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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 AGL Resources's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of AGL Resources was 0.00. The lowest was 0.00. And the median was 0.00.
The historical data trend for AGL Resources'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.
AGL Resources Annual Data | |||||||||||||||||||||
Trend | Dec06 | Dec07 | Dec08 | Dec09 | Dec10 | Dec11 | Dec12 | Dec13 | Dec14 | Dec15 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.08 | - | - | - | - |
AGL Resources Quarterly Data | ||||||||||||||||||||
Jun11 | Sep11 | Dec11 | Mar12 | Jun12 | Sep12 | Dec12 | Mar13 | Jun13 | Sep13 | Dec13 | Mar14 | Jun14 | Sep14 | Dec14 | Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | |
Beneish M-Score | Get a 7-Day Free Trial | - | - | - | - | - |
For the Utilities - Regulated Gas subindustry, AGL Resources'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 Utilities - Regulated industry and Utilities sector, AGL Resources's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where AGL Resources'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 AGL Resources 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 * 0.8264 | + | 0.528 * 0.8351 | + | 0.404 * 0.9869 | + | 0.892 * 0.7318 | + | 0.115 * 1.0298 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1 | + | 4.679 * -0.070557 | - | 0.327 * 0.9312 | |||||||
= | -3.28 |
* 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 (Dec15) TTM: | Last Year (Dec14) TTM: |
Total Receivables was $932 Mil. Revenue was $3,941 Mil. Gross Profit was $2,296 Mil. Total Current Assets was $2,115 Mil. Total Assets was $14,754 Mil. Property, Plant and Equipment(Net PPE) was $9,791 Mil. Depreciation, Depletion and Amortization(DDA) was $397 Mil. Selling, General, & Admin. Expense(SGA) was $0 Mil. Total Current Liabilities was $3,000 Mil. Long-Term Debt & Capital Lease Obligation was $3,275 Mil. Net Income was $353 Mil. Gross Profit was $13 Mil. Cash Flow from Operations was $1,381 Mil. |
Total Receivables was $1,541 Mil. Revenue was $5,385 Mil. Gross Profit was $2,620 Mil. Total Current Assets was $2,886 Mil. Total Assets was $14,888 Mil. Property, Plant and Equipment(Net PPE) was $9,090 Mil. Depreciation, Depletion and Amortization(DDA) was $380 Mil. Selling, General, & Admin. Expense(SGA) was $0 Mil. Total Current Liabilities was $3,219 Mil. Long-Term Debt & Capital Lease Obligation was $3,581 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) |
= | (932 / 3941) | / | (1541 / 5385) | |
= | 0.236488 | / | 0.286165 | |
= | 0.8264 |
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) | |
= | (2620 / 5385) | / | (2296 / 3941) | |
= | 0.486537 | / | 0.582593 | |
= | 0.8351 |
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 - (2115 + 9791) / 14754) | / | (1 - (2886 + 9090) / 14888) | |
= | 0.193032 | / | 0.195594 | |
= | 0.9869 |
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 | |
= | 3941 | / | 5385 | |
= | 0.7318 |
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)) |
= | (380 / (380 + 9090)) | / | (397 / (397 + 9791)) | |
= | 0.040127 | / | 0.038967 | |
= | 1.0298 |
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) |
= | (0 / 3941) | / | (0 / 5385) | |
= | 0 | / | 0 | |
= | 1 |
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) |
= | ((3275 + 3000) / 14754) | / | ((3581 + 3219) / 14888) | |
= | 0.425308 | / | 0.456744 | |
= | 0.9312 |
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 | |
= | (353 - 13 | - | 1381) | / | 14754 | |
= | -0.070557 |
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.
AGL Resources has a M-score of -3.28 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of AGL Resources's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
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Andrew W Evans | director, officer: President & CEO | TEN PEACHTREE PLACE, LOC. 1466, ATLANTA GA 30309 |
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