Axfood AB Beneish M-Score Historical Data
The historical data trend for Axfood AB'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.
Axfood AB Beneish M-Score Chart
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Axfood AB Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.97 |
-3.28 |
-2.30 |
-2.90 |
-3.09 |
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Axfood AB Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.97 |
-3.01 |
-2.94 |
-3.09 |
-3.12 |
Competitive Comparison of Axfood AB's Beneish M-Score
For the Grocery Stores subindustry, Axfood AB'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.
Axfood AB's Beneish M-Score Distribution in the Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, Axfood AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Axfood AB's Beneish M-Score falls into.
Axfood AB 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 Axfood AB 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 * 1.0273 | + | 0.528 * 0.9804 | + | 0.404 * 0.9905 | + | 0.892 * 1.0604 | + | 0.115 * 0.934 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9886 | + | 4.679 * -0.147394 | - | 0.327 * 0.9851 |
| = | -3.11 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $215 Mil.
Revenue was 1945.194 + 2024.743 + 1830.705 + 1931.173 = $7,732 Mil.
Gross Profit was 284.595 + 278.818 + 254.583 + 271.146 = $1,089 Mil.
Total Current Assets was $885 Mil.
Total Assets was $2,949 Mil.
Property, Plant and Equipment(Net PPE) was $1,493 Mil.
Depreciation, Depletion and Amortization(DDA) was $291 Mil.
Selling, General, & Admin. Expense(SGA) was $825 Mil.
Total Current Liabilities was $1,473 Mil.
Long-Term Debt & Capital Lease Obligation was $750 Mil.
Net Income was 53.884 + 50.889 + 65.766 + 58.686 = $229 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 162.804 + 216.327 + 128.374 + 156.373 = $664 Mil.
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Total Receivables was $198 Mil.
Revenue was 1837.672 + 1902.004 + 1711.625 + 1840.377 = $7,292 Mil.
Gross Profit was 260.015 + 238.967 + 244.544 + 263.48 = $1,007 Mil.
Total Current Assets was $841 Mil.
Total Assets was $2,815 Mil.
Property, Plant and Equipment(Net PPE) was $1,424 Mil.
Depreciation, Depletion and Amortization(DDA) was $256 Mil.
Selling, General, & Admin. Expense(SGA) was $787 Mil.
Total Current Liabilities was $1,422 Mil.
Long-Term Debt & Capital Lease Obligation was $732 Mil.
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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) |
| = | (215.247 / 7731.815) | / | (197.589 / 7291.678) |
| = | 0.027839 | / | 0.027098 |
| | = | 1.0273 |
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) |
| = | (1007.006 / 7291.678) | / | (1089.142 / 7731.815) |
| = | 0.138103 | / | 0.140865 |
| | = | 0.9804 |
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 - (884.712 + 1492.993) / 2948.911) | / | (1 - (841.232 + 1423.69) / 2815.498) |
| = | 0.193701 | / | 0.195552 |
| | = | 0.9905 |
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 |
| = | 7731.815 | / | 7291.678 |
| | = | 1.0604 |
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)) |
| = | (256.13 / (256.13 + 1423.69)) | / | (291.28 / (291.28 + 1492.993)) |
| = | 0.152475 | / | 0.163249 |
| | = | 0.934 |
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) |
| = | (825.302 / 7731.815) | / | (787.281 / 7291.678) |
| = | 0.106741 | / | 0.10797 |
| | = | 0.9886 |
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) |
| = | ((749.762 + 1473.015) / 2948.911) | / | ((731.842 + 1422.449) / 2815.498) |
| = | 0.753762 | / | 0.765155 |
| | = | 0.9851 |
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 |
| = | (229.225 - 0 | - | 663.878) | / | 2948.911 |
| | = | -0.147394 |
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.
Axfood AB has a M-score of -3.11 suggests that the company is unlikely to be a manipulator.
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