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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 Simply's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Simply was 0.00. The lowest was 0.00. And the median was 0.00.
The historical data trend for Simply'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.
Simply Annual Data | |||||||||||||||||||||
Trend | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Jan20 | Jan21 | Jan22 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -10.27 | -1.03 | - | -3.54 | -3.38 |
Simply Quarterly Data | ||||||||||||||||||||
Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | Apr20 | Jul20 | Oct20 | Jan21 | Apr21 | Jul21 | Oct21 | Jan22 | |
Beneish M-Score | Get a 7-Day Free Trial | -3.54 | -3.41 | -3.31 | -3.00 | -3.38 |
For the Specialty Retail subindustry, Simply'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, Simply's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Simply'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 Simply 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 * 0.9626 | + | 0.528 * 1.218 | + | 0.404 * 0.791 | + | 0.892 * 1.163 | + | 0.115 * 1.048 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.9489 | + | 4.679 * -0.221277 | - | 0.327 * 1.0745 | |||||||
= | -3.38 |
* 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 (Jan22) TTM: | Last Year (Jan21) TTM: |
Total Receivables was $1.57 Mil. Revenue was 22.485 + 19.303 + 19.305 + 18.018 = $79.11 Mil. Gross Profit was 4.138 + 4.106 + 4.684 + 4.595 = $17.52 Mil. Total Current Assets was $13.34 Mil. Total Assets was $30.44 Mil. Property, Plant and Equipment(Net PPE) was $14.27 Mil. Depreciation, Depletion and Amortization(DDA) was $0.88 Mil. Selling, General, & Admin. Expense(SGA) was $30.01 Mil. Total Current Liabilities was $21.58 Mil. Long-Term Debt & Capital Lease Obligation was $14.83 Mil. Net Income was -6.471 + -0.891 + -2.107 + -1.652 = $-11.12 Mil. Non Operating Income was 0.125 + 3.158 + 0.175 + 0.649 = $4.11 Mil. Cash Flow from Operations was -3.593 + -3.472 + -0.964 + -0.464 = $-8.49 Mil. |
Total Receivables was $1.41 Mil. Revenue was 19.508 + 16.923 + 17.65 + 13.943 = $68.02 Mil. Gross Profit was 4.483 + 4.845 + 4.529 + 4.495 = $18.35 Mil. Total Current Assets was $11.40 Mil. Total Assets was $24.72 Mil. Property, Plant and Equipment(Net PPE) was $10.42 Mil. Depreciation, Depletion and Amortization(DDA) was $0.68 Mil. Selling, General, & Admin. Expense(SGA) was $27.20 Mil. Total Current Liabilities was $18.91 Mil. Long-Term Debt & Capital Lease Obligation was $8.61 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) |
= | (1.574 / 79.111) | / | (1.406 / 68.024) | |
= | 0.019896 | / | 0.020669 | |
= | 0.9626 |
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) | |
= | (18.352 / 68.024) | / | (17.523 / 79.111) | |
= | 0.269787 | / | 0.221499 | |
= | 1.218 |
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 - (13.344 + 14.265) / 30.437) | / | (1 - (11.397 + 10.422) / 24.723) | |
= | 0.092913 | / | 0.117461 | |
= | 0.791 |
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 | |
= | 79.111 | / | 68.024 | |
= | 1.163 |
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)) |
= | (0.675 / (0.675 + 10.422)) | / | (0.879 / (0.879 + 14.265)) | |
= | 0.060827 | / | 0.058043 | |
= | 1.048 |
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) |
= | (30.014 / 79.111) | / | (27.197 / 68.024) | |
= | 0.379391 | / | 0.399815 | |
= | 0.9489 |
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) |
= | ((14.827 + 21.576) / 30.437) | / | ((8.606 + 18.912) / 24.723) | |
= | 1.196011 | / | 1.113053 | |
= | 1.0745 |
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 | |
= | (-11.121 - 4.107 | - | -8.493) | / | 30.437 | |
= | -0.221277 |
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.
Simply has a M-score of -3.38 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Simply's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
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