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The zones of discrimination for M-Score is as such:
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.
The historical rank and industry rank for SUPERVALU's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of SUPERVALU was 0.00. The lowest was 0.00. And the median was 0.00.
The historical data trend for SUPERVALU'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.
SUPERVALU Annual Data | |||||||||||||||||||||
Trend | Feb09 | Feb10 | Feb11 | Feb12 | Feb13 | Feb14 | Feb15 | Feb16 | Feb17 | Feb18 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.67 | -2.89 | -2.50 | -2.12 | -1.94 |
SUPERVALU Quarterly Data | ||||||||||||||||||||
Nov13 | Feb14 | May14 | Aug14 | Nov14 | Feb15 | May15 | Aug15 | Nov15 | Feb16 | May16 | Aug16 | Nov16 | Feb17 | May17 | Aug17 | Nov17 | Feb18 | May18 | Aug18 | |
Beneish M-Score | Get a 7-Day Free Trial | -1.92 | -1.65 | -1.94 | -2.03 | -2.37 |
For the Grocery Stores subindustry, SUPERVALU'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.
For the Retail - Defensive industry and Consumer Defensive sector, SUPERVALU's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where SUPERVALU's Beneish M-Score falls into.
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 SUPERVALU 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 * 0.8252 | + | 0.528 * 1.3221 | + | 0.404 * 1.1139 | + | 0.892 * 1.2929 | + | 0.115 * 0.6597 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.7904 | + | 4.679 * -0.022189 | - | 0.327 * 0.9844 | |||||||
= | -2.27 |
* 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 (Aug18) TTM: | Last Year (Aug17) TTM: |
Total Receivables was $638 Mil. Revenue was 3512 + 4755 + 2415 + 3938 = $14,620 Mil. Gross Profit was 294 + 428 + 63 + 409 = $1,194 Mil. Total Current Assets was $1,885 Mil. Total Assets was $4,056 Mil. Property, Plant and Equipment(Net PPE) was $994 Mil. Depreciation, Depletion and Amortization(DDA) was $210 Mil. Selling, General, & Admin. Expense(SGA) was $1,123 Mil. Total Current Liabilities was $1,561 Mil. Long-Term Debt & Capital Lease Obligation was $1,557 Mil. Net Income was -57 + -21 + 33 + 26 = $-19 Mil. Non Operating Income was 9 + 12 + 14 + -29 = $6 Mil. Cash Flow from Operations was 48 + -58 + 233 + -158 = $65 Mil. |
Total Receivables was $598 Mil. Revenue was 3449 + 3517 + 1339 + 3003 = $11,308 Mil. Gross Profit was 340 + 431 + 43 + 407 = $1,221 Mil. Total Current Assets was $2,004 Mil. Total Assets was $4,395 Mil. Property, Plant and Equipment(Net PPE) was $1,246 Mil. Depreciation, Depletion and Amortization(DDA) was $162 Mil. Selling, General, & Admin. Expense(SGA) was $1,099 Mil. Total Current Liabilities was $1,657 Mil. Long-Term Debt & Capital Lease Obligation was $1,775 Mil. |
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) |
= | (638 / 14620) | / | (598 / 11308) | |
= | 0.043639 | / | 0.052883 | |
= | 0.8252 |
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) | |
= | (1221 / 11308) | / | (1194 / 14620) | |
= | 0.107977 | / | 0.081669 | |
= | 1.3221 |
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 - (1885 + 994) / 4056) | / | (1 - (2004 + 1246) / 4395) | |
= | 0.290187 | / | 0.260523 | |
= | 1.1139 |
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 | |
= | 14620 | / | 11308 | |
= | 1.2929 |
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)) |
= | (162 / (162 + 1246)) | / | (210 / (210 + 994)) | |
= | 0.115057 | / | 0.174419 | |
= | 0.6597 |
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) |
= | (1123 / 14620) | / | (1099 / 11308) | |
= | 0.076813 | / | 0.097188 | |
= | 0.7904 |
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) |
= | ((1557 + 1561) / 4056) | / | ((1775 + 1657) / 4395) | |
= | 0.768738 | / | 0.780887 | |
= | 0.9844 |
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 | |
= | (-19 - 6 | - | 65) | / | 4056 | |
= | -0.022189 |
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.
SUPERVALU has a M-score of -2.27 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of SUPERVALU's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Mathew Pendo | director | C/O OAKTREE CAPITAL MANAGEMENT, L.P., 333 S. GRAND AVENUE, 28TH FLOOR, LOS ANGELES CA 90071 |
Frank A Savage | director | 7075 FLYING CLOUD DRIVE, EDEN PRAIRIE MN 55344 |
De Luzuriaga Francesca Ruiz | director | C/O OFFICE DEPOT, INC., 6600 NORTH MILITARY TRAIL, BOCA RATON, FL X1 33496 |
Irwin Cohen | director | BARBARA BUISMAN 11840 VALLEY VIEW ROAD EDEN PRAIREI MN 55344 |
Philip L Francis | director | AT HOME GROUP INC., 1600 EAST PLANO PARKWAY, PLANO TX 75074 |
Mary A Winston | director | 557 BROADWAY, C/O SCHOLASTIC CORP, NEW YORK NY 10012 |
David William Johnson | officer: VP Controller - CAO | 11840 VALLEY VIEW ROAD, EDEN PRAIRIE MN 55344 |
Donald R Chappel | director | 600 PEACHTREE STREET N.E.,, 55TH FLOOR, ATLANTA GA 30308 |
Eric G Johnson | director | BALDWIN RICHARDSON FOODS CO, 20201 S LAGRANGE RD, FRANKFORT IL 60423 |
Susan S Grafton | officer: SVP Chief Accounting Officer | 11840 VALLEY VIEW ROAD, EDEN PRAIRIE MN 55397 |
Bruce H Besanko | officer: EVP Chief Oper Officer and CFO | N56 W17000 RIDGEWOOD DRIVE, MENOMONEE FALLS WI 53051 |
Karla C Robertson | officer: EVP General Counsel | 11840 VALLEY VIEW ROAD, EDEN PRAIRIE MN 55344 |
Sam K Duncan | director, officer: Advisor to the Board | 11840 VALLEY VIEW ROAD, EDEN PRAIRIE MN 55344 |
Matthew E Rubel | director | 3231 SE SIXTH AVENUE, TOPEKA KS 66607 |
Jana Partners Llc | 10 percent owner | 767 FIFTH AVENUE, 8TH FLOOR, NEW YORK NY 10153 |
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