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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 -2.77 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 -4.10. And the median was -2.75.
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 * 1.2032||+||0.528 * 1.0156||+||0.404 * 0.9286||+||0.892 * 0.9399||+||0.115 * 0.9899|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9591||+||4.679 * -0.0867||-||0.327 * 1.0158|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $985 Mil.|
Revenue was 7272.47956403 + 7283.76534789 + 6452.87958115 + 7198.17470665 = $28,207 Mil.
Gross Profit was 1737.05722071 + 1746.24829468 + 1554.97382199 + 1779.66101695 = $6,818 Mil.
Total Current Assets was $4,995 Mil.
Total Assets was $15,798 Mil.
Property, Plant and Equipment(Net PPE) was $5,413 Mil.
Depreciation, Depletion and Amortization(DDA) was $799 Mil.
Selling, General & Admin. Expense(SGA) was $5,982 Mil.
Total Current Liabilities was $4,281 Mil.
Long-Term Debt was $3,416 Mil.
Net Income was 137.602179837 + -118.690313779 + 136.12565445 + 79.5306388527 = $235 Mil.
Non Operating Income was 5.44959128065 + 4.09276944065 + 6.5445026178 + 1.3037809648 = $17 Mil.
Cash Flow from Operations was 606.267029973 + 353.342428377 + 202.879581152 + 425.032594524 = $1,588 Mil.
|Accounts Receivable was $871 Mil.
Revenue was 9416.22340426 + 6963.68352789 + 6470.51597052 + 7160.52631579 = $30,011 Mil.
Gross Profit was 2333.77659574 + 1695.20103761 + 1560.1965602 + 1777.63157895 = $7,367 Mil.
Total Current Assets was $4,281 Mil.
Total Assets was $15,872 Mil.
Property, Plant and Equipment(Net PPE) was $5,759 Mil.
Depreciation, Depletion and Amortization(DDA) was $840 Mil.
Selling, General & Admin. Expense(SGA) was $6,636 Mil.
Total Current Liabilities was $3,722 Mil.
Long-Term Debt was $3,890 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)|
|=||(985.013623978 / 28207.2991997)||/||(871.010638298 / 30010.9492184)|
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)|
|=||(1746.24829468 / 30010.9492184)||/||(1737.05722071 / 28207.2991997)|
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 - (4994.55040872 + 5412.80653951) / 15798.3651226)||/||(1 - (4280.58510638 + 5759.30851064) / 15872.3404255)|
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))|
|=||(840.407902062 / (840.407902062 + 5759.30851064))||/||(799.076959684 / (799.076959684 + 5412.80653951))|
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)|
|=||(5981.72137319 / 28207.2991997)||/||(6635.88807178 / 30010.9492184)|
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)|
|=||((3415.53133515 + 4280.65395095) / 15798.3651226)||/||((3889.62765957 + 3722.07446809) / 15872.3404255)|
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|
|=||(234.56815936 - 17.3906443039||-||1587.52163403)||/||15798.3651226|
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 -2.77 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