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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.
Dillards Inc has a M-score of -2.93 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Dillards Inc was 4.27. The lowest was -3.83. And the median was -2.85.
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 Dillards Inc 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 * 0.7433||+||0.528 * 1.0182||+||0.404 * 0.9904||+||0.892 * 0.9912||+||0.115 * 0.9895|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.99||+||4.679 * -0.0465||-||0.327 * 0.9762|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Jul14) TTM:||Last Year (Jul13) TTM:|
|Accounts Receivable was $19 Mil.|
Revenue was 1512.888 + 1588.541 + 2078.675 + 1506.925 = $6,687 Mil.
Gross Profit was 536.619 + 649.317 + 706.974 + 569.518 = $2,462 Mil.
Total Current Assets was $1,734 Mil.
Total Assets was $4,070 Mil.
Property, Plant and Equipment(Net PPE) was $2,082 Mil.
Depreciation, Depletion and Amortization(DDA) was $252 Mil.
Selling, General & Admin. Expense(SGA) was $1,665 Mil.
Total Current Liabilities was $745 Mil.
Long-Term Debt was $821 Mil.
Net Income was 34.449 + 111.683 + 119.102 + 50.868 = $316 Mil.
Non Operating Income was 0.05 + 0.389 + 1.182 + 0.002 = $2 Mil.
Cash Flow from Operations was -28.023 + 161.859 + 328.755 + 41.282 = $504 Mil.
|Accounts Receivable was $26 Mil.
Revenue was 1516.796 + 1589.381 + 2154.056 + 1486.345 = $6,747 Mil.
Gross Profit was 539.974 + 651.596 + 771.286 + 566.722 = $2,530 Mil.
Total Current Assets was $1,649 Mil.
Total Assets was $4,107 Mil.
Property, Plant and Equipment(Net PPE) was $2,199 Mil.
Depreciation, Depletion and Amortization(DDA) was $263 Mil.
Selling, General & Admin. Expense(SGA) was $1,697 Mil.
Total Current Liabilities was $798 Mil.
Long-Term Debt was $822 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)|
|=||(19.331 / 6687.029)||/||(26.239 / 6746.578)|
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)|
|=||(649.317 / 6746.578)||/||(536.619 / 6687.029)|
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 - (1733.935 + 2081.577) / 4070.127)||/||(1 - (1649.325 + 2198.693) / 4107.463)|
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))|
|=||(262.718 / (262.718 + 2198.693))||/||(251.685 / (251.685 + 2081.577))|
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)|
|=||(1665.137 / 6687.029)||/||(1696.949 / 6746.578)|
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)|
|=||((821.133 + 745.361) / 4070.127)||/||((821.935 + 797.533) / 4107.463)|
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|
|=||(316.102 - 1.623||-||503.873)||/||4070.127|
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.
Dillards Inc has a M-score of -2.93 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
Dillards Inc Annual Data
Dillards Inc Quarterly Data