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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.
Total SA has a M-score of -3.04 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Total SA was -2.27. The lowest was -3.25. And the median was -2.70.
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 * 0.8665||+||0.528 * 1.0424||+||0.404 * 0.9658||+||0.892 * 0.9786||+||0.115 * 1.1383|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9987||+||4.679 * -0.0909||-||0.327 * 1.041|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $21,698 Mil.|
Revenue was 56207 + 54855 + 59638.488 + 56712.591 = $227,413 Mil.
Gross Profit was 15836 + 16523 + 17009.583 + 17083.406 = $66,452 Mil.
Total Current Assets was $89,187 Mil.
Total Assets was $248,770 Mil.
Property, Plant and Equipment(Net PPE) was $108,468 Mil.
Depreciation, Depletion and Amortization(DDA) was $13,947 Mil.
Selling, General & Admin. Expense(SGA) was $29,209 Mil.
Total Current Liabilities was $64,554 Mil.
Long-Term Debt was $39,433 Mil.
Net Income was 3104 + 3335 + 2216.3 + 3725.694 = $12,381 Mil.
Non Operating Income was 889 + 1419 + 736.005 + 2161.739 = $5,206 Mil.
Cash Flow from Operations was 5277 + 5338 + 9797.288 + 9383.729 = $29,796 Mil.
|Accounts Receivable was $25,587 Mil.
Revenue was 55506 + 58020 + 60133.044 + 58720.465 = $232,380 Mil.
Gross Profit was 15875 + 17701 + 18005.925 + 19199.484 = $70,781 Mil.
Total Current Assets was $81,523 Mil.
Total Assets was $222,179 Mil.
Property, Plant and Equipment(Net PPE) was $93,387 Mil.
Depreciation, Depletion and Amortization(DDA) was $13,916 Mil.
Selling, General & Admin. Expense(SGA) was $29,885 Mil.
Total Current Liabilities was $59,656 Mil.
Long-Term Debt was $29,557 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)|
|=||(21698 / 227413.079)||/||(25587 / 232379.509)|
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)|
|=||(16523 / 232379.509)||/||(15836 / 227413.079)|
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 - (89187 + 108468) / 248770)||/||(1 - (81523 + 93387) / 222179)|
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))|
|=||(13916.054 / (13916.054 + 93387))||/||(13946.622 / (13946.622 + 108468))|
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)|
|=||(29208.769 / 227413.079)||/||(29884.729 / 232379.509)|
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)|
|=||((39433 + 64554) / 248770)||/||((29557 + 59656) / 222179)|
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|
|=||(12380.994 - 5205.744||-||29796.017)||/||248770|
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 -3.04 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