Metcash Beneish M-Score Historical Data
The historical data trend for Metcash'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.
Metcash Beneish M-Score Chart
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Metcash Annual Data
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Apr15 |
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Apr19 |
Apr20 |
Apr21 |
Apr22 |
Apr23 |
Apr24 |
| Beneish M-Score |
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-2.36 |
-2.64 |
-2.60 |
-2.56 |
-2.46 |
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Metcash Semi-Annual Data
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Apr15 |
Oct15 |
Apr16 |
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Apr17 |
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Apr18 |
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Apr19 |
Oct19 |
Apr20 |
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Oct21 |
Apr22 |
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Oct23 |
Apr24 |
Oct24 |
| Beneish M-Score |
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-2.56 |
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-2.46 |
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Competitive Comparison of Metcash's Beneish M-Score
For the Food Distribution subindustry, Metcash'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.
Metcash's Beneish M-Score Distribution in the Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, Metcash's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Metcash's Beneish M-Score falls into.
Metcash 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 Metcash 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 * 1.1967 | + | 0.528 * 0.9554 | + | 0.404 * 1.0276 | + | 0.892 * 1.0009 | + | 0.115 * 1.0082 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0719 | + | 4.679 * -0.036126 | - | 0.327 * 0.9321 |
| = | -2.47 |
* 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 (Apr24) TTM: | Last Year (Apr23) TTM: |
Total Receivables was €1,183 Mil.
Revenue was €9,649 Mil.
Gross Profit was €1,177 Mil.
Total Current Assets was €1,978 Mil.
Total Assets was €3,515 Mil.
Property, Plant and Equipment(Net PPE) was €598 Mil.
Depreciation, Depletion and Amortization(DDA) was €116 Mil.
Selling, General, & Admin. Expense(SGA) was €637 Mil.
Total Current Liabilities was €1,752 Mil.
Long-Term Debt & Capital Lease Obligation was €726 Mil.
Net Income was €156 Mil.
Gross Profit was €-10 Mil.
Cash Flow from Operations was €293 Mil.
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Total Receivables was €988 Mil.
Revenue was €9,641 Mil.
Gross Profit was €1,124 Mil.
Total Current Assets was €1,886 Mil.
Total Assets was €3,281 Mil.
Property, Plant and Equipment(Net PPE) was €543 Mil.
Depreciation, Depletion and Amortization(DDA) was €107 Mil.
Selling, General, & Admin. Expense(SGA) was €593 Mil.
Total Current Liabilities was €1,767 Mil.
Long-Term Debt & Capital Lease Obligation was €715 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) |
| = | (1183.343 / 9648.898) | / | (988.01 / 9640.603) |
| = | 0.12264 | / | 0.102484 |
| | = | 1.1967 |
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) |
| = | (1123.865 / 9640.603) | / | (1177.4 / 9648.898) |
| = | 0.116576 | / | 0.122024 |
| | = | 0.9554 |
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 - (1978.423 + 598.129) / 3514.798) | / | (1 - (1885.857 + 543.113) / 3281.431) |
| = | 0.266942 | / | 0.259783 |
| | = | 1.0276 |
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 |
| = | 9648.898 | / | 9640.603 |
| | = | 1.0009 |
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)) |
| = | (106.756 / (106.756 + 543.113)) | / | (116.424 / (116.424 + 598.129)) |
| = | 0.164273 | / | 0.162933 |
| | = | 1.0082 |
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) |
| = | (636.574 / 9648.898) | / | (593.38 / 9640.603) |
| = | 0.065974 | / | 0.06155 |
| | = | 1.0719 |
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) |
| = | ((726.257 + 1751.82) / 3514.798) | / | ((715.203 + 1766.901) / 3281.431) |
| = | 0.705041 | / | 0.756409 |
| | = | 0.9321 |
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 |
| = | (155.96 - -9.702 | - | 292.637) | / | 3514.798 |
| | = | -0.036126 |
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.
Metcash has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.
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