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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.
SUPERVALU Inc has a M-score of -2.90 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of SUPERVALU Inc was 0.45. The lowest was -4.04. And the median was -2.80.
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 SUPERVALU Inc 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 * 0.4019||+||0.528 * -0.423||+||0.404 * 1.004||+||0.892 * 2.2732||+||0.115 * 0.2067|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * -3.3955||+||4.679 * -0.1964||-||0.327 * 1.0024|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Aug14) TTM:||Last Year (Aug13) TTM:|
|Accounts Receivable was $528 Mil.|
Revenue was 4018 + 5234 + 3953 + 4012 = $17,217 Mil.
Gross Profit was 572 + 752 + 590 + 569 = $2,483 Mil.
Total Current Assets was $1,723 Mil.
Total Assets was $4,486 Mil.
Property, Plant and Equipment(Net PPE) was $1,455 Mil.
Depreciation, Depletion and Amortization(DDA) was $288 Mil.
Selling, General & Admin. Expense(SGA) was $2,030 Mil.
Total Current Liabilities was $1,631 Mil.
Long-Term Debt was $2,710 Mil.
Net Income was 31 + 43 + 26 + 31 = $131 Mil.
Non Operating Income was 1 + 1 + 704 + -104 = $602 Mil.
Cash Flow from Operations was 103 + 57 + 292 + -42 = $410 Mil.
|Accounts Receivable was $578 Mil.
Revenue was 3948 + 5158 + -9445 + 7913 = $7,574 Mil.
Gross Profit was 577 + 712 + -3430 + 1679 = $-462 Mil.
Total Current Assets was $1,807 Mil.
Total Assets was $4,738 Mil.
Property, Plant and Equipment(Net PPE) was $1,555 Mil.
Depreciation, Depletion and Amortization(DDA) was $55 Mil.
Selling, General & Admin. Expense(SGA) was $-263 Mil.
Total Current Liabilities was $1,653 Mil.
Long-Term Debt was $2,921 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)|
|=||(528 / 17217)||/||(578 / 7574)|
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)|
|=||(752 / 7574)||/||(572 / 17217)|
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 - (1723 + 1455) / 4486)||/||(1 - (1807 + 1555) / 4738)|
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))|
|=||(55 / (55 + 1555))||/||(288 / (288 + 1455))|
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)|
|=||(2030 / 17217)||/||(-263 / 7574)|
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)|
|=||((2710 + 1631) / 4486)||/||((2921 + 1653) / 4738)|
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|
|=||(131 - 602||-||410)||/||4486|
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.
SUPERVALU Inc has a M-score of -2.90 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
SUPERVALU Inc Annual Data
SUPERVALU Inc Quarterly Data