Cdrl (WAR:CDL) Beneish M-Score : -3.08 (As of May. 11, 2024)

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What is Cdrl Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -3.08 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Cdrl's Beneish M-Score or its related term are showing as below:

WAR:CDL' s Beneish M-Score Range Over the Past 10 Years
Min: -5.14 Med: -2.84 Max: -1.15
Current: -3.08

During the past 11 years, the highest Beneish M-Score of Cdrl was -1.15. The lowest was -5.14. And the median was -2.84.

Cdrl Beneish M-Score Historical Data

The historical data trend for Cdrl'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.

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Cdrl Beneish M-Score Chart

Cdrl Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.84

-5.14

-2.95

-1.15

-3.08

Cdrl Quarterly Data
	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.22	-1.15	-1.15	-0.97	-3.08

Competitive Comparison of Cdrl's Beneish M-Score

For the Apparel Retail subindustry, Cdrl'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.

Cdrl's Beneish M-Score Distribution in the Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Cdrl's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Cdrl's Beneish M-Score falls into.

Cdrl 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 Cdrl for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.3601

0.528 * 0.7027

0.404 * 0.8018

0.892 * 0.4007

0.115 * -13.2393

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.541

4.679 * 0.283962

0.327 * 0.7938

-3.08

This Year (Dec23) TTM:

Last Year (Sep22) TTM:

Total Receivables was zł13.0 Mil.
Revenue was 2.164 + 94.242 + 89.897 + -18.756 = zł167.5 Mil.
Gross Profit was 23.016 + 42.798 + 37.911 + 10.437 = zł114.2 Mil.
Total Current Assets was zł143.4 Mil.
Total Assets was zł212.5 Mil.
Property, Plant and Equipment(Net PPE) was zł46.2 Mil.
Depreciation, Depletion and Amortization(DDA) was zł-0.9 Mil.
Selling, General, & Admin. Expense(SGA) was zł21.9 Mil.
Total Current Liabilities was zł121.8 Mil.
Long-Term Debt & Capital Lease Obligation was zł6.9 Mil.
Net Income was 35.374 + -6.994 + -6.686 + 19.397 = zł41.1 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.0 Mil.
Cash Flow from Operations was 1.734 + 0 + 0.494 + -21.471 = zł-19.2 Mil.

Total Receivables was zł23.8 Mil.
Revenue was 114.119 + 90.515 + 97.869 + 115.662 = zł418.2 Mil.
Gross Profit was 53.465 + 47.607 + 43.644 + 55.488 = zł200.2 Mil.
Total Current Assets was zł215.4 Mil.
Total Assets was zł313.4 Mil.
Property, Plant and Equipment(Net PPE) was zł56.0 Mil.
Depreciation, Depletion and Amortization(DDA) was zł18.5 Mil.
Selling, General, & Admin. Expense(SGA) was zł100.9 Mil.
Total Current Liabilities was zł216.8 Mil.
Long-Term Debt & Capital Lease Obligation was zł22.3 Mil.

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)
	=	(12.979 / 167.547)	/	(23.816 / 418.165)
	=	0.077465	/	0.056954
	=	1.3601

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)
	=	(200.204 / 418.165)	/	(114.162 / 167.547)
	=	0.478768	/	0.681373
	=	0.7027

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 - (143.396 + 46.219) / 212.472)	/	(1 - (215.408 + 55.976) / 313.44)
	=	0.107577	/	0.134176
	=	0.8018

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
	=	167.547	/	418.165
	=	0.4007

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))
	=	(18.523 / (18.523 + 55.976))	/	(-0.852 / (-0.852 + 46.219))
	=	0.248634	/	-0.01878
	=	-13.2393

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)
	=	(21.88 / 167.547)	/	(100.937 / 418.165)
	=	0.13059	/	0.241381
	=	0.541

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)
	=	((6.877 + 121.78) / 212.472)	/	((22.307 + 216.79) / 313.44)
	=	0.605524	/	0.762816
	=	0.7938

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
	=	(41.091 - 0	-	-19.243)	/	212.472
	=	0.283962

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.

Cdrl has a M-score of -3.08 suggests that the company is unlikely to be a manipulator.

Cdrl Beneish M-Score Related Terms

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Cdrl (WAR:CDL) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Retail - Cyclical » Cdrl SA (WAR:CDL) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Pianowo, Ulica Kwiatowa 2, Koscian, POL, 64-000

Website

http://cdrl.pl

Cdrl SA is engaged in designing, production and distribution of clothes for children from infants to 14-year-olds under Coccodrillo clothing brand. The company exports clothes to the countries of Central and Eastern Europe: Belarus, Russia, Ukraine, Lithuania, Latvia, Estonia, Romania, Bulgaria, Hungary, Czech Republic and Slovakia.