Prada SpA Beneish M-Score Historical Data
The historical data trend for Prada SpA'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.
Prada SpA Beneish M-Score Chart
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Prada SpA Annual Data
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Dec19 |
Dec20 |
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Dec22 |
Dec23 |
| Beneish M-Score |
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-3.24 |
-2.88 |
-3.00 |
-2.97 |
-2.53 |
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Prada SpA Quarterly Data
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Dec23 |
| Beneish M-Score |
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-2.97 |
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-2.53 |
Competitive Comparison of Prada SpA's Beneish M-Score
For the Luxury Goods subindustry, Prada SpA'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.
Prada SpA's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Prada SpA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Prada SpA's Beneish M-Score falls into.
Prada SpA 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 Prada SpA 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 * 1.0863 | + | 0.528 * 0.9802 | + | 0.404 * 0.9906 | + | 0.892 * 1.1619 | + | 0.115 * 1.0906 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9595 | + | 4.679 * -0.063592 | - | 0.327 * 0.9385 |
| = | -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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was HK$3,521 Mil.
Revenue was HK$40,253 Mil.
Gross Profit was HK$32,378 Mil.
Total Current Assets was HK$18,419 Mil.
Total Assets was HK$64,855 Mil.
Property, Plant and Equipment(Net PPE) was HK$34,556 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$5,761 Mil.
Selling, General, & Admin. Expense(SGA) was HK$22,054 Mil.
Total Current Liabilities was HK$12,352 Mil.
Long-Term Debt & Capital Lease Obligation was HK$17,357 Mil.
Net Income was HK$5,715 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$9,839 Mil.
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Total Receivables was HK$2,790 Mil.
Revenue was HK$34,644 Mil.
Gross Profit was HK$27,316 Mil.
Total Current Assets was HK$19,998 Mil.
Total Assets was HK$60,845 Mil.
Property, Plant and Equipment(Net PPE) was HK$29,596 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$5,463 Mil.
Selling, General, & Admin. Expense(SGA) was HK$19,782 Mil.
Total Current Liabilities was HK$12,287 Mil.
Long-Term Debt & Capital Lease Obligation was HK$17,411 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) |
| = | (3520.832 / 40253.353) | / | (2789.507 / 34643.991) |
| = | 0.087467 | / | 0.080519 |
| | = | 1.0863 |
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) |
| = | (27315.653 / 34643.991) | / | (32378.485 / 40253.353) |
| = | 0.788467 | / | 0.804367 |
| | = | 0.9802 |
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 - (18419.443 + 34555.836) / 64854.989) | / | (1 - (19997.649 + 29596.058) / 60844.699) |
| = | 0.183173 | / | 0.184913 |
| | = | 0.9906 |
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 |
| = | 40253.353 | / | 34643.991 |
| | = | 1.1619 |
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)) |
| = | (5463.174 / (5463.174 + 29596.058)) | / | (5760.515 / (5760.515 + 34555.836)) |
| = | 0.155827 | / | 0.142883 |
| | = | 1.0906 |
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) |
| = | (22053.64 / 40253.353) | / | (19782.132 / 34643.991) |
| = | 0.547871 | / | 0.571012 |
| | = | 0.9595 |
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) |
| = | ((17357.183 + 12352.438) / 64854.989) | / | ((17410.818 + 12287.299) / 60844.699) |
| = | 0.458093 | / | 0.488097 |
| | = | 0.9385 |
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 |
| = | (5714.917 - 0 | - | 9839.164) | / | 64854.989 |
| | = | -0.063592 |
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.
Prada SpA has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
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