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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 -3.13 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of SUPERVALU Inc was -0.94. The lowest was -3.86. And the median was -2.83.
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 * 1.0613||+||0.528 * 0.9459||+||0.404 * 0.5288||+||0.892 * 0.9968||+||0.115 * 1.0529|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8232||+||4.679 * -0.0766||-||0.327 * 1.4868|
|This Year (Feb14) TTM:||Last Year (Feb13) TTM:|
|Accounts Receivable was $493 Mil.|
Revenue was 3953 + 4012 + 3948 + 5158 = $17,071 Mil.
Gross Profit was 590 + 569 + 577 + 712 = $2,448 Mil.
Total Current Assets was $1,543 Mil.
Total Assets was $4,374 Mil.
Property, Plant and Equipment(Net PPE) was $1,497 Mil.
Depreciation, Depletion and Amortization(DDA) was $302 Mil.
Selling, General & Admin. Expense(SGA) was $2,030 Mil.
Total Current Liabilities was $1,491 Mil.
Long-Term Debt was $2,732 Mil.
Net Income was 26 + 31 + 40 + 85 = $182 Mil.
Non Operating Income was 704 + -104 + -102 + 0 = $498 Mil.
Cash Flow from Operations was 292 + -42 + -42 + -189 = $19 Mil.
|Accounts Receivable was $466 Mil.
Revenue was 3899 + 4051 + 3939 + 5237 = $17,126 Mil.
Gross Profit was 557 + 530 + 529 + 707 = $2,323 Mil.
Total Current Assets was $2,970 Mil.
Total Assets was $11,034 Mil.
Property, Plant and Equipment(Net PPE) was $1,700 Mil.
Depreciation, Depletion and Amortization(DDA) was $365 Mil.
Selling, General & Admin. Expense(SGA) was $2,474 Mil.
Total Current Liabilities was $4,350 Mil.
Long-Term Debt was $2,815 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)|
|=||(493 / 17071)||/||(466 / 17126)|
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)|
|=||(569 / 17126)||/||(590 / 17071)|
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 - (1543 + 1497) / 4374)||/||(1 - (2970 + 1700) / 11034)|
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))|
|=||(365 / (365 + 1700))||/||(302 / (302 + 1497))|
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 / 17071)||/||(2474 / 17126)|
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)|
|=||((2732 + 1491) / 4374)||/||((2815 + 4350) / 11034)|
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|
|=||(182 - 498||-||19)||/||4374|
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 -3.13 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