0.99(1.84%) Volume: 18,000,231 11:08PM EDT| Market Cap : 234.24 B | Enterprise Value : 269.42 B | P/E (TTM) : 33.38 | P/B : 12.85 |
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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 Coca-Cola Co was -2.25. The lowest was -2.97. And the median was -2.61.
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
| Coca-Cola Co Quarterly Data | ||||||||||||||||||||
| Sep14 | Dec14 | Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | Sep16 | Dec16 | Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | |
| Beneish M-Score |
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-2.37 | -2.54 | -2.48 | -2.37 | -2.31 |
* The bar in red indicates where Coca-Cola Co's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 Coca-Cola Co 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 * 1.0809 | + | 0.528 * 1.0215 | + | 0.404 * 1.1728 | + | 0.892 * 0.9906 | + | 0.115 * 1.4955 | |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
| - | 0.172 * 0.927 | + | 4.679 * -0.0106 | - | 0.327 * 1.0003 | |||||||
| = | -2.31 |
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
| This Year (Jun19) TTM: | Last Year (Jun18) TTM: |
| Accounts Receivable was USD 4,888 Mil. Revenue was 9997 + 8020 + 7058 + 8245 = USD 33,320 Mil. Gross Profit was 6076 + 5030 + 4337 + 5186 = USD 20,629 Mil. Total Current Assets was USD 24,360 Mil. Total Assets was USD 89,996 Mil. Property, Plant and Equipment(Net PPE) was USD 11,584 Mil. Depreciation, Depletion and Amortization(DDA) was USD 1,135 Mil. Selling, General, & Admin. Expense(SGA) was USD 10,606 Mil. Total Current Liabilities was USD 29,382 Mil. Long-Term Debt & Capital Lease Obligation was USD 30,367 Mil. Net Income was 2607 + 1678 + 870 + 1880 = USD 7,035 Mil. Non Operating Income was 155 + -101 + -1864 + 356 = USD -1,454 Mil. Cash Flow from Operations was 3713 + 788 + 1937 + 3004 = USD 9,442 Mil. |
Accounts Receivable was USD 4,565 Mil. Revenue was 9421 + 7626 + 7512 + 9078 = USD 33,637 Mil. Gross Profit was 5878 + 4888 + 4823 + 5684 = USD 21,273 Mil. Total Current Assets was USD 36,024 Mil. Total Assets was USD 89,593 Mil. Property, Plant and Equipment(Net PPE) was USD 7,688 Mil. (DDA) was USD 1,184 Mil. Selling, General, & Admin. Expense(SGA) was USD 11,550 Mil. Total Current Liabilities was USD 31,398 Mil. Long-Term Debt & Capital Lease Obligation was USD 28,063 Mil. |
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Accounts Receivable in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (4888 / 33320) | / | (4565 / 33637) | |
| = | 0.14669868 | / | 0.13571365 | |
| = | 1.0809 |
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.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) | |
| = | (21273 / 33637) | / | (20629 / 33320) | |
| = | 0.63242858 | / | 0.61911765 | |
| = | 1.0215 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (24360 + 11584) / 89996) | / | (1 - (36024 + 7688) / 89593) | |
| = | 0.60060447 | / | 0.51210474 | |
| = | 1.1728 |
4. SGI = Sales Growth Index
Ratio of Revenue 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.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 | |
| = | 33320 | / | 33637 | |
| = | 0.9906 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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)) |
| = | (1184 / (1184 + 7688)) | / | (1135 / (1135 + 11584)) | |
| = | 0.13345356 | / | 0.08923658 | |
| = | 1.4955 |
6. SGAI = Sales, General and Administrative expenses Index
The ratio of c 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) |
| = | (10606 / 33320) | / | (11550 / 33637) | |
| = | 0.31830732 | / | 0.34337188 | |
| = | 0.927 |
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) |
| = | ((30367 + 29382) / 89996) | / | ((28063 + 31398) / 89593) | |
| = | 0.66390728 | / | 0.66367908 | |
| = | 1.0003 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t | |
| = | (7035 - -1454 | - | 9442) | / | 89996 | |
| = | -0.0106 |
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.
Coca-Cola Co has a M-score of -2.31 suggests that the company will not be a manipulator.
From GuruFocus
By Mayank Marwah about KO 2019-10-18 15:41:21
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