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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 -2.53 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 2.41. The lowest was -3.41. And the median was -2.55.
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 * 1.13||+||0.528 * 1.0078||+||0.404 * 1.063||+||0.892 * 1.0745||+||0.115 * 0.9887|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0212||+||4.679 * -0.0429||-||0.327 * 1.1948|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $629 Mil.|
Revenue was 3189.43884228 + 2962.27137063 + 3499.77310543 + 2885.92980296 = $12,537 Mil.
Gross Profit was 1504.73404665 + 1369.63342772 + 1620.25412192 + 1352.75554187 = $5,847 Mil.
Total Current Assets was $3,402 Mil.
Total Assets was $16,832 Mil.
Property, Plant and Equipment(Net PPE) was $3,939 Mil.
Depreciation, Depletion and Amortization(DDA) was $539 Mil.
Selling, General & Admin. Expense(SGA) was $4,076 Mil.
Total Current Liabilities was $2,655 Mil.
Long-Term Debt was $4,491 Mil.
Net Income was 206.219690555 + 176.781204561 + 245.878081985 + 227.370689655 = $856 Mil.
Non Operating Income was -22.0922176892 + -2.52544577944 + -64.1355316896 + -4.38731527094 = $-93 Mil.
Cash Flow from Operations was 0 + 0 + 1671.22976857 + 0 = $1,671 Mil.
|Accounts Receivable was $518 Mil.
Revenue was 2841.24745338 + 2749.54940193 + 3271.66036547 + 2806.09396806 = $11,669 Mil.
Gross Profit was 1346.57577182 + 1273.7997706 + 1547.4952741 + 1316.94836409 = $5,485 Mil.
Total Current Assets was $3,257 Mil.
Total Assets was $13,999 Mil.
Property, Plant and Equipment(Net PPE) was $3,317 Mil.
Depreciation, Depletion and Amortization(DDA) was $448 Mil.
Selling, General & Admin. Expense(SGA) was $3,714 Mil.
Total Current Liabilities was $2,640 Mil.
Long-Term Debt was $2,334 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)|
|=||(629.127857748 / 12537.4131213)||/||(518.178968814 / 11668.5511888)|
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)|
|=||(1369.63342772 / 11668.5511888)||/||(1504.73404665 / 12537.4131213)|
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 - (3402.2785005 + 3939.18866908) / 16831.8836117)||/||(1 - (3256.85629212 + 3316.64315938) / 13999.1380661)|
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))|
|=||(448.330182735 / (448.330182735 + 3316.64315938))||/||(539.404023597 / (539.404023597 + 3939.18866908))|
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)|
|=||(4075.59688127 / 12537.4131213)||/||(3714.2959037 / 11668.5511888)|
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)|
|=||((4490.64737126 + 2655.06889385) / 16831.8836117)||/||((2333.96019433 + 2640.26014731) / 13999.1380661)|
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|
|=||(856.249666756 - -93.1405104292||-||1671.22976857)||/||16831.8836117|
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 -2.53 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