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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: -3.75   Max: 1.21
Current: 0

-3.75
1.21

During the past 13 years, the highest Beneish M-Score of Sanofi was 1.21. The lowest was -3.75. And the median was -2.61.


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 (Mar14) TTM:Last Year (Mar13) TTM:
Accounts Receivable was $0 Mil.
Revenue was 10946.1325967 + 11641.6893733 + 11620.7366985 + 10583.7696335 = $44,792 Mil.
Gross Profit was 7470.99447514 + 7688.01089918 + 7699.86357435 + 7094.2408377 = $29,953 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 $7,448 Mil.
Selling, General & Admin. Expense(SGA) was $11,555 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt was $0 Mil.
Net Income was 1497.23756906 + 1438.69209809 + 1654.8431105 + 600.785340314 = $5,192 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 0 + 6715.25885559 + 0 + 2650.52356021 = $9,366 Mil.
Accounts Receivable was $0 Mil.
Revenue was 10634.9413299 + 11519.9468085 + 11984.4357977 + 11200.2457002 = $45,340 Mil.
Gross Profit was 7312.90743155 + 7706.11702128 + 8249.02723735 + 7848.89434889 = $31,117 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 $6,274 Mil.
Selling, General & Admin. Expense(SGA) was $11,547 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 / 44792.328302) / (0 / 45339.5696363)
=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)
=(7688.01089918 / 45339.5696363) / (7470.99447514 / 44792.328302)
=0.68630881 / 0.66871071
=

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
=44792.328302 / 45339.5696363
=

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))
=(6274.0766637 / (6274.0766637 + 0)) / (7447.67251095 / (7447.67251095 + 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)
=(11554.7907308 / 44792.328302) / (11547.1848363 / 45339.5696363)
=0.25796361 / 0.25468228
=

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
=(5191.55811797 - 0 - 9365.7824158) / 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 1.52840.76461.10860.69971.0961.0630.97731.51990.91920.9953
GMI 1.14590.97710.98921.00260.99381.00221.02741.0490.99821.0318
AQI 6.10830.98360.98160.96190.93850.99220.97851.0260.97220.9663
SGI 2.03131.67591.10761.12320.88731.14921.03730.99411.0570.949
DEPI 0.76830.56250.98931.19060.90061.18471.01071.13361.07490.8963
SGAI 0.950.98970.93990.9510.96170.95771.00511.01361.02321.0401
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 0.88-2.31-2.41-2.74-2.83-2.49-2.68-2.23-2.65-2.72

Sanofi Quarterly Data

Dec11Mar12Jun12Sep12Dec12Mar13Jun13Sep13Dec13Mar14
DSRI 1.46070.950901.0421
GMI 1.04451.00660.99861.02441.0318
AQI 1.0261.02670.97220.99170.9663
SGI 1.03440.96120.95840.95010.9573
DEPI 1.08021.03191.14461.00170.883
SGAI 1.00920.97081.02341.09181.0385
LVGI 1.31530.87930.94550.96841.0364
TATA -0.0368-0.0314-0.0308-0.0265-0.0335
M-score -2.26-2.64-3.56-2.61-2.70
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