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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 -2.74. And the median was -2.58.
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 * 0.9942||+||0.528 * 0.993||+||0.404 * 0.985||+||0.892 * 0.9641||+||0.115 * 1.2135|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0507||+||4.679 * -0.0282||-||0.327 * 1.0855|
|This Year (Dec16) TTM:||Last Year (Dec15) TTM:|
|Accounts Receivable was $7,712 Mil.|
Revenue was $36,612 Mil.
Gross Profit was $25,323 Mil.
Total Current Assets was $28,151 Mil.
Total Assets was $110,414 Mil.
Property, Plant and Equipment(Net PPE) was $10,569 Mil.
Depreciation, Depletion and Amortization(DDA) was $3,482 Mil.
Selling, General & Admin. Expense(SGA) was $10,692 Mil.
Total Current Liabilities was $17,335 Mil.
Long-Term Debt was $17,737 Mil.
Net Income was $4,967 Mil.
Non Operating Income was $-553 Mil.
Cash Flow from Operations was $8,633 Mil.
|Accounts Receivable was $8,046 Mil.
Revenue was $37,975 Mil.
Gross Profit was $26,081 Mil.
Total Current Assets was $27,155 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 $10,554 Mil.
Total Current Liabilities was $18,328 Mil.
Long-Term Debt was $14,290 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)|
|=||(7712.02531646 / 36611.814346)||/||(8045.75163399 / 37974.9455338)|
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)|
|=||(26080.6100218 / 37974.9455338)||/||(25322.7848101 / 36611.814346)|
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 - (28150.8438819 + 10568.5654008) / 110413.50211)||/||(1 - (27154.6840959 + 10831.1546841) / 111460.784314)|
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))|
|=||(4657.95206972 / (4657.95206972 + 10831.1546841))||/||(3482.06751055 / (3482.06751055 + 10568.5654008))|
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)|
|=||(10691.9831224 / 36611.814346)||/||(10554.4662309 / 37974.9455338)|
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)|
|=||((17737.3417722 + 17335.443038) / 110413.50211)||/||((14289.7603486 + 18327.8867102) / 111460.784314)|
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|
|=||(4967.29957806 - -552.742616034||-||8632.91139241)||/||110413.50211|
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 -2.67 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