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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 -2.27. The lowest was -3.42. And the median was -2.86.
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 * 0.8515||+||0.528 * 0.9517||+||0.404 * 0.9863||+||0.892 * 0.7046||+||0.115 * 0.6193|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.2225||+||4.679 * -0.1115||-||0.327 * 0.9879|
|This Year (Sep15) TTM:||Last Year (Sep14) TTM:|
|Accounts Receivable was $12,306 Mil.|
Revenue was 34897 + 39269 + 36963 + 46734 = $157,863 Mil.
Gross Profit was 10657 + 12916 + 13257 + 11090 = $47,920 Mil.
Total Current Assets was $75,221 Mil.
Total Assets was $229,125 Mil.
Property, Plant and Equipment(Net PPE) was $108,886 Mil.
Depreciation, Depletion and Amortization(DDA) was $22,366 Mil.
Selling, General & Admin. Expense(SGA) was $19,134 Mil.
Total Current Liabilities was $52,890 Mil.
Long-Term Debt was $42,873 Mil.
Net Income was 1079 + 2971 + 2663 + -5658 = $1,055 Mil.
Non Operating Income was 506 + 1131 + 1745 + 768 = $4,150 Mil.
Cash Flow from Operations was 5989 + 4732 + 4387 + 7354 = $22,462 Mil.
|Accounts Receivable was $20,511 Mil.
Revenue was 54222 + 56207 + 54855 + 58767 = $224,051 Mil.
Gross Profit was 15594 + 15836 + 16523 + 16775 = $64,728 Mil.
Total Current Assets was $88,021 Mil.
Total Assets was $246,576 Mil.
Property, Plant and Equipment(Net PPE) was $109,437 Mil.
Depreciation, Depletion and Amortization(DDA) was $12,912 Mil.
Selling, General & Admin. Expense(SGA) was $22,213 Mil.
Total Current Liabilities was $61,073 Mil.
Long-Term Debt was $43,242 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)|
|=||(12306 / 157863)||/||(20511 / 224051)|
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)|
|=||(12916 / 224051)||/||(10657 / 157863)|
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 - (75221 + 108886) / 229125)||/||(1 - (88021 + 109437) / 246576)|
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))|
|=||(12912 / (12912 + 109437))||/||(22366 / (22366 + 108886))|
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)|
|=||(19134 / 157863)||/||(22213 / 224051)|
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)|
|=||((42873 + 52890) / 229125)||/||((43242 + 61073) / 246576)|
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|
|=||(1055 - 4150||-||22462)||/||229125|
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 -3.51 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