Alon Blue Square Israel Beneish M-Score Historical Data
The historical data trend for Alon Blue Square Israel'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.
Alon Blue Square Israel Beneish M-Score Chart
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Alon Blue Square Israel Annual Data
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Trend |
Dec06 |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
| Beneish M-Score |
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-2.53 |
-2.86 |
86.81 |
43.59 |
-4.99 |
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Alon Blue Square Israel Quarterly Data
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Jun11 |
Sep11 |
Dec11 |
Mar12 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
| Beneish M-Score |
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20.39 |
15.62 |
15.51 |
-4.99 |
-4.49 |
Competitive Comparison of Alon Blue Square Israel's Beneish M-Score
For the Department Stores subindustry, Alon Blue Square Israel'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.
Alon Blue Square Israel's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Alon Blue Square Israel's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Alon Blue Square Israel's Beneish M-Score falls into.
Alon Blue Square Israel 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 Alon Blue Square Israel 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 * 0.0227 | + | 0.528 * 0.8352 | + | 0.404 * 1.3154 | + | 0.892 * 0.8514 | + | 0.115 * 0.2708 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0154 | + | 4.679 * -0.199253 | - | 0.327 * 0.9986 |
| = | -4.49 |
* 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 (Mar16) TTM: | Last Year (Mar15) TTM: |
Total Receivables was $8.3 Mil.
Revenue was 12.405 + -40.816 + 39.064 + 641.194 = $651.8 Mil.
Gross Profit was 10.875 + -13.723 + 24.909 + 144.594 = $166.7 Mil.
Total Current Assets was $837.0 Mil.
Total Assets was $1,794.2 Mil.
Property, Plant and Equipment(Net PPE) was $28.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $19.3 Mil.
Selling, General, & Admin. Expense(SGA) was $145.1 Mil.
Total Current Liabilities was $1,005.3 Mil.
Long-Term Debt & Capital Lease Obligation was $462.0 Mil.
Net Income was 14.883 + -16.23 + -166.915 + -145.546 = $-313.8 Mil.
Non Operating Income was 0 + 7.337 + 0 + 0 = $7.3 Mil.
Cash Flow from Operations was 8.596 + 29.403 + -4.854 + 3.202 = $36.3 Mil.
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Total Receivables was $426.3 Mil.
Revenue was 11.874 + -54.215 + 26.783 + 781.218 = $765.7 Mil.
Gross Profit was 6.989 + -29.768 + 11.941 + 174.328 = $163.5 Mil.
Total Current Assets was $841.1 Mil.
Total Assets was $2,412.9 Mil.
Property, Plant and Equipment(Net PPE) was $622.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $76.6 Mil.
Selling, General, & Admin. Expense(SGA) was $167.8 Mil.
Total Current Liabilities was $1,045.8 Mil.
Long-Term Debt & Capital Lease Obligation was $930.4 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) |
| = | (8.25 / 651.847) | / | (426.295 / 765.66) |
| = | 0.012656 | / | 0.556768 |
| | = | 0.0227 |
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) |
| = | (163.49 / 765.66) | / | (166.655 / 651.847) |
| = | 0.213528 | / | 0.255666 |
| | = | 0.8352 |
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 - (836.986 + 28.402) / 1794.162) | / | (1 - (841.074 + 622.261) / 2412.895) |
| = | 0.517665 | / | 0.393536 |
| | = | 1.3154 |
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 |
| = | 651.847 | / | 765.66 |
| | = | 0.8514 |
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)) |
| = | (76.571 / (76.571 + 622.261)) | / | (19.306 / (19.306 + 28.402)) |
| = | 0.10957 | / | 0.40467 |
| | = | 0.2708 |
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) |
| = | (145.061 / 651.847) | / | (167.801 / 765.66) |
| = | 0.222538 | / | 0.219159 |
| | = | 1.0154 |
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) |
| = | ((462.042 + 1005.338) / 1794.162) | / | ((930.434 + 1045.815) / 2412.895) |
| = | 0.817864 | / | 0.819036 |
| | = | 0.9986 |
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 |
| = | (-313.808 - 7.337 | - | 36.347) | / | 1794.162 |
| | = | -0.199253 |
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.
Alon Blue Square Israel has a M-score of -4.49 suggests that the company is unlikely to be a manipulator.
Alon Blue Square Israel (Alon Blue Square Israel) Business Description
Traded in Other Exchanges
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Address
Alon Blue Square Israel Ltd was incorporated in June 1988 as a company under the laws of the State of Israel. The Company owns and operates supermarkets and retail outlets. It operates in four reporting segments: Supermarkets, Fueling and Commercial sites, Non-Food Retail & Wholesale, and Real Estate. In its Supermarkets segment, it is a food retailer in the State of Israel. In its Fueling and Commercial Sites segment, it operates a chain of filling stations and convenience stores in different formats in Israel. In its 'Non-Food' segment, it sells 'Non-Food' items both in its supermarkets and in stand alone outlets. In its Real Estate segment, it owns leases and develops yield-generating commercial properties and residency projects. Through its supermarkets, it offers a range of food and beverage products and 'Non-Food' items, such as houseware, small electrical appliances, computers and computer accessories, entertainment products and textile products, and 'Near-Food' products, such as health and beauty aids, products for babies, cosmetics and hygiene products. It also operates several houseware departments within its large stores. Through its stand alone 'Non-Food' outlets, it offers a range of houseware and home textile, toys, leisure and baby products. The Company competes with the other supermarket chain, Shufersal, low-priced smaller supermarket chains, independent grocers, open-air markets, and other retailers selling supermarket goods. Its non-food business is subject to Israeli laws relating to imports, customs, labeling of products and consumer protection laws, as well as to labor laws and license and permit laws as apply to the operation of its network of stores. The Company is subject to safety tests, quality control and certification by the Standards Institution of Israel.
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