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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.
During the past 13 years, the highest Beneish M-Score of Village Super Market Inc was 22.80. The lowest was -3.68. And the median was -2.64.
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 Village Super Market 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 * 1.7381||+||0.528 * 0.9812||+||0.404 * 1.0478||+||0.892 * 1.0512||+||0.115 * 0.9299|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9875||+||4.679 * 0.0127||-||0.327 * 0.8309|
|This Year (Apr15) TTM:||Last Year (Apr14) TTM:|
|Accounts Receivable was $17 Mil.|
Revenue was 387.1 + 411.191 + 379.744 + 396.838 = $1,575 Mil.
Gross Profit was 107.098 + 111.126 + 102.803 + 108.997 = $430 Mil.
Total Current Assets was $133 Mil.
Total Assets was $427 Mil.
Property, Plant and Equipment(Net PPE) was $207 Mil.
Depreciation, Depletion and Amortization(DDA) was $24 Mil.
Selling, General & Admin. Expense(SGA) was $364 Mil.
Total Current Liabilities was $95 Mil.
Long-Term Debt was $45 Mil.
Net Income was 13.206 + 6.603 + 3.879 + 5.87 = $30 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was -28.096 + 35.569 + 0.051 + 16.602 = $24 Mil.
|Accounts Receivable was $9 Mil.
Revenue was 372.511 + 392.241 + 357.046 + 376.323 = $1,498 Mil.
Gross Profit was 100.437 + 105.358 + 93.706 + 101.889 = $401 Mil.
Total Current Assets was $153 Mil.
Total Assets was $441 Mil.
Property, Plant and Equipment(Net PPE) was $202 Mil.
Depreciation, Depletion and Amortization(DDA) was $21 Mil.
Selling, General & Admin. Expense(SGA) was $350 Mil.
Total Current Liabilities was $131 Mil.
Long-Term Debt was $42 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)|
|=||(16.687 / 1574.873)||/||(9.133 / 1498.121)|
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)|
|=||(111.126 / 1498.121)||/||(107.098 / 1574.873)|
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 - (133.077 + 206.945) / 427.412)||/||(1 - (153.317 + 201.517) / 440.858)|
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))|
|=||(21.387 / (21.387 + 201.517))||/||(23.809 / (23.809 + 206.945))|
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)|
|=||(363.743 / 1574.873)||/||(350.394 / 1498.121)|
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)|
|=||((44.651 + 95.144) / 427.412)||/||((42.141 + 131.395) / 440.858)|
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|
|=||(29.558 - 0||-||24.126)||/||427.412|
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.
Village Super Market Inc has a M-score of -1.64 signals that the company is likely to 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
Village Super Market Inc Annual Data
Village Super Market Inc Quarterly Data