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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.
During the past 13 years, the highest Beneish M-Score of NTT DoCoMo Inc was -1.34. The lowest was -7.39. And the median was -3.07.
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 * 0.927||+||0.528 * 1.0576||+||0.404 * 0.9895||+||0.892 * 0.9094||+||0.115 * 0.9879|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9852||+||4.679 * -0.0988||-||0.327 * 1.1183|
|This Year (Dec14) TTM:||Last Year (Dec13) TTM:|
|Accounts Receivable was $2,093 Mil.|
Revenue was 9669.5699834 + 10217.9739113 + 10535.6794682 + 10725.4152824 = $41,149 Mil.
Gross Profit was 5191.6348274 + 5613.69392985 + 6196.76689571 + 6081.62986125 = $23,084 Mil.
Total Current Assets was $19,267 Mil.
Total Assets was $60,171 Mil.
Property, Plant and Equipment(Net PPE) was $20,994 Mil.
Depreciation, Depletion and Amortization(DDA) was $6,387 Mil.
Selling, General & Admin. Expense(SGA) was $10,028 Mil.
Total Current Liabilities was $9,134 Mil.
Long-Term Debt was $1,848 Mil.
Net Income was 1025.18116747 + 1146.28994738 + 1336.24460994 + 337.639241743 = $3,845 Mil.
Non Operating Income was 27.3039716468 + 14.4378859063 + 26.5522535613 + -14.4225131913 = $54 Mil.
Cash Flow from Operations was 1450.54654037 + 3051.96056437 + 1924.9404044 + 3307.82685167 = $9,735 Mil.
|Accounts Receivable was $2,483 Mil.
Revenue was 11256.4566016 + 10940.3991533 + 11452.3885432 + 11599.9472407 = $45,249 Mil.
Gross Profit was 6162.84554417 + 6764.37859087 + 7047.65773641 + 6870.80299673 = $26,846 Mil.
Total Current Assets was $22,139 Mil.
Total Assets was $70,017 Mil.
Property, Plant and Equipment(Net PPE) was $24,464 Mil.
Depreciation, Depletion and Amortization(DDA) was $7,325 Mil.
Selling, General & Admin. Expense(SGA) was $11,193 Mil.
Total Current Liabilities was $9,292 Mil.
Long-Term Debt was $2,134 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)|
|=||(2093.23744818 / 41148.6386453)||/||(2483.18190605 / 45249.1915388)|
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)|
|=||(5613.69392985 / 45249.1915388)||/||(5191.6348274 / 41148.6386453)|
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 - (19266.9076366 + 20994.105929) / 60171.3998859)||/||(1 - (22139.3388749 + 24464.4306979) / 70016.9050841)|
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))|
|=||(7325.27474605 / (7325.27474605 + 24464.4306979))||/||(6386.50605091 / (6386.50605091 + 20994.105929))|
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)|
|=||(10027.692496 / 41148.6386453)||/||(11193.0185457 / 45249.1915388)|
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)|
|=||((1847.66931521 + 9134.15904522) / 60171.3998859)||/||((2133.97448289 + 9292.47052001) / 70016.9050841)|
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|
|=||(3845.35496653 - 53.871597923||-||9735.27436081)||/||60171.3998859|
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 -3.10 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