Lafarge Beneish M-Score Historical Data
The historical data trend for Lafarge's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Lafarge Beneish M-Score Chart
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Lafarge Annual Data
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Trend |
Dec05 |
Dec06 |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
| Beneish M-Score |
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-2.66 |
-2.56 |
-2.58 |
-2.51 |
-2.59 |
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Lafarge Quarterly Data
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Sep10 |
Dec10 |
Mar11 |
Jun11 |
Sep11 |
Dec11 |
Mar12 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
| Beneish M-Score |
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-2.39 |
-2.47 |
-2.59 |
-2.70 |
-2.96 |
Competitive Comparison of Lafarge's Beneish M-Score
For the Building Materials subindustry, Lafarge's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Lafarge's Beneish M-Score Distribution in the Building Materials Industry
For the Building Materials industry and Basic Materials sector, Lafarge's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lafarge's Beneish M-Score falls into.
Lafarge Beneish M-Score Calculation
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 Lafarge 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 * 0.8923 | + | 0.528 * 1.0162 | + | 0.404 * 0.878 | + | 0.892 * 1.0237 | + | 0.115 * 0.9087 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0087 | + | 4.679 * -0.038975 | - | 0.327 * 0.9652 |
| = | -2.78 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Jun15) TTM: | Last Year (Jun14) TTM: |
Total Receivables was €1,827 Mil.
Revenue was 3540 + 2779 + 3207 + 3636 = €13,162 Mil.
Gross Profit was 924 + 486 + 735 + 965 = €3,110 Mil.
Total Current Assets was €9,628 Mil.
Total Assets was €35,330 Mil.
Property, Plant and Equipment(Net PPE) was €11,059 Mil.
Depreciation, Depletion and Amortization(DDA) was €850 Mil.
Selling, General, & Admin. Expense(SGA) was €1,171 Mil.
Total Current Liabilities was €5,499 Mil.
Long-Term Debt & Capital Lease Obligation was €10,254 Mil.
Net Income was -381 + -96 + -145 + 218 = €-404 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 68 + -82 + 529 + 458 = €973 Mil.
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Total Receivables was €2,000 Mil.
Revenue was 3367 + 2633 + 3157 + 3700 = €12,857 Mil.
Gross Profit was 880 + 425 + 756 + 1026 = €3,087 Mil.
Total Current Assets was €6,560 Mil.
Total Assets was €35,063 Mil.
Property, Plant and Equipment(Net PPE) was €11,952 Mil.
Depreciation, Depletion and Amortization(DDA) was €829 Mil.
Selling, General, & Admin. Expense(SGA) was €1,134 Mil.
Total Current Liabilities was €6,169 Mil.
Long-Term Debt & Capital Lease Obligation was €10,028 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables 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) |
| = | (1827 / 13162) | / | (2000 / 12857) |
| = | 0.138809 | / | 0.155557 |
| | = | 0.8923 |
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) |
| = | (3087 / 12857) | / | (3110 / 13162) |
| = | 0.240103 | / | 0.236286 |
| | = | 1.0162 |
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 - (9628 + 11059) / 35330) | / | (1 - (6560 + 11952) / 35063) |
| = | 0.414464 | / | 0.472036 |
| | = | 0.878 |
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 |
| = | 13162 | / | 12857 |
| | = | 1.0237 |
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)) |
| = | (829 / (829 + 11952)) | / | (850 / (850 + 11059)) |
| = | 0.064862 | / | 0.071375 |
| | = | 0.9087 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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) |
| = | (1171 / 13162) | / | (1134 / 12857) |
| = | 0.088968 | / | 0.088201 |
| | = | 1.0087 |
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 in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((10254 + 5499) / 35330) | / | ((10028 + 6169) / 35063) |
| = | 0.445882 | / | 0.46194 |
| | = | 0.9652 |
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 |
| = | (-404 - 0 | - | 973) | / | 35330 |
| | = | -0.038975 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Lafarge has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.
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