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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 -2.56.
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 * 0.9177||+||0.528 * 1.007||+||0.404 * 1.0561||+||0.892 * 0.8443||+||0.115 * 0.9552|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9576||+||4.679 * -0.0617||-||0.327 * 1.071|
|This Year (Mar15) TTM:||Last Year (Mar14) TTM:|
|Accounts Receivable was $462 Mil.|
Revenue was 2255.88187039 + 1665.50738611 + 3156.37984438 + 3188.89880861 = $10,267 Mil.
Gross Profit was 1034.15914684 + 740.057160566 + 1479.56485609 + 1504.47926608 = $4,758 Mil.
Total Current Assets was $2,226 Mil.
Total Assets was $13,326 Mil.
Property, Plant and Equipment(Net PPE) was $3,092 Mil.
Depreciation, Depletion and Amortization(DDA) was $479 Mil.
Selling, General & Admin. Expense(SGA) was $3,225 Mil.
Total Current Liabilities was $1,934 Mil.
Long-Term Debt was $4,337 Mil.
Net Income was 143.986874487 + 146.482559141 + 252.549671376 + 206.184773574 = $749 Mil.
Non Operating Income was -0.328137817884 + -59.7775558693 + -27.3475863111 + -22.0884770495 = $-110 Mil.
Cash Flow from Operations was 0 + 1680.79611584 + 0 + 0 = $1,681 Mil.
|Accounts Receivable was $596 Mil.
Revenue was 2933.98014098 + 3556.80245965 + 2872.00306396 + 2796.9762419 = $12,160 Mil.
Gross Profit was 1356.55271735 + 1646.65641814 + 1346.22749904 + 1325.59395248 = $5,675 Mil.
Total Current Assets was $3,249 Mil.
Total Assets was $16,202 Mil.
Property, Plant and Equipment(Net PPE) was $3,734 Mil.
Depreciation, Depletion and Amortization(DDA) was $548 Mil.
Selling, General & Admin. Expense(SGA) was $3,988 Mil.
Total Current Liabilities was $2,664 Mil.
Long-Term Debt was $4,453 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)|
|=||(461.689909762 / 10266.6679095)||/||(595.846282119 / 12159.7619065)|
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)|
|=||(740.057160566 / 12159.7619065)||/||(1034.15914684 / 10266.6679095)|
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 - (2226.02132896 + 3091.91140279) / 13326.0049221)||/||(1 - (3248.76828621 + 3733.57083302) / 16201.6978701)|
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))|
|=||(548.193697156 / (548.193697156 + 3733.57083302))||/||(478.564787714 / (478.564787714 + 3091.91140279))|
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)|
|=||(3224.55125008 / 10266.6679095)||/||(3988.26437794 / 12159.7619065)|
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)|
|=||((4336.53814602 + 1933.65053322) / 13326.0049221)||/||((4453.49806716 + 2664.21587205) / 16201.6978701)|
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|
|=||(749.203878577 - -109.541757048||-||1680.79611584)||/||13326.0049221|
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 -2.98 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