Spectrum Group International Beneish M-Score Historical Data
The historical data trend for Spectrum Group International'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.
Spectrum Group International Beneish M-Score Chart
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Spectrum Group International Annual Data
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Trend |
Jun02 |
Jun03 |
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Jun08 |
Jun09 |
Jun10 |
Jun11 |
Jun12 |
Jun13 |
| Beneish M-Score |
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-2.20 |
-2.32 |
6.63 |
-2.25 |
-2.71 |
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Spectrum Group International Quarterly Data
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Mar09 |
Jun09 |
Sep09 |
Dec09 |
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Dec10 |
Mar11 |
Jun11 |
Sep11 |
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Mar12 |
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Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
| Beneish M-Score |
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-3.48 |
-4.51 |
-2.71 |
-3.10 |
1.20 |
Competitive Comparison of Spectrum Group International's Beneish M-Score
For the Specialty Retail subindustry, Spectrum Group International'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.
Spectrum Group International's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Spectrum Group International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Spectrum Group International's Beneish M-Score falls into.
Spectrum Group International 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 Spectrum Group International 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 * 0.7125 | + | 0.528 * 0.7922 | + | 0.404 * 1.0525 | + | 0.892 * 1.0103 | + | 0.115 * 0.9934 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0527 | + | 4.679 * 0.155053 | - | 0.327 * 1.0075 |
| = | -2.11 |
* 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 (Dec13) TTM: | Last Year (Dec12) TTM: |
Total Receivables was $89 Mil.
Revenue was 1509.516 + 1534.8 + 2135.293 + 1869.594 = $7,049 Mil.
Gross Profit was 11.408 + 13.329 + 15.645 + 13.579 = $54 Mil.
Total Current Assets was $315 Mil.
Total Assets was $349 Mil.
Property, Plant and Equipment(Net PPE) was $14 Mil.
Depreciation, Depletion and Amortization(DDA) was $2 Mil.
Selling, General, & Admin. Expense(SGA) was $49 Mil.
Total Current Liabilities was $252 Mil.
Long-Term Debt & Capital Lease Obligation was $9 Mil.
Net Income was -4.402 + 0.956 + 3.979 + 0.752 = $1 Mil.
Non Operating Income was 0.035 + 0.074 + -1.652 + -0.029 = $-2 Mil.
Cash Flow from Operations was -17.675 + 15.087 + -48.233 + -0.38 = $-51 Mil.
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Total Receivables was $124 Mil.
Revenue was 1736.289 + 1664.867 + 1714.815 + 1861.272 = $6,977 Mil.
Gross Profit was 11.459 + 10.18 + 9.585 + 11.084 = $42 Mil.
Total Current Assets was $309 Mil.
Total Assets was $340 Mil.
Property, Plant and Equipment(Net PPE) was $13 Mil.
Depreciation, Depletion and Amortization(DDA) was $2 Mil.
Selling, General, & Admin. Expense(SGA) was $46 Mil.
Total Current Liabilities was $246 Mil.
Long-Term Debt & Capital Lease Obligation was $6 Mil.
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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) |
| = | (89.393 / 7049.203) | / | (124.172 / 6977.243) |
| = | 0.012681 | / | 0.017797 |
| | = | 0.7125 |
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) |
| = | (42.308 / 6977.243) | / | (53.961 / 7049.203) |
| = | 0.006064 | / | 0.007655 |
| | = | 0.7922 |
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 - (314.776 + 14.327) / 348.641) | / | (1 - (309.34 + 12.999) / 340.468) |
| = | 0.05604 | / | 0.053247 |
| | = | 1.0525 |
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 |
| = | 7049.203 | / | 6977.243 |
| | = | 1.0103 |
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)) |
| = | (2.061 / (2.061 + 12.999)) | / | (2.289 / (2.289 + 14.327)) |
| = | 0.136853 | / | 0.137759 |
| | = | 0.9934 |
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) |
| = | (48.594 / 7049.203) | / | (45.694 / 6977.243) |
| = | 0.006894 | / | 0.006549 |
| | = | 1.0527 |
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) |
| = | ((8.716 + 251.877) / 348.641) | / | ((6.175 + 246.407) / 340.468) |
| = | 0.747454 | / | 0.741867 |
| | = | 1.0075 |
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 |
| = | (1.285 - -1.572 | - | -51.201) | / | 348.641 |
| | = | 0.155053 |
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.
Spectrum Group International has a M-score of -2.11 suggests that the company is unlikely to be a manipulator.
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