Metcash Beneish M-Score Historical Data
The historical data trend for Metcash'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.
Metcash Beneish M-Score Chart
|
Metcash Annual Data
|
|
Trend |
Apr14 |
Apr15 |
Apr16 |
Apr17 |
Apr18 |
Apr19 |
Apr20 |
Apr21 |
Apr22 |
Apr23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.73 |
-2.36 |
-2.64 |
-2.60 |
-2.56 |
|
Metcash Semi-Annual Data
|
|
Apr14 |
Oct14 |
Apr15 |
Oct15 |
Apr16 |
Oct16 |
Apr17 |
Oct17 |
Apr18 |
Oct18 |
Apr19 |
Oct19 |
Apr20 |
Oct20 |
Apr21 |
Oct21 |
Apr22 |
Oct22 |
Apr23 |
Oct23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
-2.60 |
- |
-2.56 |
- |
Competitive Comparison of Metcash's Beneish M-Score
For the Food Distribution subindustry, Metcash'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.
Metcash's Beneish M-Score Distribution in the Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, Metcash's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Metcash's Beneish M-Score falls into.
Metcash 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 Metcash 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 * 0.9504 | + | 0.528 * 0.9517 | + | 0.404 * 1.0445 | + | 0.892 * 1.0421 | + | 0.115 * 1.0324 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0475 | + | 4.679 * -0.010336 | - | 0.327 * 1.0202 |
| = | -2.56 |
* 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 (Apr23) TTM: | Last Year (Apr22) TTM: |
Total Receivables was A$1,620 Mil.
Revenue was A$15,803 Mil.
Gross Profit was A$1,842 Mil.
Total Current Assets was A$3,091 Mil.
Total Assets was A$5,379 Mil.
Property, Plant and Equipment(Net PPE) was A$890 Mil.
Depreciation, Depletion and Amortization(DDA) was A$175 Mil.
Selling, General, & Admin. Expense(SGA) was A$973 Mil.
Total Current Liabilities was A$2,896 Mil.
Long-Term Debt & Capital Lease Obligation was A$1,172 Mil.
Net Income was A$259 Mil.
Gross Profit was A$-58 Mil.
Cash Flow from Operations was A$373 Mil.
|
Total Receivables was A$1,635 Mil.
Revenue was A$15,165 Mil.
Gross Profit was A$1,683 Mil.
Total Current Assets was A$3,046 Mil.
Total Assets was A$5,201 Mil.
Property, Plant and Equipment(Net PPE) was A$861 Mil.
Depreciation, Depletion and Amortization(DDA) was A$176 Mil.
Selling, General, & Admin. Expense(SGA) was A$891 Mil.
Total Current Liabilities was A$2,725 Mil.
Long-Term Debt & Capital Lease Obligation was A$1,131 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) |
| = | (1619.6 / 15803.4) | / | (1635.3 / 15164.8) |
| = | 0.102484 | / | 0.107835 |
| | = | 0.9504 |
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) |
| = | (1682.5 / 15164.8) | / | (1842.3 / 15803.4) |
| = | 0.110948 | / | 0.116576 |
| | = | 0.9517 |
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 - (3091.4 + 890.3) / 5379.1) | / | (1 - (3046.1 + 861.3) / 5200.9) |
| = | 0.259783 | / | 0.248707 |
| | = | 1.0445 |
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 |
| = | 15803.4 | / | 15164.8 |
| | = | 1.0421 |
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)) |
| = | (175.9 / (175.9 + 861.3)) | / | (175 / (175 + 890.3)) |
| = | 0.169591 | / | 0.164273 |
| | = | 1.0324 |
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) |
| = | (972.7 / 15803.4) | / | (891.1 / 15164.8) |
| = | 0.06155 | / | 0.058761 |
| | = | 1.0475 |
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) |
| = | ((1172.4 + 2896.4) / 5379.1) | / | ((1131.2 + 2724.9) / 5200.9) |
| = | 0.756409 | / | 0.741429 |
| | = | 1.0202 |
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 |
| = | (259 - -58.1 | - | 372.7) | / | 5379.1 |
| | = | -0.010336 |
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.
Metcash has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
ASX:MTS has been successfully added to your