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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.
Coca-Cola Femsa SAB de CV has a M-score of -2.97 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Coca-Cola Femsa SAB de CV was 2.53. The lowest was -3.27. And the median was -2.66.
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 * 0.956||+||0.528 * 0.9996||+||0.404 * 1.066||+||0.892 * 1.063||+||0.115 * 0.6779|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0386||+||4.679 * -0.0884||-||0.327 * 1.2391|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $602 Mil.|
Revenue was 2962.27137063 + 3499.77310543 + 2885.92980296 + 2922.03416392 = $12,270 Mil.
Gross Profit was 1369.63342772 + 1620.25412192 + 1352.75554187 + 1387.08666353 = $5,730 Mil.
Total Current Assets was $3,280 Mil.
Total Assets was $16,358 Mil.
Property, Plant and Equipment(Net PPE) was $3,770 Mil.
Depreciation, Depletion and Amortization(DDA) was $793 Mil.
Selling, General & Admin. Expense(SGA) was $4,032 Mil.
Total Current Liabilities was $2,690 Mil.
Long-Term Debt was $4,496 Mil.
Net Income was 176.781204561 + 245.878081985 + 227.370689655 + 223.005798464 = $873 Mil.
Non Operating Income was -2.52544577944 + -64.1355316896 + -4.38731527094 + -4.07459645824 = $-75 Mil.
Cash Flow from Operations was 0 + 1671.22976857 + 0 + 723.475944209 = $2,395 Mil.
|Accounts Receivable was $592 Mil.
Revenue was 2749.54940193 + 3271.66036547 + 2806.09396806 + 2715.8784795 = $11,543 Mil.
Gross Profit was 1273.7997706 + 1547.4952741 + 1316.94836409 + 1249.77551631 = $5,388 Mil.
Total Current Assets was $2,823 Mil.
Total Assets was $13,081 Mil.
Property, Plant and Equipment(Net PPE) was $3,275 Mil.
Depreciation, Depletion and Amortization(DDA) was $437 Mil.
Selling, General & Admin. Expense(SGA) was $3,652 Mil.
Total Current Liabilities was $2,686 Mil.
Long-Term Debt was $1,952 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)|
|=||(601.591796128 / 12270.0084429)||/||(592.003932492 / 11543.182215)|
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)|
|=||(1620.25412192 / 11543.182215)||/||(1369.63342772 / 12270.0084429)|
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 - (3280.09489554 + 3769.57220479) / 16357.9245427)||/||(1 - (2822.95592332 + 3275.11060134) / 13081.1895789)|
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))|
|=||(437.377255375 / (437.377255375 + 3275.11060134))||/||(792.969295498 / (792.969295498 + 3769.57220479))|
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)|
|=||(4031.5818518 / 12270.0084429)||/||(3651.78855401 / 11543.182215)|
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)|
|=||((4496.44141731 + 2689.90586975) / 16357.9245427)||/||((1951.58118958 + 2686.3837457) / 13081.1895789)|
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|
|=||(873.035774665 - -75.1228891982||-||2394.70571278)||/||16357.9245427|
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 -2.97 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