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Sanofi (NYSE:SNY)
Beneish M-Score
0.00 (As of Today)

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.

Sanofi has a M-score of signals that the company is a manipulator.

SNY' s 10-Year Beneish M-Score Range
Min: -3.95   Max: 1.19
Current: 0

-3.95
1.19

During the past 13 years, the highest Beneish M-Score of Sanofi was 1.19. The lowest was -3.95. And the median was -2.83.


Definition

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 Sanofi 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

This Year (Sep14) TTM:Last Year (Sep13) TTM:
Accounts Receivable was $0 Mil.
Revenue was 11427.8350515 + 11067.9347826 + 10961.2724758 + 11721.5363512 = $45,179 Mil.
Gross Profit was 7737.11340206 + 7524.45652174 + 7481.32780083 + 7740.74074074 = $30,484 Mil.
Total Current Assets was $0 Mil.
Total Assets was $0 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $11,990 Mil.
Selling, General & Admin. Expense(SGA) was $11,860 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt was $0 Mil.
Net Income was 1533.50515464 + 1055.70652174 + 1499.30843707 + 1448.55967078 = $5,537 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 0 + 3442.93478261 + 0 + 9539.09465021 = $12,982 Mil.
Accounts Receivable was $0 Mil.
Revenue was 11372.4966622 + 10667.5461741 + 10566.0621762 + 11368.7664042 = $43,975 Mil.
Gross Profit was 7539.3858478 + 7141.16094987 + 7265.54404145 + 7604.98687664 = $29,551 Mil.
Total Current Assets was $0 Mil.
Total Assets was $0 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $11,804 Mil.
Selling, General & Admin. Expense(SGA) was $11,587 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt was $0 Mil.



1. DSRI = Days Sales in Receivables Index

Measured as the ratio of days’ sales in receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(0 / 45178.5786611) / (0 / 43974.8714167)
=0 / 0
=

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.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(7524.45652174 / 43974.8714167) / (7737.11340206 / 45178.5786611)
=0.67199918 / 0.67473655
=

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than plant, property and equipment to total assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 0) / 0) / (1 - (0 + 0) / 0)
=1 / 1
=

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.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=45178.5786611 / 43974.8714167
=

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))
=(11804.0449926 / (11804.0449926 + 0)) / (11990.1222659 / (11990.1222659 + 0))
=1 / 1
=

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)
=(11860.0117635 / 45178.5786611) / (11587.0995886 / 43974.8714167)
=0.26251405 / 0.26349365
=

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)
=((0 + 0) / 0) / ((0 + 0) / 0)
=0 / 0
=

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(5537.07978423 - 0 - 12982.0294328) / 0
=0

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.

Sanofi has a M-score of signals that the company is likely to be a manipulator.


Related Terms

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


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

Sanofi Annual Data

Dec04Dec05Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13
DSRI 1.52840.6220.9690.9841.0961.0630.97731.19990.91010.9824
GMI 1.14590.97710.98921.00260.99381.00221.02741.0490.99821.0319
AQI 6.10830.98360.98160.96190.93850.99220.97851.0260.97220.9663
SGI 2.13261.60371.15261.09130.9161.1511.00441.02461.0230.9682
DEPI 0.76830.56250.98931.19060.90061.18471.01071.13361.07490.8963
SGAI 0.950.98970.93990.9510.96170.95771.00511.01361.02321.0402
LVGI 1.02820.83140.81910.98081.00761.12320.93321.31530.94551.0364
TATA -0.0336-0.0438-0.0383-0.0256-0.0649-0.0405-0.0515-0.0365-0.0327-0.0337
M-score 0.97-2.51-2.50-2.51-2.81-2.49-2.71-2.50-2.68-2.71

Sanofi Quarterly Data

Jun12Sep12Dec12Mar13Jun13Sep13Dec13Mar14Jun14Sep14
DSRI 0.931901.044910.9522
GMI 1.0060.99811.02481.03221.0112
AQI 1.02670.97220.99170.96630.9795
SGI 0.99320.95950.9350.95291.0138
DEPI 0.95371.0741.0410.94870.9881
SGAI 0.96961.02281.09281.03990.9751
LVGI 0.87930.94550.96841.03641.0689
TATA -0.0723-0.0745-0.0706-0.0551-0.0596
M-score -2.83-3.77-2.82-2.80-2.81
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