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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
Assa Abloy AB has a M-score of -2.30 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Assa Abloy AB was -2.16. The lowest was -3.15. And the median was -2.55.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (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 Assa Abloy AB 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 * 1.0136||+||0.528 * 1.0624||+||0.404 * 0.9954||+||0.892 * 1.095||+||0.115 * 1.7015|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8671||+||4.679 * -0.0098||-||0.327 * 1.0177|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $1,372 Mil.|
Revenue was 2032.5438887 + 2047.83762777 + 1878.91281112 + 2041.62812211 = $8,001 Mil.
Gross Profit was 785.166169813 + 787.223745765 + 731.562070545 + 680.85106383 = $2,985 Mil.
Total Current Assets was $2,908 Mil.
Total Assets was $10,217 Mil.
Property, Plant and Equipment(Net PPE) was $979 Mil.
Depreciation, Depletion and Amortization(DDA) was $161 Mil.
Selling, General & Admin. Expense(SGA) was $1,629 Mil.
Total Current Liabilities was $2,716 Mil.
Long-Term Debt was $1,970 Mil.
Net Income was 241.38787678 + 224.962970567 + 193.006565888 + 121.492445267 = $781 Mil.
Non Operating Income was 0.138014795186 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 288.726951529 + 247.400607136 + -41.2276683463 + 385.599753315 = $880 Mil.
|Accounts Receivable was $1,236 Mil.
Revenue was 1893.10237203 + 1849.90931076 + 1675.3507014 + 1888.7345679 = $7,307 Mil.
Gross Profit was 755.149812734 + 723.397823458 + 671.805148759 + 745.679012346 = $2,896 Mil.
Total Current Assets was $2,682 Mil.
Total Assets was $9,408 Mil.
Property, Plant and Equipment(Net PPE) was $870 Mil.
Depreciation, Depletion and Amortization(DDA) was $276 Mil.
Selling, General & Admin. Expense(SGA) was $1,715 Mil.
Total Current Liabilities was $2,516 Mil.
Long-Term Debt was $1,724 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(1371.72904935 / 8000.9224497)||/||(1235.95505618 / 7307.0969521)|
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.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(787.223745765 / 7307.0969521)||/||(785.166169813 / 8000.9224497)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (2907.97173457 + 978.662912664) / 10217.2352876)||/||(1 - (2682.11610487 + 869.694132335) / 9408.23970037)|
4. SGI = Sales Growth Index
Ratio of sales 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.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation 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))|
|=||(275.6582698 / (275.6582698 + 869.694132335))||/||(161.239565363 / (161.239565363 + 978.662912664))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses 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)|
|=||(1628.62378262 / 8000.9224497)||/||(1715.34767259 / 7307.0969521)|
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$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((1969.7471569 + 2716.26918406) / 10217.2352876)||/||((1723.6267166 + 2516.22971286) / 9408.23970037)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(780.849858502 - 0.138014795186||-||880.499643634)||/||10217.2352876|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Assa Abloy AB has a M-score of -2.30 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Assa Abloy AB Annual Data
Assa Abloy AB Quarterly Data