Coles Group Beneish M-Score Historical Data
The historical data trend for Coles Group'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.
Coles Group Beneish M-Score Chart
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Coles Group Annual Data
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Trend |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
Jun24 |
| Beneish M-Score |
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-2.98 |
-3.11 |
-2.75 |
-2.71 |
-3.08 |
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Coles Group Semi-Annual Data
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Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
Jun24 |
Dec24 |
| Beneish M-Score |
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- |
-2.71 |
- |
-3.08 |
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Competitive Comparison of Coles Group's Beneish M-Score
For the Grocery Stores subindustry, Coles Group'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.
Coles Group's Beneish M-Score Distribution in the Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, Coles Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Coles Group's Beneish M-Score falls into.
Coles Group 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 Coles Group 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 * 0.7617 | + | 0.528 * 0.9977 | + | 0.404 * 0.9716 | + | 0.892 * 1.0648 | + | 0.115 * 1.0546 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9926 | + | 4.679 * -0.094615 | - | 0.327 * 1.0075 |
| = | -3.09 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was $329 Mil.
Revenue was $28,932 Mil.
Gross Profit was $7,485 Mil.
Total Current Assets was $2,647 Mil.
Total Assets was $13,194 Mil.
Property, Plant and Equipment(Net PPE) was $8,411 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,007 Mil.
Selling, General, & Admin. Expense(SGA) was $5,248 Mil.
Total Current Liabilities was $4,496 Mil.
Long-Term Debt & Capital Lease Obligation was $6,081 Mil.
Net Income was $742 Mil.
Gross Profit was $136 Mil.
Cash Flow from Operations was $1,855 Mil.
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Total Receivables was $406 Mil.
Revenue was $27,170 Mil.
Gross Profit was $7,013 Mil.
Total Current Assets was $2,518 Mil.
Total Assets was $12,277 Mil.
Property, Plant and Equipment(Net PPE) was $7,713 Mil.
Depreciation, Depletion and Amortization(DDA) was $981 Mil.
Selling, General, & Admin. Expense(SGA) was $4,965 Mil.
Total Current Liabilities was $4,301 Mil.
Long-Term Debt & Capital Lease Obligation was $5,468 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) |
| = | (329.349 / 28931.607) | / | (406.04 / 27169.799) |
| = | 0.011384 | / | 0.014945 |
| | = | 0.7617 |
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) |
| = | (7012.752 / 27169.799) | / | (7484.728 / 28931.607) |
| = | 0.258108 | / | 0.258704 |
| | = | 0.9977 |
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 - (2646.746 + 8411.023) / 13193.891) | / | (1 - (2518.121 + 7712.752) / 12276.51) |
| = | 0.161902 | / | 0.16663 |
| | = | 0.9716 |
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 |
| = | 28931.607 | / | 27169.799 |
| | = | 1.0648 |
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)) |
| = | (980.537 / (980.537 + 7712.752)) | / | (1007.304 / (1007.304 + 8411.023)) |
| = | 0.112792 | / | 0.106951 |
| | = | 1.0546 |
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) |
| = | (5247.676 / 28931.607) | / | (4965.101 / 27169.799) |
| = | 0.181382 | / | 0.182743 |
| | = | 0.9926 |
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) |
| = | ((6081.009 + 4496.016) / 13193.891) | / | ((5467.785 + 4300.671) / 12276.51) |
| = | 0.801661 | / | 0.795703 |
| | = | 1.0075 |
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 |
| = | (742.364 - 136.122 | - | 1854.582) | / | 13193.891 |
| | = | -0.094615 |
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.
Coles Group has a M-score of -3.09 suggests that the company is unlikely to be a manipulator.
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