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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 Total SA was -2.29. The lowest was -3.44. And the median was -2.73.
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 Total 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 * 0.7663||+||0.528 * 1.0209||+||0.404 * 0.9827||+||0.892 * 0.8635||+||0.115 * 0.651|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0572||+||4.679 * -0.1127||-||0.327 * 1.0318|
|This Year (Mar15) TTM:||Last Year (Mar14) TTM:|
|Accounts Receivable was $15,458 Mil.|
Revenue was 36963 + 46734 + 54222 + 56207 = $194,126 Mil.
Gross Profit was 13257 + 11090 + 15594 + 15836 = $55,777 Mil.
Total Current Assets was $76,199 Mil.
Total Assets was $227,921 Mil.
Property, Plant and Equipment(Net PPE) was $105,806 Mil.
Depreciation, Depletion and Amortization(DDA) was $22,109 Mil.
Selling, General & Admin. Expense(SGA) was $20,332 Mil.
Total Current Liabilities was $52,884 Mil.
Long-Term Debt was $41,827 Mil.
Net Income was 2663 + -5658 + 3463 + 3104 = $3,572 Mil.
Non Operating Income was 1745 + 768 + 1211 + 889 = $4,613 Mil.
Cash Flow from Operations was 4387 + 7354 + 7639 + 5277 = $24,657 Mil.
|Accounts Receivable was $23,359 Mil.
Revenue was 54855 + 58767 + 55676 + 55506 = $224,804 Mil.
Gross Profit was 16523 + 16775 + 16769 + 15875 = $65,942 Mil.
Total Current Assets was $87,118 Mil.
Total Assets was $243,392 Mil.
Property, Plant and Equipment(Net PPE) was $106,377 Mil.
Depreciation, Depletion and Amortization(DDA) was $13,486 Mil.
Selling, General & Admin. Expense(SGA) was $22,272 Mil.
Total Current Liabilities was $60,513 Mil.
Long-Term Debt was $37,506 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)|
|=||(15458 / 194126)||/||(23359 / 224804)|
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)|
|=||(11090 / 224804)||/||(13257 / 194126)|
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 - (76199 + 105806) / 227921)||/||(1 - (87118 + 106377) / 243392)|
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))|
|=||(13486 / (13486 + 106377))||/||(22109 / (22109 + 105806))|
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)|
|=||(20332 / 194126)||/||(22272 / 224804)|
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)|
|=||((41827 + 52884) / 227921)||/||((37506 + 60513) / 243392)|
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|
|=||(3572 - 4613||-||24657)||/||227921|
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.
Total SA has a M-score of -3.40 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
Total SA Annual Data
Total SA Quarterly Data