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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 -2.40 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 -2.52. And the median was -2.47.
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 * 1.0417||+||0.404 * 1.0153||+||0.892 * 1.0714||+||0.115 * 1.1272|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8782||+||4.679 * -0.0222||-||0.327 * 0.8289|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $0 Mil.|
Revenue was 2041.62812211 + 1893.10237203 + 1849.90931076 + 1675.3507014 = $7,460 Mil.
Gross Profit was 680.85106383 + 755.149812734 + 723.397823458 + 671.805148759 = $2,831 Mil.
Total Current Assets was $2,722 Mil.
Total Assets was $10,139 Mil.
Property, Plant and Equipment(Net PPE) was $985 Mil.
Depreciation, Depletion and Amortization(DDA) was $153 Mil.
Selling, General & Admin. Expense(SGA) was $1,545 Mil.
Total Current Liabilities was $2,597 Mil.
Long-Term Debt was $2,055 Mil.
Net Income was 121.492445267 + 230.024968789 + 207.376058041 + 175.427778634 = $734 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 385.599753315 + 340.823970037 + 205.411124547 + 27.7478032989 = $960 Mil.
|Accounts Receivable was $0 Mil.
Revenue was 1888.7345679 + 1738.70481928 + 1726.18705036 + 1609.1152019 = $6,963 Mil.
Gross Profit was 745.679012346 + 693.222891566 + 674.388489209 + 639.40023753 = $2,753 Mil.
Total Current Assets was $2,601 Mil.
Total Assets was $9,237 Mil.
Property, Plant and Equipment(Net PPE) was $865 Mil.
Depreciation, Depletion and Amortization(DDA) was $154 Mil.
Selling, General & Admin. Expense(SGA) was $1,642 Mil.
Total Current Liabilities was $2,610 Mil.
Long-Term Debt was $2,503 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 / 7459.99050631)||/||(0 / 6962.74163944)|
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)|
|=||(755.149812734 / 6962.74163944)||/||(680.85106383 / 7459.99050631)|
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 - (2721.86247302 + 985.198889917) / 10139.2229417)||/||(1 - (2600.77160494 + 864.660493827) / 9237.03703704)|
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))|
|=||(154.188929161 / (154.188929161 + 864.660493827))||/||(152.784787313 / (152.784787313 + 985.198889917))|
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)|
|=||(1545.19572138 / 7459.99050631)||/||(1642.14621679 / 6962.74163944)|
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)|
|=||((2055.04162812 + 2596.66975023) / 10139.2229417)||/||((2503.08641975 + 2609.72222222) / 9237.03703704)|
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|
|=||(734.321250731 - 0||-||959.582651198)||/||10139.2229417|
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 -2.40 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