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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 -3.07 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Delhaize Group SA was -2.45. The lowest was -4.10. And the median was -2.81.
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 * 0.8381||+||0.528 * 1.0209||+||0.404 * 0.9367||+||0.892 * 0.981||+||0.115 * 1.0382|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9846||+||4.679 * -0.0897||-||0.327 * 1.0015|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $773 Mil.|
Revenue was 7135.31799729 + 7071.82320442 + 7272.47956403 + 7283.76534789 = $28,763 Mil.
Gross Profit was 1711.77266576 + 1697.51381215 + 1737.05722071 + 1746.24829468 = $6,893 Mil.
Total Current Assets was $4,421 Mil.
Total Assets was $14,840 Mil.
Property, Plant and Equipment(Net PPE) was $5,277 Mil.
Depreciation, Depletion and Amortization(DDA) was $797 Mil.
Selling, General & Admin. Expense(SGA) was $6,109 Mil.
Total Current Liabilities was $3,594 Mil.
Long-Term Debt was $3,401 Mil.
Net Income was -60.8930987821 + 110.497237569 + 137.602179837 + -118.690313779 = $69 Mil.
Non Operating Income was 6.76589986468 + 4.14364640884 + -17.7111716621 + 4.09276944065 = $-3 Mil.
Cash Flow from Operations was 276.048714479 + 167.127071823 + 606.267029973 + 353.342428377 = $1,403 Mil.
|Accounts Receivable was $940 Mil.
Revenue was 6934.55497382 + 7198.17470665 + 7644.94680851 + 7542.15304799 = $29,320 Mil.
Gross Profit was 1681.93717277 + 1779.66101695 + 1863.03191489 + 1848.24902724 = $7,173 Mil.
Total Current Assets was $4,437 Mil.
Total Assets was $15,424 Mil.
Property, Plant and Equipment(Net PPE) was $5,281 Mil.
Depreciation, Depletion and Amortization(DDA) was $833 Mil.
Selling, General & Admin. Expense(SGA) was $6,325 Mil.
Total Current Liabilities was $3,836 Mil.
Long-Term Debt was $3,423 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)|
|=||(772.665764547 / 28763.3861136)||/||(939.790575916 / 29319.829537)|
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)|
|=||(1697.51381215 / 29319.829537)||/||(1711.77266576 / 28763.3861136)|
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 - (4420.83897158 + 5277.40189445) / 14840.3247632)||/||(1 - (4437.17277487 + 5281.41361257) / 15424.0837696)|
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))|
|=||(833.110930898 / (833.110930898 + 5281.41361257))||/||(797.247973627 / (797.247973627 + 5277.40189445))|
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)|
|=||(6109.1798041 / 28763.3861136)||/||(6324.68740788 / 29319.829537)|
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)|
|=||((3400.54127199 + 3594.04600812) / 14840.3247632)||/||((3422.77486911 + 3836.38743455) / 15424.0837696)|
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|
|=||(68.5160048444 - -2.70885594795||-||1402.78524465)||/||14840.3247632|
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 -3.07 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