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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 -2.35 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Assa Abloy AB was -2.24. The lowest was -2.61. And the median was -2.42.
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||+||0.528 * 1.0542||+||0.404 * 1.0088||+||0.892 * 1.0991||+||0.115 * 1.5624|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8714||+||4.679 * -0.0157||-||0.327 * 1.0077|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $0 Mil.|
Revenue was 2047.80759642 + 1878.91281112 + 2041.62812211 + 1893.10237203 = $7,861 Mil.
Gross Profit was 787.212201203 + 731.562070545 + 680.85106383 + 755.149812734 = $2,955 Mil.
Total Current Assets was $2,898 Mil.
Total Assets was $10,370 Mil.
Property, Plant and Equipment(Net PPE) was $989 Mil.
Depreciation, Depletion and Amortization(DDA) was $160 Mil.
Selling, General & Admin. Expense(SGA) was $1,617 Mil.
Total Current Liabilities was $2,846 Mil.
Long-Term Debt was $2,084 Mil.
Net Income was 224.959671506 + 193.006565888 + 121.492445267 + 230.024968789 = $769 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 247.396979029 + -41.2276683463 + 385.599753315 + 340.823970037 = $933 Mil.
|Accounts Receivable was $0 Mil.
Revenue was 1849.90931076 + 1675.3507014 + 1888.7345679 + 1738.70481928 = $7,153 Mil.
Gross Profit was 723.397823458 + 671.805148759 + 745.679012346 + 693.222891566 = $2,834 Mil.
Total Current Assets was $2,696 Mil.
Total Assets was $9,333 Mil.
Property, Plant and Equipment(Net PPE) was $853 Mil.
Depreciation, Depletion and Amortization(DDA) was $237 Mil.
Selling, General & Admin. Expense(SGA) was $1,688 Mil.
Total Current Liabilities was $2,700 Mil.
Long-Term Debt was $1,702 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)|
|=||(0 / 7861.45090168)||/||(0 / 7152.69939934)|
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)|
|=||(731.562070545 / 7152.69939934)||/||(787.212201203 / 7861.45090168)|
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 - (2897.63894999 + 989.441267048) / 10370.1422496)||/||(1 - (2696.34220073 + 853.23458283) / 9333.28295042)|
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))|
|=||(236.800591897 / (236.800591897 + 853.23458283))||/||(159.796310142 / (159.796310142 + 989.441267048))|
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)|
|=||(1616.80524642 / 7861.45090168)||/||(1688.07265492 / 7152.69939934)|
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)|
|=||((2083.73661827 + 2845.57853058) / 10370.1422496)||/||((1702.23700121 + 2700.42321644) / 9333.28295042)|
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|
|=||(769.48365145 - 0||-||932.593034035)||/||10370.1422496|
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 -2.35 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