Redcare Pharmacy NV Beneish M-Score Historical Data
The historical data trend for Redcare Pharmacy NV'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.
Redcare Pharmacy NV Beneish M-Score Chart
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Redcare Pharmacy NV Annual Data
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Trend |
Dec14 |
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Dec17 |
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Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.53 |
-2.34 |
-3.63 |
-2.77 |
-1.04 |
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Redcare Pharmacy NV Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
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Mar21 |
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Mar22 |
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Mar23 |
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Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-1.55 |
-1.04 |
-1.95 |
-2.63 |
-2.83 |
Competitive Comparison of Redcare Pharmacy NV's Beneish M-Score
For the Pharmaceutical Retailers subindustry, Redcare Pharmacy NV'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.
Redcare Pharmacy NV's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Redcare Pharmacy NV's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Redcare Pharmacy NV's Beneish M-Score falls into.
Redcare Pharmacy NV 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 Redcare Pharmacy NV 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 * 0.5539 | + | 0.528 * 1.1085 | + | 0.404 * 0.8995 | + | 0.892 * 1.3958 | + | 0.115 * 0.7532 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8991 | + | 4.679 * -0.054534 | - | 0.327 * 1.1206 |
| = | -2.83 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was €105 Mil.
Revenue was 574.548 + 560.674 + 560.216 + 531.318 = €2,227 Mil.
Gross Profit was 133.314 + 131.133 + 130.88 + 121.323 = €517 Mil.
Total Current Assets was €516 Mil.
Total Assets was €1,019 Mil.
Property, Plant and Equipment(Net PPE) was €81 Mil.
Depreciation, Depletion and Amortization(DDA) was €69 Mil.
Selling, General, & Admin. Expense(SGA) was €348 Mil.
Total Current Liabilities was €244 Mil.
Long-Term Debt & Capital Lease Obligation was €235 Mil.
Net Income was -6.912 + -4.266 + -7.805 + -5.581 = €-25 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was -9.218 + 27.423 + 20.925 + -8.127 = €31 Mil.
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Total Receivables was €135 Mil.
Revenue was 475.5 + 419.888 + 372.052 + 327.83 = €1,595 Mil.
Gross Profit was 109.4 + 106.571 + 103.089 + 91.231 = €410 Mil.
Total Current Assets was €498 Mil.
Total Assets was €1,095 Mil.
Property, Plant and Equipment(Net PPE) was €93 Mil.
Depreciation, Depletion and Amortization(DDA) was €50 Mil.
Selling, General, & Admin. Expense(SGA) was €277 Mil.
Total Current Liabilities was €224 Mil.
Long-Term Debt & Capital Lease Obligation was €235 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) |
| = | (104.677 / 2226.756) | / | (135.381 / 1595.27) |
| = | 0.047009 | / | 0.084864 |
| | = | 0.5539 |
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) |
| = | (410.291 / 1595.27) | / | (516.65 / 2226.756) |
| = | 0.257192 | / | 0.232019 |
| | = | 1.1085 |
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 - (516.096 + 80.696) / 1018.944) | / | (1 - (497.569 + 93.13) / 1095.058) |
| = | 0.414303 | / | 0.460577 |
| | = | 0.8995 |
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 |
| = | 2226.756 | / | 1595.27 |
| | = | 1.3958 |
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)) |
| = | (49.58 / (49.58 + 93.13)) | / | (69.084 / (69.084 + 80.696)) |
| = | 0.347418 | / | 0.461236 |
| | = | 0.7532 |
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) |
| = | (347.524 / 2226.756) | / | (276.917 / 1595.27) |
| = | 0.156067 | / | 0.173586 |
| | = | 0.8991 |
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) |
| = | ((234.731 + 243.946) / 1018.944) | / | ((235.392 + 223.672) / 1095.058) |
| = | 0.469778 | / | 0.419214 |
| | = | 1.1206 |
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 |
| = | (-24.564 - 0 | - | 31.003) | / | 1018.944 |
| | = | -0.054534 |
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.
Redcare Pharmacy NV has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.
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