Doverddlery (FRA:D1R) Beneish M-Score : 0.00 (As of Jun. 21, 2024)

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What is Doverddlery Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

The historical rank and industry rank for Doverddlery's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Doverddlery was 0.00. The lowest was 0.00. And the median was 0.00.

Doverddlery Beneish M-Score Historical Data

The historical data trend for Doverddlery'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.

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Doverddlery Beneish M-Score Chart

Doverddlery Annual Data

Trend

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

Dec14

Beneish M-Score

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-3.13

-1.47

-1.48

-2.61

-1.85

Doverddlery Quarterly Data
	Jun10	Sep10	Dec10	Mar11	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13	Jun13	Sep13	Dec13	Mar14	Jun14	Sep14	Dec14	Mar15
Beneish M-Score	Get a 7-Day Free Trial															-1.97	-2.01	-1.85	-1.85	-1.87

Competitive Comparison of Doverddlery's Beneish M-Score

For the Specialty Retail subindustry, Doverddlery'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.

Doverddlery's Beneish M-Score Distribution in the Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Doverddlery's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Doverddlery's Beneish M-Score falls into.

Doverddlery 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 Doverddlery for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.5714

0.528 * 1.0063

0.404 * 1.3677

0.892 * 1.2034

0.115 * 1.1685

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0282

4.679 * 0.021177

0.327 * 1.0773

-1.53

This Year (Mar15) TTM:

Last Year (Mar14) TTM:

Total Receivables was €1.21 Mil.
Revenue was 21.118 + 26.815 + 19.147 + 17.939 = €85.02 Mil.
Gross Profit was 7.795 + 10.952 + 7.415 + 6.895 = €33.06 Mil.
Total Current Assets was €35.17 Mil.
Total Assets was €45.24 Mil.
Property, Plant and Equipment(Net PPE) was €6.81 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.31 Mil.
Selling, General, & Admin. Expense(SGA) was €31.09 Mil.
Total Current Liabilities was €11.54 Mil.
Long-Term Debt & Capital Lease Obligation was €17.47 Mil.
Net Income was -0.717 + 1.056 + 0.163 + 0.192 = €0.69 Mil.
Non Operating Income was -0.021 + -0.036 + 0.004 + 0.041 = €-0.01 Mil.
Cash Flow from Operations was -3.572 + 3.579 + -0.327 + 0.068 = €-0.25 Mil.

Total Receivables was €0.64 Mil.
Revenue was 14.252 + 22.089 + 16.916 + 17.391 = €70.65 Mil.
Gross Profit was 5.115 + 9.569 + 6.411 + 6.547 = €27.64 Mil.
Total Current Assets was €23.02 Mil.
Total Assets was €28.69 Mil.
Property, Plant and Equipment(Net PPE) was €4.16 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.97 Mil.
Selling, General, & Admin. Expense(SGA) was €25.13 Mil.
Total Current Liabilities was €6.74 Mil.
Long-Term Debt & Capital Lease Obligation was €10.34 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)
	=	(1.214 / 85.019)	/	(0.642 / 70.648)
	=	0.014279	/	0.009087
	=	1.5714

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)
	=	(27.642 / 70.648)	/	(33.057 / 85.019)
	=	0.391264	/	0.388819
	=	1.0063

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 - (35.171 + 6.812) / 45.237)	/	(1 - (23.019 + 4.164) / 28.692)
	=	0.071932	/	0.052593
	=	1.3677

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
	=	85.019	/	70.648
	=	1.2034

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))
	=	(0.967 / (0.967 + 4.164))	/	(1.31 / (1.31 + 6.812))
	=	0.188462	/	0.16129
	=	1.1685

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)
	=	(31.091 / 85.019)	/	(25.128 / 70.648)
	=	0.365695	/	0.355679
	=	1.0282

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)
	=	((17.473 + 11.537) / 45.237)	/	((10.344 + 6.736) / 28.692)
	=	0.641289	/	0.595288
	=	1.0773

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
	=	(0.694 - -0.012	-	-0.252)	/	45.237
	=	0.021177

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.

Doverddlery has a M-score of -1.53 signals that the company is likely to be a manipulator.

Doverddlery Beneish M-Score Related Terms

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Doverddlery (FRA:D1R) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Retail - Cyclical » Dover Saddlery Inc (FRA:D1R) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

Website

http://www.doversaddlery.com

Dover Saddlery, Inc. is a Delaware Corporation. The Company was founded in 1975. It is a specialty retailer and the largest multi-channel marketer of premium, equestrian products in the U.S. The Company sells its products through a multi-channel strategy, including direct and retail. The Company offers a comprehensive selection of products required to own, ride, train and compete with a horse. The Company's equestrian product line includes a broad variety of separate items such as saddles, tack, specialized apparel, footwear, horse clothing, horse health and stable products. The Company has established itself as the largest multi-channel marketer of equestrian tack, specialized apparel, horse care and stable products in the U.S. and plans to continue its multi-channel retail strategy to capitalize on strong brand equity and utilize its customer database. This multi-channel strategy enables it to capture customer data, achieve operational synergies, provide a seamless and convenient shopping experience for its customers, cross market its products and reinforce its brand across channels. As of December 31, 2012, it operated seventeen stores under the Dover Saddlery brand and one store under the Smith Brothers brand. The Company is subject to numerous regulations governing the Internet and e-commerce, retailers generally, the importation, promotion and sale of merchandise, and the operation of retail stores and warehouse facilities.

Doverddlery (FRA:D1R) Headlines

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