Safeway Beneish M-Score Historical Data
The historical data trend for Safeway's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Safeway Beneish M-Score Chart
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Safeway Annual Data
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Trend |
Dec04 |
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Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
| Beneish M-Score |
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-3.92 |
-2.74 |
-2.71 |
-2.33 |
-1.58 |
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Safeway Quarterly Data
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Dec09 |
Mar10 |
Jun10 |
Sep10 |
Dec10 |
Mar11 |
Jun11 |
Sep11 |
Dec11 |
Mar12 |
Jun12 |
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Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
| Beneish M-Score |
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-2.88 |
-1.58 |
-1.26 |
-1.52 |
-0.95 |
Competitive Comparison of Safeway's Beneish M-Score
For the Grocery Stores subindustry, Safeway's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Safeway's Beneish M-Score Distribution in the Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, Safeway's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Safeway's Beneish M-Score falls into.
Safeway Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 Safeway 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 * 1.0657 | + | 0.528 * 1.0039 | + | 0.404 * 1.0462 | + | 0.892 * 1.0337 | + | 0.115 * 0.9752 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0139 | + | 4.679 * 0.269257 | - | 0.327 * 0.6635 |
| = | -1.00 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Sep14) TTM: | Last Year (Sep13) TTM: |
Total Receivables was €459 Mil.
Revenue was 6446.93 + 6114.099 + 5972.631 + 8678.97 = €27,213 Mil.
Gross Profit was 1687.49 + 1574.672 + 1561.825 + 2283.659 = €7,108 Mil.
Total Current Assets was €3,522 Mil.
Total Assets was €9,933 Mil.
Property, Plant and Equipment(Net PPE) was €5,672 Mil.
Depreciation, Depletion and Amortization(DDA) was €694 Mil.
Selling, General, & Admin. Expense(SGA) was €6,689 Mil.
Total Current Liabilities was €2,248 Mil.
Long-Term Debt & Capital Lease Obligation was €2,128 Mil.
Net Income was 7.372 + 70.362 + -70.565 + 2419.512 = €2,427 Mil.
Non Operating Income was -63.244 + 39.45 + -100.714 + -39.785 = €-164 Mil.
Cash Flow from Operations was 284.87 + 385.37 + -1436.312 + 682.404 = €-84 Mil.
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Total Receivables was €417 Mil.
Revenue was 6058.202 + 6177.548 + 6312.567 + 7775.981 = €26,324 Mil.
Gross Profit was 1566.836 + 1626.516 + 1672.384 + 2036.597 = €6,902 Mil.
Total Current Assets was €4,226 Mil.
Total Assets was €10,777 Mil.
Property, Plant and Equipment(Net PPE) was €5,784 Mil.
Depreciation, Depletion and Amortization(DDA) was €688 Mil.
Selling, General, & Admin. Expense(SGA) was €6,382 Mil.
Total Current Liabilities was €3,993 Mil.
Long-Term Debt & Capital Lease Obligation was €3,163 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (458.926 / 27212.63) | / | (416.561 / 26324.298) |
| = | 0.016864 | / | 0.015824 |
| | = | 1.0657 |
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.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (6902.333 / 26324.298) | / | (7107.646 / 27212.63) |
| = | 0.262204 | / | 0.261189 |
| | = | 1.0039 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (3522.342 + 5671.629) / 9933.421) | / | (1 - (4226.2 + 5783.835) / 10776.885) |
| = | 0.074441 | / | 0.071157 |
| | = | 1.0462 |
4. SGI = Sales Growth Index
Ratio of Revenue 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.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 27212.63 | / | 26324.298 |
| | = | 1.0337 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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)) |
| = | (687.765 / (687.765 + 5783.835)) | / | (693.668 / (693.668 + 5671.629)) |
| = | 0.106274 | / | 0.108977 |
| | = | 0.9752 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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) |
| = | (6689.039 / 27212.63) | / | (6381.844 / 26324.298) |
| = | 0.245806 | / | 0.242432 |
| | = | 1.0139 |
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 in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((2128.413 + 2248.15) / 9933.421) | / | ((3162.843 + 3992.899) / 10776.885) |
| = | 0.44059 | / | 0.66399 |
| | = | 0.6635 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (2426.681 - -164.293 | - | -83.668) | / | 9933.421 |
| | = | 0.269257 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Safeway has a M-score of -1.00 signals that the company is likely to be a manipulator.
Safeway (FRA:SWY) Business Description
Traded in Other Exchanges
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Safeway Inc was incorporated in the state of Delaware in July 1986 as SSI Holdings Corporation and, thereafter, its name was changed to Safeway Stores, Incorporated. In February 1990, the Company changed its name to Safeway Inc. The Company is a food and drug retailers in the United States, with 1,335 stores at year-end 2013. The Company's U.S. retail operations are located principally in California, Hawaii, Oregon, Washington, Alaska, Colorado, Arizona, Texas and the Mid-Atlantic region. The Company also has a network of distribution, manufacturing and food-processing facilities. The Company retail business operates into seven geographic retail operating segments; Denver, Eastern, Northern California, Phoenix, Northwest, Texas and Southern California. In all geographical retail operating segments, it operates one store format, where each store offers the same general mix of products with similar pricing to similar categories of customers. The Company does not operate supercenters, warehouse formats, combination clothing/grocery stores or discount stores. It owns and operates GroceryWorks.com Operating Company, LLC ("GroceryWorks"), an online grocery channel doing business under the names Safeway.com and Vons.com. Safeway's stores provide grocery items tailored to local preferences. Its stores offer a selection of food and general merchandise and feature a variety of specialty departments such as bakery, delicatessen, floral and pharmacy. In addition, its stores offer Starbucks coffee shops and adjacent fuel centers. The Company also owns more than 300 other trademarks registered and/or pending in the United States Patent and Trademark Office and other jurisdictions, including trademarks for its product and services such as Safeway, Safeway SELECT, Rancher's Reserve, O Organics, Lucerne, Primo Taglio, Eating Right, mom to mom, waterfront BISTRO, Bright Green, Pantry Essentials, Open Nature, Refreshe, Snack Artist, Signature Café, Priority, just for U, My Simple Nutrition, Ingredients for Life, and other trademarks such as Pak'N Save Foods, Vons, Pavilions, Randalls, Tom Thumb, and Carrs Quality Centers. Blackhawk, a subsidiary of Safeway, provides third-party gift cards, prepaid cards, telecom cards and sports and entertainment cards to a group of top North American retailers for sale to retail customers. The competitive factors that affect the Company's business are location, quality, price, condition of assets, marketing and promotional strategies, service and consumer loyalty to other brands and stores. It faces intense competition from traditional grocery retailers, non-traditional competitors such as supercenters and club stores, as well as from specialty supermarkets, drug stores, dollar stores, convenience stores and restaurants. The Company's compliance with the federal, state, local and foreign laws and regulations have been adopted regulating the discharge of materials into the environment or otherwise related to the p
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