Delhaize Group Beneish M-Score Historical Data
The historical data trend for Delhaize 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.
Delhaize Group Beneish M-Score Chart
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Delhaize Group Annual Data
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Trend |
Dec06 |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
| Beneish M-Score |
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-2.65 |
-3.05 |
-2.93 |
-2.87 |
-2.76 |
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Delhaize Group 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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-2.72 |
-2.78 |
-2.77 |
-2.76 |
-2.65 |
Competitive Comparison of Delhaize Group's Beneish M-Score
For the Grocery Stores subindustry, Delhaize 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.
Delhaize Group's Beneish M-Score Distribution in the Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, Delhaize Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Delhaize Group's Beneish M-Score falls into.
Delhaize 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 Delhaize 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 * 1.1707 | + | 0.528 * 0.9925 | + | 0.404 * 0.9613 | + | 0.892 * 1.0037 | + | 0.115 * 1.0394 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9945 | + | 4.679 * -0.057299 | - | 0.327 * 0.9952 |
| = | -2.60 |
* 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 $771 Mil.
Revenue was 6851.893 + 6884.532 + 6892.256 + 6861.953 = $27,491 Mil.
Gross Profit was 1679.287 + 1655.773 + 1672.278 + 1674.523 = $6,682 Mil.
Total Current Assets was $4,273 Mil.
Total Assets was $13,864 Mil.
Property, Plant and Equipment(Net PPE) was $4,692 Mil.
Depreciation, Depletion and Amortization(DDA) was $745 Mil.
Selling, General, & Admin. Expense(SGA) was $5,797 Mil.
Total Current Liabilities was $3,458 Mil.
Long-Term Debt & Capital Lease Obligation was $2,616 Mil.
Net Income was 121.381 + 124.183 + 132.435 + 118.967 = $497 Mil.
Non Operating Income was 1.114 + 8.715 + -3.367 + 6.734 = $13 Mil.
Cash Flow from Operations was -159.243 + 676.471 + 193.042 + 567.901 = $1,278 Mil.
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Total Receivables was $656 Mil.
Revenue was 6298.701 + 7145.499 + 6913.66 + 7032.609 = $27,390 Mil.
Gross Profit was 1536.797 + 1711.467 + 1664.948 + 1694.293 = $6,608 Mil.
Total Current Assets was $3,991 Mil.
Total Assets was $13,550 Mil.
Property, Plant and Equipment(Net PPE) was $4,577 Mil.
Depreciation, Depletion and Amortization(DDA) was $760 Mil.
Selling, General, & Admin. Expense(SGA) was $5,808 Mil.
Total Current Liabilities was $3,274 Mil.
Long-Term Debt & Capital Lease Obligation was $2,690 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) |
| = | (770.601 / 27490.634) | / | (655.844 / 27390.469) |
| = | 0.028031 | / | 0.023944 |
| | = | 1.1707 |
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) |
| = | (6607.505 / 27390.469) | / | (6681.861 / 27490.634) |
| = | 0.241234 | / | 0.24306 |
| | = | 0.9925 |
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 - (4272.829 + 4691.537) / 13864.143) | / | (1 - (3991.342 + 4576.84) / 13549.784) |
| = | 0.353414 | / | 0.367652 |
| | = | 0.9613 |
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 |
| = | 27490.634 | / | 27390.469 |
| | = | 1.0037 |
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)) |
| = | (760.189 / (760.189 + 4576.84)) | / | (745.031 / (745.031 + 4691.537)) |
| = | 0.142437 | / | 0.137041 |
| | = | 1.0394 |
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) |
| = | (5797.269 / 27490.634) | / | (5808.257 / 27390.469) |
| = | 0.210882 | / | 0.212054 |
| | = | 0.9945 |
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) |
| = | ((2615.813 + 3457.684) / 13864.143) | / | ((2690.476 + 3273.81) / 13549.784) |
| = | 0.438072 | / | 0.440176 |
| | = | 0.9952 |
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 |
| = | (496.966 - 13.196 | - | 1278.171) | / | 13864.143 |
| | = | -0.057299 |
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.
Delhaize Group has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.
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