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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 Coca-Cola Femsa SAB de CV was 1.69. The lowest was -3.27. 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 Coca-Cola Femsa 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 * 1.0372||+||0.528 * 1.0075||+||0.404 * 1.0533||+||0.892 * 1.1082||+||0.115 * 0.9078|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0019||+||4.679 * -0.042||-||0.327 * 1.1662|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $653 Mil.|
Revenue was 3156.37984438 + 3188.89880861 + 2933.98014098 + 3556.80245965 = $12,836 Mil.
Gross Profit was 1479.56485609 + 1504.47926608 + 1356.55271735 + 1646.65641814 = $5,987 Mil.
Total Current Assets was $3,549 Mil.
Total Assets was $16,613 Mil.
Property, Plant and Equipment(Net PPE) was $3,875 Mil.
Depreciation, Depletion and Amortization(DDA) was $548 Mil.
Selling, General & Admin. Expense(SGA) was $4,136 Mil.
Total Current Liabilities was $2,709 Mil.
Long-Term Debt was $4,526 Mil.
Net Income was 252.549671376 + 206.184773574 + 175.09285227 + 249.884704074 = $884 Mil.
Non Operating Income was -27.3475863111 + -22.0884770495 + -2.501326461 + -65.1806302844 = $-117 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 1698.46272098 = $1,698 Mil.
|Accounts Receivable was $568 Mil.
Revenue was 2872.00306396 + 2796.9762419 + 2684.88 + 3228.68247182 = $11,583 Mil.
Gross Profit was 1346.22749904 + 1325.59395248 + 1243.84 + 1527.16673144 = $5,443 Mil.
Total Current Assets was $3,570 Mil.
Total Assets was $14,866 Mil.
Property, Plant and Equipment(Net PPE) was $3,490 Mil.
Depreciation, Depletion and Amortization(DDA) was $442 Mil.
Selling, General & Admin. Expense(SGA) was $3,725 Mil.
Total Current Liabilities was $2,789 Mil.
Long-Term Debt was $2,763 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)|
|=||(653.244692906 / 12836.0612536)||/||(568.288012256 / 11582.5417777)|
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)|
|=||(1504.47926608 / 11582.5417777)||/||(1479.56485609 / 12836.0612536)|
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 - (3549.36919242 + 3875.04721614) / 16612.5254967)||/||(1 - (3569.97319035 + 3490.00382995) / 14866.2581386)|
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))|
|=||(442.440730665 / (442.440730665 + 3490.00382995))||/||(548.193697156 / (548.193697156 + 3875.04721614))|
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)|
|=||(4136.43340862 / 12836.0612536)||/||(3725.28224346 / 11582.5417777)|
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)|
|=||((4526.25217194 + 2708.84641535) / 16612.5254967)||/||((2762.61968594 + 2789.1229414) / 14866.2581386)|
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|
|=||(883.712001293 - -117.118020106||-||1698.46272098)||/||16612.5254967|
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.
Coca-Cola Femsa SAB de CV has a M-score of -2.59 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
Coca-Cola Femsa SAB de CV Annual Data
Coca-Cola Femsa SAB de CV Quarterly Data