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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 -1.34. The lowest was -4.39. And the median was -2.79.
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 * 1.1961||+||0.528 * 0.8809||+||0.404 * 1.0513||+||0.892 * 0.7814||+||0.115 * 1.2643|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.252||+||4.679 * -0.0625||-||0.327 * 0.9949|
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
|This Year (Sep16) TTM:||Last Year (Sep15) TTM:|
|Accounts Receivable was $11,501 Mil.|
Revenue was 31825 + 31711 + 27522 + 32292 = $123,350 Mil.
Gross Profit was 10602 + 11163 + 9883 + 10418 = $42,066 Mil.
Total Current Assets was $68,664 Mil.
Total Assets was $229,505 Mil.
Property, Plant and Equipment(Net PPE) was $113,433 Mil.
Depreciation, Depletion and Amortization(DDA) was $17,671 Mil.
Selling, General & Admin. Expense(SGA) was $6,136 Mil.
Total Current Liabilities was $50,982 Mil.
Long-Term Debt was $44,450 Mil.
Net Income was 1954 + 2088 + 1606 + -1626 = $4,022 Mil.
Non Operating Income was 576 + 962 + 964 + 1527 = $4,029 Mil.
Cash Flow from Operations was 4740 + 2882 + 1881 + 4838 = $14,341 Mil.
|Accounts Receivable was $12,306 Mil.
Revenue was 34897 + 39269 + 36963 + 46734 = $157,863 Mil.
Gross Profit was 10657 + 12916 + 12759 + 11090 = $47,422 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 $6,272 Mil.
Total Current Liabilities was $52,890 Mil.
Long-Term Debt was $42,873 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)|
|=||(11501 / 123350)||/||(12306 / 157863)|
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)|
|=||(47422 / 157863)||/||(42066 / 123350)|
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 - (68664 + 113433) / 229505)||/||(1 - (75221 + 108886) / 229125)|
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))|
|=||(22366 / (22366 + 108886))||/||(17671 / (17671 + 113433))|
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)|
|=||(6136 / 123350)||/||(6272 / 157863)|
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)|
|=||((44450 + 50982) / 229505)||/||((42873 + 52890) / 229125)|
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|
|=||(4022 - 4029||-||14341)||/||229505|
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 -2.84 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