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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 -1.87 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Muncy Columbia Financial's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Muncy Columbia Financial was -1.66. The lowest was -562.90. And the median was -2.32.
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 Muncy Columbia Financial 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 * 0.8982 | + | 0.528 * 1 | + | 0.404 * 0.9966 | + | 0.892 * 2.0227 | + | 0.115 * 0.3505 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.9222 | + | 4.679 * -0.000552 | - | 0.327 * 1.4239 | |||||||
= | -1.87 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $4.84 Mil. Revenue was 15.489 + 14.779 + 14.467 + 10.524 = $55.26 Mil. Gross Profit was 15.489 + 14.779 + 14.467 + 10.524 = $55.26 Mil. Total Current Assets was $0.00 Mil. Total Assets was $1,607.32 Mil. Property, Plant and Equipment(Net PPE) was $26.74 Mil. Depreciation, Depletion and Amortization(DDA) was $3.26 Mil. Selling, General, & Admin. Expense(SGA) was $19.64 Mil. Total Current Liabilities was $0.00 Mil. Long-Term Debt & Capital Lease Obligation was $60.47 Mil. Net Income was 5.056 + 4.707 + 4.036 + -1.186 = $12.61 Mil. Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil. Cash Flow from Operations was 4.108 + 4.408 + 3.878 + 1.106 = $13.50 Mil. |
Total Receivables was $2.66 Mil. Revenue was 6.413 + 6.619 + 6.827 + 7.461 = $27.32 Mil. Gross Profit was 6.413 + 6.619 + 6.827 + 7.461 = $27.32 Mil. Total Current Assets was $0.00 Mil. Total Assets was $957.58 Mil. Property, Plant and Equipment(Net PPE) was $12.74 Mil. Depreciation, Depletion and Amortization(DDA) was $0.51 Mil. Selling, General, & Admin. Expense(SGA) was $10.53 Mil. Total Current Liabilities was $0.00 Mil. Long-Term Debt & Capital Lease Obligation was $25.30 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) |
= | (4.84 / 55.259) | / | (2.664 / 27.32) | |
= | 0.087588 | / | 0.097511 | |
= | 0.8982 |
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) | |
= | (27.32 / 27.32) | / | (55.259 / 55.259) | |
= | 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 - (0 + 26.735) / 1607.322) | / | (1 - (0 + 12.744) / 957.58) | |
= | 0.983367 | / | 0.986691 | |
= | 0.9966 |
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 | |
= | 55.259 | / | 27.32 | |
= | 2.0227 |
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)) |
= | (0.505 / (0.505 + 12.744)) | / | (3.262 / (3.262 + 26.735)) | |
= | 0.038116 | / | 0.108744 | |
= | 0.3505 |
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) |
= | (19.644 / 55.259) | / | (10.531 / 27.32) | |
= | 0.35549 | / | 0.385469 | |
= | 0.9222 |
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) |
= | ((60.465 + 0) / 1607.322) | / | ((25.298 + 0) / 957.58) | |
= | 0.037618 | / | 0.026419 | |
= | 1.4239 |
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 | |
= | (12.613 - 0 | - | 13.5) | / | 1607.322 | |
= | -0.000552 |
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.
Muncy Columbia Financial has a M-score of -1.87 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Muncy Columbia Financial's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
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