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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.
The historical rank and industry rank for Mimecast's Beneish M-Score or its related term are showing as below:
During the past 8 years, the highest Beneish M-Score of Mimecast was 0.00. The lowest was 0.00. And the median was 0.00.
The historical data trend for Mimecast'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.
Mimecast Annual Data | |||||||||||||||||
Trend | Mar14 | Mar15 | Mar16 | Mar17 | Mar18 | Mar19 | Mar20 | Mar21 | |||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.87 | -2.57 | -0.62 | -2.88 | -2.80 |
Mimecast Quarterly Data | ||||||||||||||||||||
Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.74 | -2.80 | -2.80 | -2.73 | -2.77 |
For the Software - Infrastructure subindustry, Mimecast'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 Software industry and Technology sector, Mimecast's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mimecast'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 Mimecast 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 * 1.0297 | + | 0.528 * 0.9799 | + | 0.404 * 0.8675 | + | 0.892 * 1.1942 | + | 0.115 * 0.8704 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.938 | + | 4.679 * -0.10104 | - | 0.327 * 0.8483 | |||||||
= | -2.77 |
* 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 (Dec21) TTM: | Last Year (Dec20) TTM: |
Total Receivables was $120.1 Mil. Revenue was 151.599 + 147.233 + 142.549 + 133.894 = $575.3 Mil. Gross Profit was 117.191 + 113.757 + 109 + 101.968 = $441.9 Mil. Total Current Assets was $575.6 Mil. Total Assets was $1,058.9 Mil. Property, Plant and Equipment(Net PPE) was $204.9 Mil. Depreciation, Depletion and Amortization(DDA) was $72.6 Mil. Selling, General, & Admin. Expense(SGA) was $271.2 Mil. Total Current Liabilities was $364.4 Mil. Long-Term Debt & Capital Lease Obligation was $168.8 Mil. Net Income was 13.818 + 17.583 + 10.072 + 5.768 = $47.2 Mil. Non Operating Income was -1.043 + -0.677 + -0.514 + -5.403 = $-7.6 Mil. Cash Flow from Operations was 46.327 + 43.133 + 40.7 + 31.708 = $161.9 Mil. |
Total Receivables was $97.6 Mil. Revenue was 129.636 + 122.693 + 115.176 + 114.217 = $481.7 Mil. Gross Profit was 98.064 + 92.951 + 86.707 + 84.891 = $362.6 Mil. Total Current Assets was $402.5 Mil. Total Assets was $904.9 Mil. Property, Plant and Equipment(Net PPE) was $228.2 Mil. Depreciation, Depletion and Amortization(DDA) was $67.3 Mil. Selling, General, & Admin. Expense(SGA) was $242.1 Mil. Total Current Liabilities was $321.5 Mil. Long-Term Debt & Capital Lease Obligation was $215.6 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) |
= | (120.071 / 575.275) | / | (97.64 / 481.722) | |
= | 0.208719 | / | 0.20269 | |
= | 1.0297 |
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) | |
= | (362.613 / 481.722) | / | (441.916 / 575.275) | |
= | 0.752743 | / | 0.768182 | |
= | 0.9799 |
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 - (575.64 + 204.876) / 1058.885) | / | (1 - (402.513 + 228.15) / 904.886) | |
= | 0.262889 | / | 0.303047 | |
= | 0.8675 |
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 | |
= | 575.275 | / | 481.722 | |
= | 1.1942 |
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)) |
= | (67.291 / (67.291 + 228.15)) | / | (72.617 / (72.617 + 204.876)) | |
= | 0.227765 | / | 0.261689 | |
= | 0.8704 |
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) |
= | (271.193 / 575.275) | / | (242.106 / 481.722) | |
= | 0.471415 | / | 0.502584 | |
= | 0.938 |
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) |
= | ((168.836 + 364.37) / 1058.885) | / | ((215.63 + 321.502) / 904.886) | |
= | 0.503554 | / | 0.593591 | |
= | 0.8483 |
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 | |
= | (47.241 - -7.637 | - | 161.868) | / | 1058.885 | |
= | -0.10104 |
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.
Mimecast has a M-score of -2.77 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Mimecast's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Karen M. Anderson | officer: Chief Human Resources Officer | C/O MIMECAST LTD., 191 SPRING STREET, LEXINGTON MA 02421 |
Potier Helene Auriol | director | C/O MIMECAST LIMITED 191 SPRING STREET LEXINGTON MA 02421 |
Bernd Leger | officer: Chief Marketing Officer | C/O MIMECAST LIMITED 191 SPRING STREET LEXINGTON MA 02421 |
David Raissipour | officer: Chief Tech. & Product Officer | C/O CARBONITE, INC. 2 AVENUE DE LAFAYETTE BOSTON MA 02111 |
Heather Bentley | officer: SVP, Customer Success & Supp. | C/O MIMECAST LIMITED 191 SPRING STREET LEXINGTON MA 02421 |
Neil Murray | director | CITYPOINT ONE ROPEMAKER STREET MOORGATE, LONDON X0 EC2Y9AW |
Rafeal E. Brown | officer: Chief Financial Officer | 1 ROGERS STREET, CAMBRIDGE MA 02142 |
Robert P Nault | officer: Sr. Vice President and GC | C/O MIMECAST LIMITED, MIMECAST NA, INC. 191 SPRING STREET LEXINGTON MA 02421 |
Peter Bauer | director, officer: Chief Executive Officer | CITYPOINT, ONE ROPEMAKER STREET MOORGATE, LONDON X0 EC2Y 9AW |
Michael Paisley | officer: Chief Security & Res. Officer | C/O MIMECAST LIMITED 191 SPRING STREET LEXINGTON MA 02421 |
Alpna J. Doshi | director | C/O MIMECAST LIMITED 191 SPRING STREET LEXINGTON MA 02421 |
Stephen M Ward | director | C/O MIMECAST LIMITED, MIMECAST NA, INC. 191 SPRING STREET LEXINGTON MA 02421 |
Shahriar Rafimayeri | officer: Chief Information Officer | C/O MIMECAST LIMITED 191 SPRING STREET LEXINGTON MA 02421 |
Christopher Fitzgerald | director | C/O MIMECAST LTD, MIMECAST NA INC. 191 SPRING STREET LEXINGTON MA 02421 |
Hagi Schwartz | director | C/O MIMECAST LIMITED, MIMECAST NA, INC., 191 SPRING STREET, LEXINGTON MA 02421 |
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