Pick N Pay Stores Beneish M-Score Historical Data
The historical data trend for Pick N Pay Stores'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.
Pick N Pay Stores Beneish M-Score Chart
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Pick N Pay Stores Annual Data
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Feb14 |
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Feb23 |
| Beneish M-Score |
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-2.53 |
-2.87 |
-2.97 |
-2.61 |
-2.59 |
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Pick N Pay Stores Semi-Annual Data
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Aug23 |
| Beneish M-Score |
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-2.61 |
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-2.59 |
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Competitive Comparison of Pick N Pay Stores's Beneish M-Score
For the Department Stores subindustry, Pick N Pay Stores'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.
Pick N Pay Stores's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Pick N Pay Stores's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Pick N Pay Stores's Beneish M-Score falls into.
Pick N Pay Stores 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 Pick N Pay Stores 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 * 0.9762 | + | 0.528 * 0.9567 | + | 0.404 * 1.0456 | + | 0.892 * 0.9809 | + | 0.115 * 1.0978 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0375 | + | 4.679 * -0.036521 | - | 0.327 * 1.0052 |
| = | -2.69 |
* 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 (Feb23) TTM: | Last Year (Feb22) TTM: |
Total Receivables was €233 Mil.
Revenue was €5,558 Mil.
Gross Profit was €1,092 Mil.
Total Current Assets was €913 Mil.
Total Assets was €2,210 Mil.
Property, Plant and Equipment(Net PPE) was €1,048 Mil.
Depreciation, Depletion and Amortization(DDA) was €186 Mil.
Selling, General, & Admin. Expense(SGA) was €176 Mil.
Total Current Liabilities was €1,227 Mil.
Long-Term Debt & Capital Lease Obligation was €789 Mil.
Net Income was €61 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €142 Mil.
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Total Receivables was €244 Mil.
Revenue was €5,666 Mil.
Gross Profit was €1,065 Mil.
Total Current Assets was €1,115 Mil.
Total Assets was €2,336 Mil.
Property, Plant and Equipment(Net PPE) was €970 Mil.
Depreciation, Depletion and Amortization(DDA) was €192 Mil.
Selling, General, & Admin. Expense(SGA) was €173 Mil.
Total Current Liabilities was €1,330 Mil.
Long-Term Debt & Capital Lease Obligation was €791 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) |
| = | (233.256 / 5558.183) | / | (243.602 / 5666.422) |
| = | 0.041966 | / | 0.04299 |
| | = | 0.9762 |
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) |
| = | (1065.056 / 5666.422) | / | (1092.037 / 5558.183) |
| = | 0.187959 | / | 0.196474 |
| | = | 0.9567 |
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 - (912.557 + 1048.25) / 2209.732) | / | (1 - (1114.54 + 969.598) / 2335.776) |
| = | 0.112649 | / | 0.107732 |
| | = | 1.0456 |
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 |
| = | 5558.183 | / | 5666.422 |
| | = | 0.9809 |
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)) |
| = | (192.173 / (192.173 + 969.598)) | / | (185.963 / (185.963 + 1048.25)) |
| = | 0.165414 | / | 0.150673 |
| | = | 1.0978 |
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) |
| = | (175.646 / 5558.183) | / | (172.599 / 5666.422) |
| = | 0.031601 | / | 0.03046 |
| | = | 1.0375 |
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) |
| = | ((789.336 + 1227.26) / 2209.732) | / | ((790.654 + 1329.999) / 2335.776) |
| = | 0.912598 | / | 0.907901 |
| | = | 1.0052 |
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 |
| = | (61.021 - 0 | - | 141.722) | / | 2209.732 |
| | = | -0.036521 |
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.
Pick N Pay Stores has a M-score of -2.69 suggests that the company is unlikely to be a manipulator.
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