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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.
Sanofi has a M-score of -2.81 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Sanofi was 1.19. The lowest was -3.92. And the median was -2.84.
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 * 0.9582||+||0.528 * 1.0117||+||0.404 * 0.9795||+||0.892 * 1.0114||+||0.115 * 0.9827|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9762||+||4.679 * -0.0591||-||0.327 * 1.0689|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $9,658 Mil.|
Revenue was 11023.0040595 + 10946.1325967 + 11641.6893733 + 11620.7366985 = $45,232 Mil.
Gross Profit was 7493.91069012 + 7470.99447514 + 7688.01089918 + 7699.86357435 = $30,353 Mil.
Total Current Assets was $27,563 Mil.
Total Assets was $122,760 Mil.
Property, Plant and Equipment(Net PPE) was $13,654 Mil.
Depreciation, Depletion and Amortization(DDA) was $10,268 Mil.
Selling, General & Admin. Expense(SGA) was $11,598 Mil.
Total Current Liabilities was $19,215 Mil.
Long-Term Debt was $13,685 Mil.
Net Income was 1051.42083897 + 1497.23756906 + 1438.69209809 + 1654.8431105 = $5,642 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 3428.95805142 + 0 + 9474.11444142 + 0 = $12,903 Mil.
|Accounts Receivable was $9,966 Mil.
Revenue was 10583.7696335 + 10634.9413299 + 11519.9468085 + 11984.4357977 = $44,723 Mil.
Gross Profit was 7082.46073298 + 7324.64146023 + 7706.11702128 + 8249.02723735 = $30,362 Mil.
Total Current Assets was $27,234 Mil.
Total Assets was $126,946 Mil.
Property, Plant and Equipment(Net PPE) was $13,624 Mil.
Depreciation, Depletion and Amortization(DDA) was $9,939 Mil.
Selling, General & Admin. Expense(SGA) was $11,748 Mil.
Total Current Liabilities was $17,839 Mil.
Long-Term Debt was $13,991 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)|
|=||(9657.64546685 / 45231.562728)||/||(9965.96858639 / 44723.0935695)|
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)|
|=||(7470.99447514 / 44723.0935695)||/||(7493.91069012 / 45231.562728)|
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 - (27562.9228687 + 13653.5859269) / 122760.487145)||/||(1 - (27234.2931937 + 13624.3455497) / 126946.335079)|
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))|
|=||(9938.87852289 / (9938.87852289 + 13624.3455497))||/||(10267.8429869 / (10267.8429869 + 13653.5859269))|
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)|
|=||(11598.3581667 / 45231.562728)||/||(11747.9692474 / 44723.0935695)|
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)|
|=||((13684.7090663 + 19215.1556157) / 122760.487145)||/||((13990.8376963 + 17839.0052356) / 126946.335079)|
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|
|=||(5642.19361663 - 0||-||12903.0724928)||/||122760.487145|
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 -2.81 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 Annual Data
Sanofi Quarterly Data