Medica (XPAR:MDCA) Beneish M-Score : 0.00 (As of May. 26, 2024)

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What is Medica Beneish M-Score?

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 Medica's Beneish M-Score or its related term are showing as below:

During the past 6 years, the highest Beneish M-Score of Medica was 0.00. The lowest was 0.00. And the median was 0.00.

Medica Beneish M-Score Historical Data

The historical data trend for Medica'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.

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Medica Beneish M-Score Chart

Medica Annual Data

Trend

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Beneish M-Score

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-2.32

Medica Semi-Annual Data
	Jun10	Dec10	Jun11	Dec11	Jun12	Dec12	Jun13
Beneish M-Score	Get a 7-Day Free Trial			-	-	-	-2.32	-

Competitive Comparison of Medica's Beneish M-Score

For the Medical Care Facilities subindustry, Medica'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.

Medica's Beneish M-Score Distribution in the Healthcare Providers & Services Industry

For the Healthcare Providers & Services industry and Healthcare sector, Medica's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Medica's Beneish M-Score falls into.

Medica 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 Medica 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 * 0.972

0.528 * 1.0062

0.404 * 0.9505

0.892 * 1.1368

0.115 * 1.48

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.033841

0.327 * 1.0323

-2.51

This Year (Dec12) TTM:

Last Year (Dec11) TTM:

Total Receivables was €46.2 Mil.
Revenue was €718.6 Mil.
Gross Profit was €681.0 Mil.
Total Current Assets was €353.4 Mil.
Total Assets was €1,893.0 Mil.
Property, Plant and Equipment(Net PPE) was €412.8 Mil.
Depreciation, Depletion and Amortization(DDA) was €21.1 Mil.
Selling, General, & Admin. Expense(SGA) was €0.0 Mil.
Total Current Liabilities was €262.6 Mil.
Long-Term Debt & Capital Lease Obligation was €662.0 Mil.
Net Income was €46.3 Mil.
Gross Profit was €0.0 Mil.
Cash Flow from Operations was €110.4 Mil.

Total Receivables was €41.8 Mil.
Revenue was €632.1 Mil.
Gross Profit was €602.8 Mil.
Total Current Assets was €282.9 Mil.
Total Assets was €1,741.5 Mil.
Property, Plant and Equipment(Net PPE) was €367.9 Mil.
Depreciation, Depletion and Amortization(DDA) was €28.5 Mil.
Selling, General, & Admin. Expense(SGA) was €0.0 Mil.
Total Current Liabilities was €249.2 Mil.
Long-Term Debt & Capital Lease Obligation was €574.7 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)
	=	(46.17 / 718.588)	/	(41.783 / 632.095)
	=	0.064251	/	0.066102
	=	0.972

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)
	=	(602.758 / 632.095)	/	(681.043 / 718.588)
	=	0.953588	/	0.947752
	=	1.0062

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 - (353.352 + 412.8) / 1893.009)	/	(1 - (282.905 + 367.944) / 1741.46)
	=	0.595273	/	0.626262
	=	0.9505

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
	=	718.588	/	632.095
	=	1.1368

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))
	=	(28.532 / (28.532 + 367.944))	/	(21.098 / (21.098 + 412.8))
	=	0.071964	/	0.048624
	=	1.48

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 / 718.588)	/	(0 / 632.095)
	=	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)
	=	((661.989 + 262.613) / 1893.009)	/	((574.747 + 249.229) / 1741.46)
	=	0.48843	/	0.473152
	=	1.0323

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
	=	(46.312 - 0	-	110.373)	/	1893.009
	=	-0.033841

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.

Medica has a M-score of -2.51 suggests that the company is unlikely to be a manipulator.

Medica Beneish M-Score Related Terms

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