Marr SpA Beneish M-Score Historical Data
The historical data trend for Marr 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.
Marr SpA Beneish M-Score Chart
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Marr SpA Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.61 |
-2.66 |
-2.88 |
-2.16 |
-2.50 |
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Marr SpA Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.36 |
-2.50 |
-2.60 |
-2.69 |
-2.78 |
Competitive Comparison of Marr SpA's Beneish M-Score
For the Food Distribution subindustry, Marr 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.
Marr SpA's Beneish M-Score Distribution in the Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, Marr SpA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Marr SpA's Beneish M-Score falls into.
Marr 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 Marr 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 * 0.9187 | + | 0.528 * 0.957 | + | 0.404 * 0.9367 | + | 0.892 * 1.0025 | + | 0.115 * 0.9732 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0635 | + | 4.679 * -0.034722 | - | 0.327 * 1.0142 |
| = | -2.78 |
* 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 €383 Mil.
Revenue was 607.891 + 555.325 + 408.766 + 445.823 = €2,018 Mil.
Gross Profit was 135.515 + 123.544 + 85.142 + 91.957 = €436 Mil.
Total Current Assets was €920 Mil.
Total Assets was €1,298 Mil.
Property, Plant and Equipment(Net PPE) was €179 Mil.
Depreciation, Depletion and Amortization(DDA) was €22 Mil.
Selling, General, & Admin. Expense(SGA) was €119 Mil.
Total Current Liabilities was €588 Mil.
Long-Term Debt & Capital Lease Obligation was €346 Mil.
Net Income was 18.517 + 15.734 + 1.728 + 6.585 = €43 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 51.03 + 66.611 + -27.667 + -2.357 = €88 Mil.
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Total Receivables was €416 Mil.
Revenue was 610.362 + 563.16 + 417.565 + 421.712 = €2,013 Mil.
Gross Profit was 133.787 + 120.942 + 82.197 + 79.43 = €416 Mil.
Total Current Assets was €899 Mil.
Total Assets was €1,279 Mil.
Property, Plant and Equipment(Net PPE) was €171 Mil.
Depreciation, Depletion and Amortization(DDA) was €20 Mil.
Selling, General, & Admin. Expense(SGA) was €111 Mil.
Total Current Liabilities was €588 Mil.
Long-Term Debt & Capital Lease Obligation was €320 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) |
| = | (383.447 / 2017.805) | / | (416.331 / 2012.799) |
| = | 0.190032 | / | 0.206842 |
| | = | 0.9187 |
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) |
| = | (416.356 / 2012.799) | / | (436.158 / 2017.805) |
| = | 0.206854 | / | 0.216155 |
| | = | 0.957 |
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 - (919.51 + 179.476) / 1297.535) | / | (1 - (899.17 + 171.178) / 1279.354) |
| = | 0.15302 | / | 0.163368 |
| | = | 0.9367 |
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 |
| = | 2017.805 | / | 2012.799 |
| | = | 1.0025 |
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)) |
| = | (20.23 / (20.23 + 171.178)) | / | (21.867 / (21.867 + 179.476)) |
| = | 0.10569 | / | 0.108606 |
| | = | 0.9732 |
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) |
| = | (118.844 / 2017.805) | / | (111.469 / 2012.799) |
| = | 0.058898 | / | 0.05538 |
| | = | 1.0635 |
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) |
| = | ((345.63 + 588.105) / 1297.535) | / | ((319.707 + 588.02) / 1279.354) |
| = | 0.719622 | / | 0.70952 |
| | = | 1.0142 |
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 |
| = | (42.564 - 0 | - | 87.617) | / | 1297.535 |
| | = | -0.034722 |
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.
Marr SpA has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.
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