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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.
NTT DoCoMo Inc has a M-score of -2.85 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of NTT DoCoMo Inc was -1.37. The lowest was -7.56. And the median was -2.98.
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 NTT DoCoMo Inc 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 * 1.1235||+||0.528 * 1.0211||+||0.404 * 1.0502||+||0.892 * 0.8266||+||0.115 * 0.9968|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.947||+||4.679 * -0.0821||-||0.327 * 0.9394|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $14,486 Mil.|
Revenue was 11223.8027775 + 11101.5342129 + 11172.263301 + 11245.3916815 = $44,743 Mil.
Gross Profit was 6144.96776245 + 6864.00736422 + 6875.2721399 + 6660.79502445 = $26,545 Mil.
Total Current Assets was $22,075 Mil.
Total Assets was $69,814 Mil.
Property, Plant and Equipment(Net PPE) was $24,393 Mil.
Depreciation, Depletion and Amortization(DDA) was $7,239 Mil.
Selling, General & Admin. Expense(SGA) was $11,057 Mil.
Total Current Liabilities was $9,266 Mil.
Long-Term Debt was $2,128 Mil.
Net Income was 1250.71076801 + 1456.38743991 + 1585.27384547 + 809.621718939 = $5,102 Mil.
Non Operating Income was 60.7550042887 + 35.6653370154 + 50.8161688722 + 77.0371734283 = $224 Mil.
Cash Flow from Operations was 794.76874741 + 3457.87051243 + 2423.69548423 + 3934.58335891 = $10,611 Mil.
|Accounts Receivable was $15,599 Mil.
Revenue was 13064.2390352 + 14365.2183818 + 13584.3542155 + 13117.8186383 = $54,132 Mil.
Gross Profit was 7754.62058434 + 8539.51881336 + 8647.6214607 + 7850.89597795 = $32,793 Mil.
Total Current Assets was $25,146 Mil.
Total Assets was $79,086 Mil.
Property, Plant and Equipment(Net PPE) was $28,757 Mil.
Depreciation, Depletion and Amortization(DDA) was $8,499 Mil.
Selling, General & Admin. Expense(SGA) was $14,125 Mil.
Total Current Liabilities was $12,501 Mil.
Long-Term Debt was $1,238 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)|
|=||(14486.3098852 / 44742.991973)||/||(15599.1600979 / 54131.6302708)|
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)|
|=||(6864.00736422 / 54131.6302708)||/||(6144.96776245 / 44742.991973)|
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 - (22075.1149276 + 24393.461898) / 69813.7932364)||/||(1 - (25146.4326619 + 28757.3379146) / 79085.7867906)|
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))|
|=||(8499.26832615 / (8499.26832615 + 28757.3379146))||/||(7239.4239816 / (7239.4239816 + 24393.461898))|
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)|
|=||(11056.5575749 / 44742.991973)||/||(14124.7759915 / 54131.6302708)|
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)|
|=||((2127.78404217 + 9265.51401779) / 69813.7932364)||/||((1237.62042714 + 12501.1790069) / 79085.7867906)|
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|
|=||(5101.99377234 - 224.273683605||-||10610.918103)||/||69813.7932364|
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.
NTT DoCoMo Inc has a M-score of -2.85 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
NTT DoCoMo Inc Annual Data
NTT DoCoMo Inc Quarterly Data