Takashimaya Co Beneish M-Score Historical Data
The historical data trend for Takashimaya Co'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.
Takashimaya Co Beneish M-Score Chart
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Takashimaya Co Annual Data
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Feb15 |
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Feb21 |
Feb22 |
Feb23 |
Feb24 |
| Beneish M-Score |
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-2.67 |
-2.89 |
-2.56 |
-1.82 |
-2.50 |
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Takashimaya Co Quarterly Data
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May19 |
Aug19 |
Nov19 |
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Feb24 |
| Beneish M-Score |
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-1.82 |
-2.27 |
-2.52 |
-2.59 |
-2.50 |
Competitive Comparison of Takashimaya Co's Beneish M-Score
For the Department Stores subindustry, Takashimaya Co'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.
Takashimaya Co's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Takashimaya Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Takashimaya Co's Beneish M-Score falls into.
Takashimaya Co 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 Takashimaya Co 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 * 1.0326 | + | 0.528 * 0.985 | + | 0.404 * 1.007 | + | 0.892 * 0.9352 | + | 0.115 * 1.0326 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9655 | + | 4.679 * -0.022403 | - | 0.327 * 1.0155 |
| = | -2.61 |
* 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 (Feb24) TTM: | Last Year (Feb23) TTM: |
Total Receivables was €973 Mil.
Revenue was 817.5 + 697.678 + 732.293 + 708.568 = €2,956 Mil.
Gross Profit was 468.224 + 428.174 + 436.426 + 434.447 = €1,767 Mil.
Total Current Assets was €2,031 Mil.
Total Assets was €7,872 Mil.
Property, Plant and Equipment(Net PPE) was €4,732 Mil.
Depreciation, Depletion and Amortization(DDA) was €219 Mil.
Selling, General, & Admin. Expense(SGA) was €419 Mil.
Total Current Liabilities was €2,586 Mil.
Long-Term Debt & Capital Lease Obligation was €1,821 Mil.
Net Income was 45.658 + 57.343 + 40.675 + 57.327 = €201 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 133.348 + 104.654 + 33.86 + 105.49 = €377 Mil.
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Total Receivables was €1,007 Mil.
Revenue was 882.358 + 748.878 + 785.757 + 743.828 = €3,161 Mil.
Gross Profit was 507.301 + 453.769 + 461.59 + 438.748 = €1,861 Mil.
Total Current Assets was €2,117 Mil.
Total Assets was €8,271 Mil.
Property, Plant and Equipment(Net PPE) was €4,998 Mil.
Depreciation, Depletion and Amortization(DDA) was €240 Mil.
Selling, General, & Admin. Expense(SGA) was €464 Mil.
Total Current Liabilities was €2,567 Mil.
Long-Term Debt & Capital Lease Obligation was €1,992 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) |
| = | (972.639 / 2956.039) | / | (1007.225 / 3160.821) |
| = | 0.329035 | / | 0.318659 |
| | = | 1.0326 |
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) |
| = | (1861.408 / 3160.821) | / | (1767.271 / 2956.039) |
| = | 0.5889 | / | 0.597851 |
| | = | 0.985 |
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 - (2031.296 + 4732.443) / 7871.74) | / | (1 - (2116.775 + 4998.264) / 8271.104) |
| = | 0.140757 | / | 0.139772 |
| | = | 1.007 |
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 |
| = | 2956.039 | / | 3160.821 |
| | = | 0.9352 |
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)) |
| = | (239.535 / (239.535 + 4998.264)) | / | (219.312 / (219.312 + 4732.443)) |
| = | 0.045732 | / | 0.04429 |
| | = | 1.0326 |
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) |
| = | (419.394 / 2956.039) | / | (464.452 / 3160.821) |
| = | 0.141877 | / | 0.14694 |
| | = | 0.9655 |
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) |
| = | ((1820.889 + 2585.643) / 7871.74) | / | ((1992.161 + 2567.473) / 8271.104) |
| = | 0.559791 | / | 0.551273 |
| | = | 1.0155 |
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 |
| = | (201.003 - 0 | - | 377.352) | / | 7871.74 |
| | = | -0.022403 |
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.
Takashimaya Co has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.
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