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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 -2.11. The lowest was -3.21. And the median was -2.72.
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 * 0.8573||+||0.528 * 1.0293||+||0.404 * 0.9807||+||0.892 * 0.9674||+||0.115 * 1.1768|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0016||+||4.679 * -0.0904||-||0.327 * 0.9775|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $23,359 Mil.|
Revenue was 54855 + 58767 + 56712.591 + 55394.24 = $225,729 Mil.
Gross Profit was 16523 + 16775 + 17083.406 + 15847.778 = $66,229 Mil.
Total Current Assets was $87,118 Mil.
Total Assets was $243,392 Mil.
Property, Plant and Equipment(Net PPE) was $106,377 Mil.
Depreciation, Depletion and Amortization(DDA) was $13,568 Mil.
Selling, General & Admin. Expense(SGA) was $29,169 Mil.
Total Current Liabilities was $60,513 Mil.
Long-Term Debt was $37,506 Mil.
Net Income was 3335 + 2234 + 3725.694 + 3306.399 = $12,601 Mil.
Non Operating Income was 1419 + 707 + 2161.739 + 1174.247 = $5,462 Mil.
Cash Flow from Operations was 5338 + 9578 + 9383.729 + 4829.923 = $29,130 Mil.
|Accounts Receivable was $28,164 Mil.
Revenue was 58020 + 60133.044 + 58720.465 + 56455.331 = $233,329 Mil.
Gross Profit was 17701 + 18005.925 + 19199.484 + 15555.105 = $70,462 Mil.
Total Current Assets was $87,820 Mil.
Total Assets was $225,455 Mil.
Property, Plant and Equipment(Net PPE) was $90,505 Mil.
Depreciation, Depletion and Amortization(DDA) was $13,898 Mil.
Selling, General & Admin. Expense(SGA) was $30,103 Mil.
Total Current Liabilities was $63,590 Mil.
Long-Term Debt was $29,294 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)|
|=||(23359 / 225728.831)||/||(28164 / 233328.84)|
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)|
|=||(16775 / 233328.84)||/||(16523 / 225728.831)|
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 - (87118 + 106377) / 243392)||/||(1 - (87820 + 90505) / 225455)|
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))|
|=||(13897.752 / (13897.752 + 90505))||/||(13568.364 / (13568.364 + 106377))|
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)|
|=||(29169.392 / 225728.831)||/||(30103.251 / 233328.84)|
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)|
|=||((37506 + 60513) / 243392)||/||((29294 + 63590) / 225455)|
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|
|=||(12601.093 - 5461.986||-||29129.652)||/||243392|
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