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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, S.A.B. de C.V. has a M-score of -2.60 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Coca-Cola Femsa, S.A.B. de C.V. 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, S.A.B. de C.V. 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 * 1.0614||+||0.528 * 0.9942||+||0.404 * 1.2004||+||0.892 * 1.0611||+||0.115 * 0.9408|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0465||+||4.679 * -0.0456||-||0.327 * 1.2598|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $1,065 Mil.|
Revenue was 3499.77310543 + 2885.92980296 + 2922.03416392 + 2749.54940193 = $12,057 Mil.
Gross Profit was 1620.25412192 + 1352.75554187 + 1387.08666353 + 1273.7997706 = $5,634 Mil.
Total Current Assets was $3,270 Mil.
Total Assets was $16,387 Mil.
Property, Plant and Equipment(Net PPE) was $3,917 Mil.
Depreciation, Depletion and Amortization(DDA) was $548 Mil.
Selling, General & Admin. Expense(SGA) was $3,962 Mil.
Total Current Liabilities was $2,450 Mil.
Long-Term Debt was $4,302 Mil.
Net Income was 245.878081985 + 227.370689655 + 223.005798464 + 199.410126167 = $896 Mil.
Non Operating Income was -64.1355316896 + -4.38731527094 + 4.23131170663 + 10.0770113059 = $-54 Mil.
Cash Flow from Operations was 972.923914688 + 0 + 723.475944209 + 0 = $1,696 Mil.
|Accounts Receivable was $945 Mil.
Revenue was 3271.66036547 + 2806.09396806 + 2715.8784795 + 2569.0870098 = $11,363 Mil.
Gross Profit was 1547.4952741 + 1316.94836409 + 1249.77551631 + 1164.52205882 = $5,279 Mil.
Total Current Assets was $3,615 Mil.
Total Assets was $13,083 Mil.
Property, Plant and Equipment(Net PPE) was $3,349 Mil.
Depreciation, Depletion and Amortization(DDA) was $437 Mil.
Selling, General & Admin. Expense(SGA) was $3,568 Mil.
Total Current Liabilities was $2,328 Mil.
Long-Term Debt was $1,951 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)|
|=||(1064.74058388 / 12057.2864742)||/||(945.337114052 / 11362.7198228)|
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)|
|=||(1352.75554187 / 11362.7198228)||/||(1620.25412192 / 12057.2864742)|
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 - (3269.62638028 + 3916.57842989) / 16386.7039782)||/||(1 - (3615.07561437 + 3348.85003151) / 13083.0970384)|
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 + 3348.85003151))||/||(548.225686362 / (548.225686362 + 3916.57842989))|
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)|
|=||(3962.13608671 / 12057.2864742)||/||(3567.88834612 / 11362.7198228)|
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)|
|=||((4301.54288307 + 2450.31008925) / 16386.7039782)||/||((1951.40201638 + 2327.5047259) / 13083.0970384)|
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|
|=||(895.664696271 - -54.214523948||-||1696.3998589)||/||16386.7039782|
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, S.A.B. de C.V. has a M-score of -2.60 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, S.A.B. de C.V. Annual Data
Coca-Cola Femsa, S.A.B. de C.V. Quarterly Data