USA, 17059-0066

Website

https://www.jvbonline.com

Juniata Valley Financial Corp provides financial services. The firm offers banking services such as personal checking, personal savings, online banking, mobile banking, personal loans, business loans, and other banking services. The bank generates its revenue in the form of interest income. It offers a full range of consumer and commercial banking services. Consumer banking services include online account opening; online banking; mobile banking; personal checking accounts; checking overdraft privileges; savings accounts; debit cards; certificates of deposit; individual retirement accounts, among others. Commercial banking services include low and high-volume business checking accounts; online account management services; remote deposit capability; ACH origination; payroll direct deposit.

Executives

Martin L Dreibelbis	director
Steven C. Sliver	director	6415 MARGY DRIVE, HUNTINGDON PA 16652
Scarnati Joseph B. Iii	director	978 EVERGREEN ST., BROCKWAY PA 15824
Christina Calkins-mazur	director	119 GRAND PARKWAY NORTH, LEWISTOWN PA 17044
Marcie A Barber	officer: SVP Community Office Div. Mgr.	137 OAKRIDGE ROAD, LEWISTOWN PA 17044
Bradley J. Wagner	director	1344 MASTERSONVILLE ROAD, MANHEIM PA 17545
Michael W. Wolf	officer: SVP/CFO	218 BRIDGE STREET, PO BOX 66, MIFFLINTOWN PA 17059
Timothy I Havice	director
Michael A. Buffington	director	126 ELECTRIC AVENUE, LEWISTOWN PA 17044
Gary E Kelsey	director	PO BOX 590, COUDERSPORT PA 16915
Joann Mcminn	officer: Chief Financial Officer	PO BOX 66, BRIDGE & MAIN STREET, MIFFLINTOWN PA 17059
Gingerich Philip E Jr	director
Douglas R Berry	director	105 FOXFIRE LANE, LEWISBERRY PA 17339
A Jerome Cook	director
Metz Robert K Jr	director