Waynevings Bancshares (Waynevings Bancshares) Beneish M-Score

: -2.09 (As of Today)

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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 -2.09 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

WAYN' s Beneish M-Score Range Over the Past 10 Years
Min: -2.78 Med: -2.42 Max: -2.09
Current: -2.09

During the past 13 years, the highest Beneish M-Score of Waynevings Bancshares was -2.09. The lowest was -2.78. And the median was -2.42.

Waynevings Bancshares 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 Waynevings Bancshares 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 * 1.3146

0.528 * 1

0.404 * 1.0129

0.892 * 0.9854

0.115 * 0.9472

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0408

4.679 * 0.001112

0.327 * 0.6572

-2.09

* 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 $2.76 Mil.
Revenue was $24.75 Mil.
Gross Profit was $24.75 Mil.
Total Current Assets was $103.24 Mil.
Total Assets was $809.95 Mil.
Property, Plant and Equipment(Net PPE) was $4.90 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.59 Mil.
Selling, General, & Admin. Expense(SGA) was $8.49 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $47.00 Mil.
Net Income was $7.83 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $6.93 Mil.

Total Receivables was $2.13 Mil.
Revenue was $25.12 Mil.
Gross Profit was $25.12 Mil.
Total Current Assets was $100.30 Mil.
Total Assets was $729.77 Mil.
Property, Plant and Equipment(Net PPE) was $5.18 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.58 Mil.
Selling, General, & Admin. Expense(SGA) was $8.27 Mil.
Total Current Liabilities was $5.93 Mil.
Long-Term Debt & Capital Lease Obligation was $58.50 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)
	=	(2.758 / 24.749)	/	(2.129 / 25.115)
	=	0.111439	/	0.08477
	=	1.3146

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)
	=	(25.115 / 25.115)	/	(24.749 / 24.749)
	=	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 - (103.239 + 4.904) / 809.947)	/	(1 - (100.295 + 5.183) / 729.773)
	=	0.866481	/	0.855465
	=	1.0129

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
	=	24.749	/	25.115
	=	0.9854

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))
	=	(0.582 / (0.582 + 5.183))	/	(0.585 / (0.585 + 4.904))
	=	0.100954	/	0.106577
	=	0.9472

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)
	=	(8.485 / 24.749)	/	(8.273 / 25.115)
	=	0.342842	/	0.329405
	=	1.0408

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)
	=	((47 + 0) / 809.947)	/	((58.5 + 5.933) / 729.773)
	=	0.058028	/	0.088292
	=	0.6572

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
	=	(7.833 - 0	-	6.932)	/	809.947
	=	0.001112

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.

Waynevings Bancshares has a M-score of -2.09 suggests that the company is unlikely to be a manipulator.

Waynevings Bancshares Beneish M-Score Related Terms

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Waynevings Bancshares (Waynevings Bancshares) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Banks » Wayne Savings Bancshares Inc (OTCPK:WAYN) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

151 North Market Street, Wooster, OH, USA, 44691

Website

https://www.waynesavings.com

Wayne Savings Bancshares Inc a bank holding company. It offers services such as checking accounts, savings, business loans, online banking, mobile banking, and overdraft protection among others. The bank generates its revenue in the form of interest income.

Executives

Joel Dale Beckler	officer: SVP, Senior Loan Officer	3058 BAYBERRY COVE, WOOSTER OH 44691
Brian Hopkins	director	6060 PARKLAND, SUITE 200, CLEVELAND OH 44124
James R Vansickle	director, officer: President and CEO	112 WEST MARKET STREET, PO BOX 57, ORRVILLE OH 44667
Glenn W Miller	director	151 N MARKET ST, WOOSTER OH 44691
David L Lehman	director	151 N MARKET ST, WOOSTER OH 44691
Myron L Swartzentruber	officer: Senior Vice Preisdent/CFO	C/O WAYNE SAVINGS BANCSHARES, INC., 151 N. MARKET ST., WOOSTER OH 44691
Debra A Marthey	director	151 N MARKET ST, WOOSTER OH 44691
Jonathan Ciccotelli	director	C/O WAYNE SAVINGS BANCSHARES, INC., 151 N. MARKET ST., WOOSTER OH 44691
Rod C Steiger	director
Daniel R Buehler	director	WAYNE SAVINGS BANCSHARES INC, 151 NORTH MARKET STREET, WOOSTER OH 44691
Steven G Dimos	officer: EVP/Chief Operations Officer	C/O WAYNE SAVINGS COMMUNITY BANK, 151 NORTH MARKET STREET, WOOSTER OH 44691
Peggy J Schmitz	director	WAYNE SAVINGS COMMUNITY BANK, 151 N MARKET STREET, WOOSTER OH 44691
Bryan K Fehr	officer: See footnote (1)	151 N MARKET STREET, WOOSTER OH 44691
Fitz Gibbon H Stewart Iii	officer: See footnote (1)	WAYNE SAVINGS BANCSHARES, 151 N. MARKET STREET, WOOSTER OH 44691
Phillip E Becker	officer: EVP/CHIEF LENDING OFFICER	WAYNE SAVINGS BANCSHARES INC, 151 N. MARKET STREET, WOOSTER OH 44691