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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 -2.31. The lowest was -3.44. And the median was -2.78.
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 * 0.7209||+||0.528 * 1.0573||+||0.404 * 0.9332||+||0.892 * 0.93||+||0.115 * 0.6942|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.7099||+||4.679 * -0.1141||-||0.327 * 1.0725|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Dec14) TTM:||Last Year (Dec13) TTM:|
|Accounts Receivable was $15,704 Mil.|
Revenue was 46734 + 54222 + 56207 + 54855 = $212,018 Mil.
Gross Profit was 11090 + 15594 + 15836 + 16523 = $59,043 Mil.
Total Current Assets was $77,977 Mil.
Total Assets was $229,798 Mil.
Property, Plant and Equipment(Net PPE) was $106,876 Mil.
Depreciation, Depletion and Amortization(DDA) was $20,859 Mil.
Selling, General & Admin. Expense(SGA) was $14,593 Mil.
Total Current Liabilities was $53,673 Mil.
Long-Term Debt was $45,481 Mil.
Net Income was -5658 + 3463 + 3104 + 3335 = $4,244 Mil.
Non Operating Income was 1328 + 1211 + 889 + 1419 = $4,847 Mil.
Cash Flow from Operations was 7354 + 7639 + 5277 + 5338 = $25,608 Mil.
|Accounts Receivable was $23,422 Mil.
Revenue was 58767 + 55676 + 55506 + 58020 = $227,969 Mil.
Gross Profit was 16775 + 16769 + 15875 + 17701 = $67,120 Mil.
Total Current Assets was $84,603 Mil.
Total Assets was $239,223 Mil.
Property, Plant and Equipment(Net PPE) was $104,480 Mil.
Depreciation, Depletion and Amortization(DDA) was $13,358 Mil.
Selling, General & Admin. Expense(SGA) was $22,102 Mil.
Total Current Liabilities was $61,668 Mil.
Long-Term Debt was $34,574 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)|
|=||(15704 / 212018)||/||(23422 / 227969)|
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)|
|=||(15594 / 227969)||/||(11090 / 212018)|
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 - (77977 + 106876) / 229798)||/||(1 - (84603 + 104480) / 239223)|
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))|
|=||(13358 / (13358 + 104480))||/||(20859 / (20859 + 106876))|
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)|
|=||(14593 / 212018)||/||(22102 / 227969)|
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)|
|=||((45481 + 53673) / 229798)||/||((34574 + 61668) / 239223)|
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|
|=||(4244 - 4847||-||25608)||/||229798|
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 -3.34 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