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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.
Lafarge SA has a M-score of -2.49 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Lafarge SA was -2.29. The lowest was -3.57. 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 Lafarge SA 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||+||0.528 * 1.0489||+||0.404 * 1.193||+||0.892 * 1.0191||+||0.115 * 0.7308|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9623||+||4.679 * -0.0236||-||0.327 * 0.9867|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $0 Mil.|
Revenue was 3636.74033149 + 5059.94550409 + 5778.9904502 + 5382.19895288 = $19,858 Mil.
Gross Profit was 587.016574586 + 1147.13896458 + 1519.78171896 + 1352.09424084 = $4,606 Mil.
Total Current Assets was $9,184 Mil.
Total Assets was $48,200 Mil.
Property, Plant and Equipment(Net PPE) was $16,387 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,364 Mil.
Selling, General & Admin. Expense(SGA) was $1,781 Mil.
Total Current Liabilities was $7,807 Mil.
Long-Term Debt was $14,613 Mil.
Net Income was -186.464088398 + 290.190735695 + 414.733969986 + 263.089005236 = $782 Mil.
Non Operating Income was -15.1933701657 + 19.0735694823 + 1.36425648022 + 10.4712041885 = $16 Mil.
Cash Flow from Operations was -95.3038674033 + 920.980926431 + 799.454297408 + 276.178010471 = $1,901 Mil.
|Accounts Receivable was $0 Mil.
Revenue was 3487.61408083 + 5065.15957447 + 5697.79507134 + 5234.64373464 = $19,485 Mil.
Gross Profit was 561.929595828 + 1279.25531915 + 1512.32166018 + 1386.97788698 = $4,740 Mil.
Total Current Assets was $10,498 Mil.
Total Assets was $52,140 Mil.
Property, Plant and Equipment(Net PPE) was $21,123 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,257 Mil.
Selling, General & Admin. Expense(SGA) was $1,816 Mil.
Total Current Liabilities was $8,842 Mil.
Long-Term Debt was $15,737 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)|
|=||(0 / 19857.8752387)||/||(0 / 19485.2124613)|
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)|
|=||(1147.13896458 / 19485.2124613)||/||(587.016574586 / 19857.8752387)|
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 - (9183.70165746 + 16386.7403315) / 48200.2762431)||/||(1 - (10498.0443286 + 21122.5554107) / 52139.5045632)|
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))|
|=||(1257.06392273 / (1257.06392273 + 21122.5554107))||/||(1364.30856055 / (1364.30856055 + 16386.7403315))|
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)|
|=||(1780.61530175 / 19857.8752387)||/||(1815.73666436 / 19485.2124613)|
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)|
|=||((14613.2596685 + 7806.62983425) / 48200.2762431)||/||((15736.6362451 + 8842.24250326) / 52139.5045632)|
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|
|=||(781.549622519 - 15.7156599852||-||1901.30936691)||/||48200.2762431|
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.
Lafarge SA has a M-score of -2.49 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
Lafarge SA Annual Data
Lafarge SA Quarterly Data