Shoppers Drug Mart Beneish M-Score Historical Data
The historical data trend for Shoppers Drug Mart'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.
Shoppers Drug Mart Beneish M-Score Chart
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Shoppers Drug Mart Annual Data
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Trend |
Dec04 |
Dec05 |
Dec06 |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
| Beneish M-Score |
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- |
- |
-2.41 |
-2.62 |
-2.42 |
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Shoppers Drug Mart Quarterly Data
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Mar09 |
Jun09 |
Sep09 |
Dec09 |
Mar10 |
Jun10 |
Sep10 |
Dec10 |
Mar11 |
Jun11 |
Sep11 |
Dec11 |
Mar12 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
| Beneish M-Score |
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-2.62 |
-2.63 |
-2.51 |
-2.36 |
-2.42 |
Competitive Comparison of Shoppers Drug Mart's Beneish M-Score
For the Pharmaceutical Retailers subindustry, Shoppers Drug Mart'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.
Shoppers Drug Mart's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Shoppers Drug Mart's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shoppers Drug Mart's Beneish M-Score falls into.
Shoppers Drug Mart 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 Shoppers Drug Mart 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 * 1.0722 | + | 0.528 * 1.0036 | + | 0.404 * 0.9944 | + | 0.892 * 0.956 | + | 0.115 * 0.9121 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0266 | + | 4.679 * -0.015093 | - | 0.327 * 0.9719 |
| = | -2.53 |
* 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 (Dec13) TTM: | Last Year (Dec12) TTM: |
Total Receivables was €371 Mil.
Revenue was 1884.716 + 2377.31 + 1865.559 + 1873.119 = €8,001 Mil.
Gross Profit was 732.929 + 910.281 + 720.555 + 721.308 = €3,085 Mil.
Total Current Assets was €2,022 Mil.
Total Assets was €5,232 Mil.
Property, Plant and Equipment(Net PPE) was €1,128 Mil.
Depreciation, Depletion and Amortization(DDA) was €235 Mil.
Selling, General, & Admin. Expense(SGA) was €1,572 Mil.
Total Current Liabilities was €1,417 Mil.
Long-Term Debt & Capital Lease Obligation was €340 Mil.
Net Income was 116.269 + 119.942 + 107.996 + 90.021 = €434 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 244.46 + 105.964 + 133.738 + 29.028 = €513 Mil.
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Total Receivables was €362 Mil.
Revenue was 2095.208 + 2545.532 + 1904.655 + 1823.9 = €8,369 Mil.
Gross Profit was 815.694 + 976.959 + 746.284 + 699.902 = €3,239 Mil.
Total Current Assets was €2,129 Mil.
Total Assets was €5,752 Mil.
Property, Plant and Equipment(Net PPE) was €1,323 Mil.
Depreciation, Depletion and Amortization(DDA) was €247 Mil.
Selling, General, & Admin. Expense(SGA) was €1,602 Mil.
Total Current Liabilities was €1,798 Mil.
Long-Term Debt & Capital Lease Obligation was €190 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) |
| = | (370.614 / 8000.704) | / | (361.587 / 8369.295) |
| = | 0.046323 | / | 0.043204 |
| | = | 1.0722 |
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) |
| = | (3238.839 / 8369.295) | / | (3085.073 / 8000.704) |
| = | 0.386991 | / | 0.3856 |
| | = | 1.0036 |
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 - (2022.466 + 1128.27) / 5231.807) | / | (1 - (2128.64 + 1322.601) / 5752.164) |
| = | 0.397773 | / | 0.40001 |
| | = | 0.9944 |
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 |
| = | 8000.704 | / | 8369.295 |
| | = | 0.956 |
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)) |
| = | (247.176 / (247.176 + 1322.601)) | / | (235.412 / (235.412 + 1128.27)) |
| = | 0.157459 | / | 0.17263 |
| | = | 0.9121 |
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) |
| = | (1571.751 / 8000.704) | / | (1601.573 / 8369.295) |
| = | 0.196452 | / | 0.191363 |
| | = | 1.0266 |
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) |
| = | ((340.322 + 1416.794) / 5231.807) | / | ((190.16 + 1797.542) / 5752.164) |
| = | 0.335853 | / | 0.345557 |
| | = | 0.9719 |
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 |
| = | (434.228 - 0 | - | 513.19) | / | 5231.807 |
| | = | -0.015093 |
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.
Shoppers Drug Mart has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
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