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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 Francescas Holdings's Beneish M-Score or its related term are showing as below:
During the past 11 years, the highest Beneish M-Score of Francescas Holdings was 0.00. The lowest was 0.00. And the median was 0.00.
The historical data trend for Francescas Holdings'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.
Francescas Holdings Annual Data | |||||||||||||||||||||
Trend | Jan11 | Jan12 | Jan13 | Jan14 | Jan15 | Jan16 | Jan17 | Jan18 | Jan19 | Jan20 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -3.00 | -2.94 | -3.44 | -3.94 | -3.35 |
Francescas Holdings Quarterly Data | ||||||||||||||||||||
Oct15 | Jan16 | Apr16 | Jul16 | Oct16 | Jan17 | Apr17 | Jul17 | Oct17 | Jan18 | Apr18 | Jul18 | Oct18 | Jan19 | Apr19 | Jul19 | Oct19 | Jan20 | Apr20 | Jul20 | |
Beneish M-Score | Get a 7-Day Free Trial | -4.61 | -4.29 | -3.35 | -0.51 | -0.72 |
For the Apparel Retail subindustry, Francescas Holdings'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 - Cyclical industry and Consumer Cyclical sector, Francescas Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Francescas Holdings'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 Francescas Holdings 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 * 2.5517 | + | 0.528 * 1.3909 | + | 0.404 * 2.5737 | + | 0.892 * 0.8189 | + | 0.115 * 2.0168 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.9647 | + | 4.679 * -0.091127 | - | 0.327 * 1.1489 | |||||||
= | -0.72 |
* 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 (Jul20) TTM: | Last Year (Jul19) TTM: |
Total Receivables was $16.7 Mil. Revenue was 75.723 + 43.753 + 118.936 + 95.503 = $333.9 Mil. Gross Profit was 13.27 + -2.871 + 41.188 + 37.518 = $89.1 Mil. Total Current Assets was $68.8 Mil. Total Assets was $308.4 Mil. Property, Plant and Equipment(Net PPE) was $230.6 Mil. Depreciation, Depletion and Amortization(DDA) was $17.0 Mil. Selling, General, & Admin. Expense(SGA) was $133.7 Mil. Total Current Liabilities was $107.9 Mil. Long-Term Debt & Capital Lease Obligation was $185.8 Mil. Net Income was -17.16 + -15.342 + -11.548 + -5.135 = $-49.2 Mil. Non Operating Income was 0.025 + -7.413 + -10.258 + -1.463 = $-19.1 Mil. Cash Flow from Operations was 8.617 + -8.034 + 7.04 + -9.591 = $-2.0 Mil. |
Total Receivables was $8.0 Mil. Revenue was 105.972 + 87.125 + 119.31 + 95.375 = $407.8 Mil. Gross Profit was 40.503 + 30.327 + 46.881 + 33.645 = $151.4 Mil. Total Current Assets was $71.7 Mil. Total Assets was $368.0 Mil. Property, Plant and Equipment(Net PPE) was $292.2 Mil. Depreciation, Depletion and Amortization(DDA) was $47.0 Mil. Selling, General, & Admin. Expense(SGA) was $169.3 Mil. Total Current Liabilities was $81.1 Mil. Long-Term Debt & Capital Lease Obligation was $223.9 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) |
= | (16.688 / 333.915) | / | (7.987 / 407.782) | |
= | 0.049977 | / | 0.019586 | |
= | 2.5517 |
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) | |
= | (151.356 / 407.782) | / | (89.105 / 333.915) | |
= | 0.371169 | / | 0.266849 | |
= | 1.3909 |
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 - (68.784 + 230.611) / 308.448) | / | (1 - (71.65 + 292.169) / 368.016) | |
= | 0.02935 | / | 0.011404 | |
= | 2.5737 |
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 | |
= | 333.915 | / | 407.782 | |
= | 0.8189 |
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)) |
= | (47.02 / (47.02 + 292.169)) | / | (17.021 / (17.021 + 230.611)) | |
= | 0.138625 | / | 0.068735 | |
= | 2.0168 |
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) |
= | (133.729 / 333.915) | / | (169.296 / 407.782) | |
= | 0.400488 | / | 0.415163 | |
= | 0.9647 |
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) |
= | ((185.761 + 107.906) / 308.448) | / | ((223.87 + 81.108) / 368.016) | |
= | 0.952079 | / | 0.828709 | |
= | 1.1489 |
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 | |
= | (-49.185 - -19.109 | - | -1.968) | / | 308.448 | |
= | -0.091127 |
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.
Francescas Holdings has a M-score of -0.72 signals that the company is likely to be a manipulator.
Thank you for viewing the detailed overview of Francescas Holdings's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Cross River Partners Lp | 10 percent owner | C/O CROSS RIVER MANAGEMENT LLC, 31 BAILEY AVENUE, RIDGEFIELD CT 06877 |
Andrew J Clarke | director, officer: President and CEO | 8760 CLAY ROAD HOUSTON TX 77080 |
Cindy Thomassee | officer: Executive Vice President & CFO | 3480 WEST 12TH STREET, HOUSTON TX 77008 |
Martyn R Redgrave | director | 3680 VICTORIA ST. N., C/O DELUXE CORP, SHOREVIEW MN 55126 |
Philip Bleser | director | 8760 CLAY ROAD SUITE 100, HOUSTON TX 77494 |
Marie Toulantis | director | |
Richard J Emmett | director | 2002 PAPA JOHNS BOVD, PO BOX 999000, LLOUISVILLE KY 40269-0900 |
Susan P Miller | director | C/O HFF,INC., ONE OXFORD CENTRE, 301 GRANT STREET, SUITE 600, PITTSBURGH PA 15219 |
Patricia A. Bender | director | ONE HUDSON CIRCLE HOUSTON TX 77024 |
Cross River Capital Management Llc | 10 percent owner | 31 BAILEY AVENUE, UNIT D, RIDGEFIELD CT 06877 |
Richard Murphy | 10 percent owner | C/O CROSS RIVER CAPITAL MANAGEMENT LLC, 31 BAILEY AVENUE, UNIT D, RIDGEFIELD CT 06877 |
Cross River Management Llc | 10 percent owner | 31 BAILEY AVENUE, UNIT D, RIDGEFIELD CT 06877 |
Richard W Kunes | director | C/O ESTEE LAUDER COMPANIES INC, 767 FIFTH AVENUE, NEW YORK NY 10153 |
Kelly Dilts | officer: EVP Chief Financial Officer | 6380 ROGERDALE, HOUSTON TX 77072 |
Michael D. Prendergast | officer: Interim CEO | 8760 CLAY ROAD HOUSTON TX 77080 |
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