Market Cap : 351.84 M | Enterprise Value : 419.83 M | PE Ratio : | PB Ratio : |
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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 -5.01 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
During the past 6 years, the highest Beneish M-Score of Mogo was -1.90. The lowest was -5.01. And the median was -2.24.
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
* The bar in red indicates where Mogo'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 Mogo 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 * 0.9911 | + | 0.404 * 1.3287 | + | 0.892 * 0.8672 | + | 0.115 * 0.8325 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.8988 | + | 4.679 * -0.5219 | - | 0.327 * 1.0513 | |||||||
= | -4.93 |
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
This Year (Sep20) TTM: | Last Year (Sep19) TTM: |
Accounts Receivable was $0.00 Mil. Revenue was 7.3877551020408 + 7.7914698937426 + 9.9641833810888 + 11.404054977599 = $36.55 Mil. Gross Profit was 6.891156462585 + 7.0631641086187 + 6.0136103151862 + 7.5153770217936 = $27.48 Mil. Total Current Assets was $45.73 Mil. Total Assets was $76.69 Mil. Property, Plant and Equipment(Net PPE) was $3.79 Mil. Depreciation, Depletion and Amortization(DDA) was $6.56 Mil. Selling, General, & Admin. Expense(SGA) was $16.77 Mil. Total Current Liabilities was $4.85 Mil. Long-Term Debt & Capital Lease Obligation was $71.70 Mil. Net Income was 0.77021919879063 + -1.1437426210153 + -7.2098853868195 + -4.6989141164857 = $-12.28 Mil. Non Operating Income was -0.079365079365079 + -0.82792207792208 + -2.6905444126075 + 0.41233199179892 = $-3.19 Mil. Cash Flow from Operations was 3.9349962207105 + 6.0721664698937 + 20.909025787966 + 0.0098716683119447 = $30.93 Mil. |
Accounts Receivable was $0.00 Mil. Revenue was 11.350351181935 + 11.187448265483 + 11.136788572283 + 8.4705269425424 = $42.15 Mil. Gross Profit was 7.6195151423608 + 7.8049514636165 + 7.9724777503552 + 8.0142899672522 = $31.41 Mil. Total Current Assets was $83.28 Mil. Total Assets was $120.73 Mil. Property, Plant and Equipment(Net PPE) was $5.26 Mil. Depreciation, Depletion and Amortization(DDA) was $5.87 Mil. Selling, General, & Admin. Expense(SGA) was $21.51 Mil. Total Current Liabilities was $10.34 Mil. Long-Term Debt & Capital Lease Obligation was $104.29 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) |
= | (0 / 36.547463354471) | / | (0 / 42.145114962243) | |
= | 0 | / | 0 | |
= | 1 |
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) | |
= | (31.411234323585 / 42.145114962243) | / | (27.483307908184 / 36.547463354471) | |
= | 0.74531139 | / | 0.75198948 | |
= | 0.9911 |
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 - (45.725623582766 + 3.7913832199546) / 76.688586545729) | / | (1 - (83.278453289027 + 5.2564005739748) / 120.72879691866) | |
= | 0.35431061 | / | 0.26666333 | |
= | 1.3287 |
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 | |
= | 36.547463354471 | / | 42.145114962243 | |
= | 0.8672 |
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)) |
= | (5.8711189119243 / (5.8711189119243 + 5.2564005739748)) | / | (6.5606681286291 / (6.5606681286291 + 3.7913832199546)) | |
= | 0.52762154 | / | 0.63375537 | |
= | 0.8325 |
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) |
= | (16.765834902463 / 36.547463354471) | / | (21.510772668765 / 42.145114962243) | |
= | 0.45874141 | / | 0.51039777 | |
= | 0.8988 |
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) |
= | ((71.69992441421 + 4.8518518518519) / 76.688586545729) | / | ((104.28668529567 + 10.342119175289) / 120.72879691866) | |
= | 0.99821603 | / | 0.94947359 | |
= | 1.0513 |
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 | |
= | (-12.28232292553 - -3.1854995780957 | - | 30.926060146882) | / | 76.688586545729 | |
= | -0.5219 |
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.
Mogo has a M-score of -4.93 suggests that the company is unlikely to be a manipulator.
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