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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.
Fomento Economico Mexicano SAB de CV has a M-score of -2.56 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Fomento Economico Mexicano SAB de CV was -1.25. The lowest was -3.03. And the median was -2.54.
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 Fomento Economico Mexicano SAB de CV 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 * 1.0744||+||0.528 * 1.006||+||0.404 * 1.0354||+||0.892 * 1.0765||+||0.115 * 0.9637|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0186||+||4.679 * -0.0338||-||0.327 * 1.2154|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $867 Mil.|
Revenue was 4915.2827734 + 5557.40432612 + 4924.33805419 + 4861.85550854 = $20,259 Mil.
Gross Profit was 2028.85130481 + 2408.33459386 + 2081.04987685 + 2062.76445698 = $8,581 Mil.
Total Current Assets was $5,657 Mil.
Total Assets was $27,368 Mil.
Property, Plant and Equipment(Net PPE) was $5,508 Mil.
Depreciation, Depletion and Amortization(DDA) was $733 Mil.
Selling, General & Admin. Expense(SGA) was $6,234 Mil.
Total Current Liabilities was $3,818 Mil.
Long-Term Debt was $5,665 Mil.
Net Income was 190.403306038 + 53.3202238693 + 469.981527094 + 279.344930262 = $993 Mil.
Non Operating Income was 0.229585979949 + -293.22341552 + 44.7967980296 + -7.5223319229 = $-256 Mil.
Cash Flow from Operations was 0 + 2175.01134473 + 0 + 0 = $2,175 Mil.
|Accounts Receivable was $749 Mil.
Revenue was 4604.53875143 + 5130.04095778 + 4626.68630795 + 4458.6950015 = $18,820 Mil.
Gross Profit was 1905.21055219 + 2273.39319471 + 1970.61559932 + 1870.17360072 = $8,019 Mil.
Total Current Assets was $5,144 Mil.
Total Assets was $23,380 Mil.
Property, Plant and Equipment(Net PPE) was $4,868 Mil.
Depreciation, Depletion and Amortization(DDA) was $621 Mil.
Selling, General & Admin. Expense(SGA) was $5,685 Mil.
Total Current Liabilities was $4,485 Mil.
Long-Term Debt was $2,180 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)|
|=||(866.534016989 / 20258.8806622)||/||(749.221694249 / 18819.9610187)|
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)|
|=||(2408.33459386 / 18819.9610187)||/||(2028.85130481 / 20258.8806622)|
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 - (5656.76895998 + 5508.30335961) / 27367.5671539)||/||(1 - (5144.19138129 + 4867.52416844) / 23379.9770605)|
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))|
|=||(621.45557656 / (621.45557656 + 4867.52416844))||/||(733.32324913 / (733.32324913 + 5508.30335961))|
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)|
|=||(6233.67153809 / 20258.8806622)||/||(5685.10486778 / 18819.9610187)|
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)|
|=||((5665.18711257 + 3817.5556746) / 27367.5671539)||/||((2180.07537277 + 4485.33508111) / 23379.9770605)|
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|
|=||(993.049987263 - -255.719363433||-||2175.01134473)||/||27367.5671539|
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.
Fomento Economico Mexicano SAB de CV has a M-score of -2.56 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
Fomento Economico Mexicano SAB de CV Annual Data
Fomento Economico Mexicano SAB de CV Quarterly Data