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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 -2.84 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 -2.78.
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 * 0.9194||+||0.528 * 1.0117||+||0.404 * 0.9286||+||0.892 * 1.0531||+||0.115 * 0.9938|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9822||+||4.679 * -0.0662||-||0.327 * 1.0046|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $939 Mil.|
Revenue was 7071.82320442 + 7272.47956403 + 7283.76534789 + 6998.69109948 = $28,627 Mil.
Gross Profit was 1697.51381215 + 1737.05722071 + 1746.24829468 + 1696.33507853 = $6,877 Mil.
Total Current Assets was $5,030 Mil.
Total Assets was $15,820 Mil.
Property, Plant and Equipment(Net PPE) was $5,362 Mil.
Depreciation, Depletion and Amortization(DDA) was $796 Mil.
Selling, General & Admin. Expense(SGA) was $6,076 Mil.
Total Current Liabilities was $4,093 Mil.
Long-Term Debt was $3,461 Mil.
Net Income was 110.497237569 + 137.602179837 + -118.690313779 + 149.214659686 = $279 Mil.
Non Operating Income was 4.14364640884 + -17.7111716621 + 4.09276944065 + 6.5445026178 = $-3 Mil.
Cash Flow from Operations was 167.127071823 + 606.267029973 + 353.342428377 + 202.879581152 = $1,330 Mil.
|Accounts Receivable was $970 Mil.
Revenue was 6654.49804433 + 7094.41489362 + 6963.68352789 + 6470.51597052 = $27,183 Mil.
Gross Profit was 1638.85267275 + 1712.76595745 + 1695.20103761 + 1560.1965602 = $6,607 Mil.
Total Current Assets was $4,434 Mil.
Total Assets was $15,957 Mil.
Property, Plant and Equipment(Net PPE) was $5,627 Mil.
Depreciation, Depletion and Amortization(DDA) was $829 Mil.
Selling, General & Admin. Expense(SGA) was $5,874 Mil.
Total Current Liabilities was $3,721 Mil.
Long-Term Debt was $3,863 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)|
|=||(939.226519337 / 28626.7592158)||/||(970.01303781 / 27183.1124363)|
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)|
|=||(1737.05722071 / 27183.1124363)||/||(1697.51381215 / 28626.7592158)|
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 - (5030.38674033 + 5361.87845304) / 15820.441989)||/||(1 - (4434.15906128 + 5627.11864407) / 15956.9752282)|
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))|
|=||(829.308061348 / (829.308061348 + 5627.11864407))||/||(795.885937765 / (795.885937765 + 5361.87845304))|
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)|
|=||(6075.64786267 / 28626.7592158)||/||(5873.51062062 / 27183.1124363)|
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)|
|=||((3461.32596685 + 4092.54143646) / 15820.441989)||/||((3863.1029987 + 3720.99087353) / 15956.9752282)|
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|
|=||(278.623763312 - -2.93025319483||-||1329.61611132)||/||15820.441989|
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 -2.84 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