DEG has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
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 Delhaize Group SA was -2.46. The lowest was -3.96. And the median was -2.79.
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 Delhaize Group 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 * 0.958||+||0.528 * 0.9968||+||0.404 * 1.0345||+||0.892 * 0.9695||+||0.115 * 0.9523|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0063||+||4.679 * -0.0977||-||0.327 * 0.9734|
|This Year (Jun15) TTM:||Last Year (Jun14) TTM:|
|Accounts Receivable was $721 Mil.|
Revenue was 6861.95286195 + 6298.7012987 + 6789.14919852 + 7038.65979381 = $26,988 Mil.
Gross Profit was 1674.52300786 + 1536.7965368 + 1644.88286067 + 1689.43298969 = $6,546 Mil.
Total Current Assets was $4,227 Mil.
Total Assets was $13,934 Mil.
Property, Plant and Equipment(Net PPE) was $4,713 Mil.
Depreciation, Depletion and Amortization(DDA) was $749 Mil.
Selling, General & Admin. Expense(SGA) was $5,730 Mil.
Total Current Liabilities was $3,696 Mil.
Long-Term Debt was $2,697 Mil.
Net Income was 118.967452301 + 30.303030303 + -67.8175092478 + 140.463917526 = $222 Mil.
Non Operating Income was 6.73400673401 + -1.08225108225 + -2.46609124538 + 10.3092783505 = $13 Mil.
Cash Flow from Operations was 567.901234568 + -27.0562770563 + 664.611590629 + 364.690721649 = $1,570 Mil.
|Accounts Receivable was $776 Mil.
Revenue was 7032.60869565 + 6950.20746888 + 6780.521262 + 7074.76635514 = $27,838 Mil.
Gross Profit was 1694.29347826 + 1676.34854772 + 1659.8079561 + 1699.59946595 = $6,730 Mil.
Total Current Assets was $4,439 Mil.
Total Assets was $14,901 Mil.
Property, Plant and Equipment(Net PPE) was $5,299 Mil.
Depreciation, Depletion and Amortization(DDA) was $795 Mil.
Selling, General & Admin. Expense(SGA) was $5,873 Mil.
Total Current Liabilities was $3,609 Mil.
Long-Term Debt was $3,414 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)|
|=||(720.538720539 / 26988.463153)||/||(775.815217391 / 27838.1037817)|
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)|
|=||(1536.7965368 / 27838.1037817)||/||(1674.52300786 / 26988.463153)|
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 - (4226.71156004 + 4712.68237935) / 13933.7822671)||/||(1 - (4438.85869565 + 5298.91304348) / 14900.8152174)|
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))|
|=||(795.444951724 / (795.444951724 + 5298.91304348))||/||(748.539507079 / (748.539507079 + 4712.68237935))|
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)|
|=||(5730.24829395 / 26988.463153)||/||(5873.35149213 / 27838.1037817)|
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)|
|=||((2696.96969697 + 3695.84736251) / 13933.7822671)||/||((3414.40217391 + 3608.69565217) / 14900.8152174)|
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|
|=||(221.916890882 - 13.4949427569||-||1570.14726979)||/||13933.7822671|
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.
Delhaize Group SA has a M-score of -2.99 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
Delhaize Group SA Annual Data
Delhaize Group SA Quarterly Data