Market Cap : 946.68 M | Enterprise Value : 1.94 B | PE Ratio : 8.96 | PB Ratio : 1.27 |
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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 -2.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Amerant Bancorp's Beneish M-Score or its related term are showing as below:
During the past 7 years, the highest Beneish M-Score of Amerant Bancorp was -1.96. The lowest was -2.66. And the median was -2.29.
The historical data trend for Amerant Bancorp'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.
For the Banks - Regional subindustry, Amerant Bancorp'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 Banks industry and Financial Services sector, Amerant Bancorp's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Amerant Bancorp'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 Amerant Bancorp 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 * 0.6578 | + | 0.528 * 1 | + | 0.404 * 0.9985 | + | 0.892 * 1.0803 | + | 0.115 * 2.1603 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0478 | + | 4.679 * 0.0085 | - | 0.327 * 1.0521 | |||||||
= | -2.58 |
* 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 (Mar22) TTM: | Last Year (Mar21) TTM: |
Accounts Receivable was $96.2 Mil. Revenue was 69.925 + 70.683 + 65.255 + 68.193 = $274.1 Mil. Gross Profit was 69.925 + 70.683 + 65.255 + 68.193 = $274.1 Mil. Total Current Assets was $1,511.9 Mil. Total Assets was $7,805.8 Mil. Property, Plant and Equipment(Net PPE) was $177.4 Mil. Depreciation, Depletion and Amortization(DDA) was $6.6 Mil. Selling, General, & Admin. Expense(SGA) was $145.9 Mil. Total Current Liabilities was $96.7 Mil. Long-Term Debt & Capital Lease Obligation was $1,268.0 Mil. Net Income was 15.95 + 65.469 + 17.031 + 15.962 = $114.4 Mil. Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil. Cash Flow from Operations was -12.118 + 27.261 + 8.15 + 24.998 = $48.3 Mil. |
Accounts Receivable was $135.3 Mil. Revenue was 61.732 + 60.167 + 65.64 + 66.142 = $253.7 Mil. Gross Profit was 61.732 + 60.167 + 65.64 + 66.142 = $253.7 Mil. Total Current Assets was $1,559.0 Mil. Total Assets was $7,751.1 Mil. Property, Plant and Equipment(Net PPE) was $109.1 Mil. Depreciation, Depletion and Amortization(DDA) was $9.2 Mil. Selling, General, & Admin. Expense(SGA) was $128.9 Mil. Total Current Liabilities was $115.2 Mil. Long-Term Debt & Capital Lease Obligation was $1,172.8 Mil. |
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Accounts Receivable 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) |
= | (96.168 / 274.056) | / | (135.322 / 253.681) | |
= | 0.35090638 | / | 0.53343372 | |
= | 0.6578 |
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) | |
= | (253.681 / 253.681) | / | (274.056 / 274.056) | |
= | 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 - (1511.904 + 177.406) / 7805.836) | / | (1 - (1559.022 + 109.071) / 7751.098) | |
= | 0.78358372 | / | 0.78479268 | |
= | 0.9985 |
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 | |
= | 274.056 | / | 253.681 | |
= | 1.0803 |
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)) |
= | (9.212 / (9.212 + 109.071)) | / | (6.635 / (6.635 + 177.406)) | |
= | 0.07788101 | / | 0.03605175 | |
= | 2.1603 |
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) |
= | (145.857 / 274.056) | / | (128.858 / 253.681) | |
= | 0.53221604 | / | 0.5079529 | |
= | 1.0478 |
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) |
= | ((1268.005 + 96.734) / 7805.836) | / | ((1172.834 + 115.171) / 7751.098) | |
= | 0.17483573 | / | 0.16617065 | |
= | 1.0521 |
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 | |
= | (114.412 - 0 | - | 48.291) | / | 7805.836 | |
= | 0.0085 |
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.
Amerant Bancorp has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Amerant Bancorp's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
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