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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 -2.66.
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 * 0.8437||+||0.528 * 1.0316||+||0.404 * 0.956||+||0.892 * 0.977||+||0.115 * 1.1712|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.998||+||4.679 * -0.0808||-||0.327 * 1.0472|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|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.
Net Income was 3463 + 3104 + 3335 + 2234 = $12,136 Mil.
Non Operating Income was 1211 + 889 + 1419 + 707 = $4,226 Mil.
Cash Flow from Operations was 7639 + 5277 + 5338 + 9578 = $27,832 Mil.
|Accounts Receivable was $24,883 Mil.
Revenue was 55676 + 55506 + 58020 + 60133.044 = $229,335 Mil.
Gross Profit was 16769 + 15875 + 17701 + 18005.925 = $68,351 Mil.
Total Current Assets was $85,217 Mil.
Total Assets was $230,346 Mil.
Property, Plant and Equipment(Net PPE) was $97,134 Mil.
Depreciation, Depletion and Amortization(DDA) was $13,699 Mil.
Selling, General & Admin. Expense(SGA) was $22,783 Mil.
Total Current Liabilities was $59,116 Mil.
Long-Term Debt was $33,937 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)|
|=||(20511 / 224051)||/||(24883 / 229335.044)|
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)|
|=||(15836 / 229335.044)||/||(15594 / 224051)|
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 - (88021 + 109437) / 246576)||/||(1 - (85217 + 97134) / 230346)|
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))|
|=||(13699.34 / (13699.34 + 97134))||/||(12912 / (12912 + 109437))|
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)|
|=||(22213 / 224051)||/||(22783.373 / 229335.044)|
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)|
|=||((43242 + 61073) / 246576)||/||((33937 + 59116) / 230346)|
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|
|=||(12136 - 4226||-||27832)||/||246576|
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 -3.02 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