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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.
During the past 13 years, the highest Beneish M-Score of Sanofi SA was 0.89. The lowest was -2.75. And the median was -2.36.
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 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 * 1.0109||+||0.528 * 0.9852||+||0.404 * 0.9238||+||0.892 * 0.9029||+||0.115 * 0.8862|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.008||+||4.679 * -0.0453||-||0.327 * 1.1189|
|This Year (Dec15) TTM:||Last Year (Dec14) TTM:|
|Accounts Receivable was $8,046 Mil.|
Revenue was $37,975 Mil.
Gross Profit was $26,081 Mil.
Total Current Assets was $33,420 Mil.
Total Assets was $111,461 Mil.
Property, Plant and Equipment(Net PPE) was $10,831 Mil.
Depreciation, Depletion and Amortization(DDA) was $4,658 Mil.
Selling, General & Admin. Expense(SGA) was $10,220 Mil.
Total Current Liabilities was $19,399 Mil.
Long-Term Debt was $14,290 Mil.
Net Income was $4,670 Mil.
Non Operating Income was $0 Mil.
Cash Flow from Operations was $9,717 Mil.
|Accounts Receivable was $8,815 Mil.
Revenue was $42,058 Mil.
Gross Profit was $28,459 Mil.
Total Current Assets was $28,887 Mil.
Total Assets was $120,089 Mil.
Property, Plant and Equipment(Net PPE) was $12,819 Mil.
Depreciation, Depletion and Amortization(DDA) was $4,657 Mil.
Selling, General & Admin. Expense(SGA) was $11,229 Mil.
Total Current Liabilities was $16,069 Mil.
Long-Term Debt was $16,370 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)|
|=||(8045.75163399 / 37974.9455338)||/||(8815.0431566 / 42057.9531443)|
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)|
|=||(28458.6929716 / 42057.9531443)||/||(26080.6100218 / 37974.9455338)|
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 - (33420.4793028 + 10831.1546841) / 111460.784314)||/||(1 - (28886.5598027 + 12818.7422935) / 120088.779285)|
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))|
|=||(4657.21331689 / (4657.21331689 + 12818.7422935))||/||(4657.95206972 / (4657.95206972 + 10831.1546841))|
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)|
|=||(10220.043573 / 37974.9455338)||/||(11229.3464858 / 42057.9531443)|
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)|
|=||((14289.7603486 + 19398.6928105) / 111460.784314)||/||((16369.9136868 + 16069.0505549) / 120088.779285)|
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|
|=||(4669.93464052 - 0||-||9716.77559913)||/||111460.784314|
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 SA has a M-score of -2.86 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
Sanofi SA Annual Data