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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 -3.03 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 * 0.8661||+||0.528 * 1.0422||+||0.404 * 0.9656||+||0.892 * 0.9826||+||0.115 * 1.1385|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9975||+||4.679 * -0.0899||-||0.327 * 1.0409|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $21,698 Mil.|
Revenue was 56207 + 54855 + 58767 + 56712.591 = $226,542 Mil.
Gross Profit was 15836 + 16523 + 16775 + 17083.406 = $66,217 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 $13,900 Mil.
Selling, General & Admin. Expense(SGA) was $29,054 Mil.
Total Current Liabilities was $64,554 Mil.
Long-Term Debt was $39,433 Mil.
Net Income was 3104 + 3335 + 2234 + 3725.694 = $12,399 Mil.
Non Operating Income was 889 + 1419 + 707 + 2161.739 = $5,177 Mil.
Cash Flow from Operations was 5277 + 5338 + 9578 + 9383.729 = $29,577 Mil.
|Accounts Receivable was $25,496 Mil.
Revenue was 55394.24 + 56300.378 + 60133.044 + 58720.465 = $230,548 Mil.
Gross Profit was 15847.778 + 17176.908 + 18005.925 + 19199.484 = $70,230 Mil.
Total Current Assets was $81,229 Mil.
Total Assets was $221,391 Mil.
Property, Plant and Equipment(Net PPE) was $93,050 Mil.
Depreciation, Depletion and Amortization(DDA) was $13,821 Mil.
Selling, General & Admin. Expense(SGA) was $29,641 Mil.
Total Current Liabilities was $59,460 Mil.
Long-Term Debt was $29,447 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 / 226541.591)||/||(25495.895 / 230548.127)|
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 / 230548.127)||/||(15836 / 226541.591)|
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 - (81228.985 + 93049.655) / 221390.59)|
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))|
|=||(13821.253 / (13821.253 + 93049.655))||/||(13900.249 / (13900.249 + 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)|
|=||(29054.459 / 226541.591)||/||(29641.275 / 230548.127)|
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)||/||((29447.413 + 59460.446) / 221390.59)|
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|
|=||(12398.694 - 5176.739||-||29576.729)||/||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 -3.03 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