Cazoo Group Beneish M-Score Historical Data
The historical data trend for Cazoo Group'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.
Cazoo Group Beneish M-Score Chart
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Cazoo Group Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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- |
- |
1.15 |
-6.12 |
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Cazoo Group Semi-Annual Data
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|
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
| Beneish M-Score |
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- |
1.15 |
- |
-6.12 |
- |
Competitive Comparison of Cazoo Group's Beneish M-Score
For the Auto & Truck Dealerships subindustry, Cazoo Group'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.
Cazoo Group's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Cazoo Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cazoo Group's Beneish M-Score falls into.
Cazoo Group 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 Cazoo Group 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 * 0.3792 | + | 0.528 * 2.1909 | + | 0.404 * 0.1149 | + | 0.892 * 1.7449 | + | 0.115 * 0.3135 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.696 | + | 4.679 * -0.740839 | - | 0.327 * 2.5533 |
| = | -6.12 |
* 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 (Dec22) TTM: | Last Year (Dec21) TTM: |
Total Receivables was $69 Mil.
Revenue was $1,521 Mil.
Gross Profit was $25 Mil.
Total Current Assets was $731 Mil.
Total Assets was $1,053 Mil.
Property, Plant and Equipment(Net PPE) was $294 Mil.
Depreciation, Depletion and Amortization(DDA) was $463 Mil.
Selling, General, & Admin. Expense(SGA) was $349 Mil.
Total Current Liabilities was $417 Mil.
Long-Term Debt & Capital Lease Obligation was $537 Mil.
Net Income was $-857 Mil.
Gross Profit was $228 Mil.
Cash Flow from Operations was $-305 Mil.
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Total Receivables was $104 Mil.
Revenue was $872 Mil.
Gross Profit was $31 Mil.
Total Current Assets was $845 Mil.
Total Assets was $1,569 Mil.
Property, Plant and Equipment(Net PPE) was $363 Mil.
Depreciation, Depletion and Amortization(DDA) was $86 Mil.
Selling, General, & Admin. Expense(SGA) was $287 Mil.
Total Current Liabilities was $371 Mil.
Long-Term Debt & Capital Lease Obligation was $186 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) |
| = | (68.525 / 1520.817) | / | (103.569 / 871.573) |
| = | 0.045058 | / | 0.11883 |
| | = | 0.3792 |
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) |
| = | (30.996 / 871.573) | / | (24.686 / 1520.817) |
| = | 0.035563 | / | 0.016232 |
| | = | 2.1909 |
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 - (731.435 + 294.186) / 1053.476) | / | (1 - (844.545 + 363.31) / 1568.868) |
| = | 0.026441 | / | 0.230111 |
| | = | 0.1149 |
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 |
| = | 1520.817 | / | 871.573 |
| | = | 1.7449 |
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)) |
| = | (86.152 / (86.152 + 363.31)) | / | (463.023 / (463.023 + 294.186)) |
| = | 0.191678 | / | 0.611486 |
| | = | 0.3135 |
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) |
| = | (348.924 / 1520.817) | / | (287.315 / 871.573) |
| = | 0.229432 | / | 0.329651 |
| | = | 0.696 |
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) |
| = | ((536.804 + 416.957) / 1053.476) | / | ((185.754 + 370.545) / 1568.868) |
| = | 0.905347 | / | 0.354586 |
| | = | 2.5533 |
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 |
| = | (-857.35 - 228.097 | - | -304.991) | / | 1053.476 |
| | = | -0.740839 |
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.
Cazoo Group has a M-score of -6.12 suggests that the company is unlikely to be a manipulator.
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