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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.
Delhaize Group SA has a M-score of -2.88 suggests that the company is not a 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 * 0.8743||+||0.528 * 1.013||+||0.404 * 0.9946||+||0.892 * 1.0421||+||0.115 * 1.0224|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.978||+||4.679 * -0.073||-||0.327 * 0.9702|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $716 Mil.|
Revenue was 7038.65979381 + 7164.40217391 + 7081.604426 + 7486.96844993 = $28,772 Mil.
Gross Profit was 1689.43298969 + 1718.75 + 1699.86168741 + 1783.26474623 = $6,891 Mil.
Total Current Assets was $4,454 Mil.
Total Assets was $14,939 Mil.
Property, Plant and Equipment(Net PPE) was $5,259 Mil.
Depreciation, Depletion and Amortization(DDA) was $790 Mil.
Selling, General & Admin. Expense(SGA) was $6,096 Mil.
Total Current Liabilities was $3,540 Mil.
Long-Term Debt was $3,403 Mil.
Net Income was 140.463917526 + -61.1413043478 + 110.650069156 + 142.661179698 = $333 Mil.
Non Operating Income was 10.3092783505 + 6.79347826087 + 4.14937759336 + -17.8326474623 = $3 Mil.
Cash Flow from Operations was 364.690721649 + 277.173913043 + 167.358229599 + 610.425240055 = $1,420 Mil.
|Accounts Receivable was $786 Mil.
Revenue was 7074.76635514 + 6922.16358839 + 6611.39896373 + 7001.31233596 = $27,610 Mil.
Gross Profit was 1699.59946595 + 1680.73878628 + 1628.23834197 + 1690.28871391 = $6,699 Mil.
Total Current Assets was $4,645 Mil.
Total Assets was $15,276 Mil.
Property, Plant and Equipment(Net PPE) was $5,258 Mil.
Depreciation, Depletion and Amortization(DDA) was $810 Mil.
Selling, General & Admin. Expense(SGA) was $5,982 Mil.
Total Current Liabilities was $3,917 Mil.
Long-Term Debt was $3,401 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)|
|=||(716.494845361 / 28771.6348437)||/||(786.381842457 / 27609.6412432)|
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)|
|=||(1718.75 / 27609.6412432)||/||(1689.43298969 / 28771.6348437)|
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 - (4453.60824742 + 5259.02061856) / 14939.4329897)||/||(1 - (4644.85981308 + 5257.67690254) / 15276.3684913)|
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))|
|=||(810.149161727 / (810.149161727 + 5257.67690254))||/||(789.951372656 / (789.951372656 + 5259.02061856))|
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)|
|=||(6096.39870841 / 28771.6348437)||/||(5981.69004135 / 27609.6412432)|
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)|
|=||((3403.35051546 + 3539.94845361) / 14939.4329897)||/||((3400.53404539 + 3917.22296395) / 15276.3684913)|
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|
|=||(332.633862032 - 3.41948674247||-||1419.64810435)||/||14939.4329897|
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 -2.88 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