Tesco Beneish M-Score Historical Data
The historical data trend for Tesco'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.
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Tesco Annual Data
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Trend |
Feb15 |
Feb16 |
Feb17 |
Feb18 |
Feb19 |
Feb20 |
Feb21 |
Feb22 |
Feb23 |
Feb24 |
| Beneish M-Score |
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|
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|
|
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-2.56 |
-2.09 |
-2.65 |
-2.54 |
-3.66 |
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Tesco Semi-Annual Data
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Aug14 |
Feb15 |
Aug15 |
Feb16 |
Aug16 |
Feb17 |
Aug17 |
Feb18 |
Aug18 |
Feb19 |
Aug19 |
Feb20 |
Aug20 |
Feb21 |
Aug21 |
Feb22 |
Aug22 |
Feb23 |
Aug23 |
Feb24 |
| Beneish M-Score |
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|
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-2.65 |
- |
-2.54 |
- |
-3.66 |
Competitive Comparison
For the Grocery Stores subindustry, Tesco'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.
Tesco Beneish M-Score Distribution
For the Retail - Defensive industry and Consumer Defensive sector, Tesco's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tesco's Beneish M-Score falls into.
Tesco 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 Tesco 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 * 0.2424 | + | 0.528 * 0.7828 | + | 0.404 * 0.6867 | + | 0.892 * 1.084 | + | 0.115 * 1.0014 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9495 | + | 4.679 * -0.056357 | - | 0.327 * 1.0691 |
| = | -3.62 |
* 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 (Feb24) TTM: | Last Year (Feb23) TTM: |
Total Receivables was $1,703 Mil.
Revenue was $86,095 Mil.
Gross Profit was $6,122 Mil.
Total Current Assets was $20,967 Mil.
Total Assets was $59,393 Mil.
Property, Plant and Equipment(Net PPE) was $28,660 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,176 Mil.
Selling, General, & Admin. Expense(SGA) was $2,561 Mil.
Total Current Liabilities was $25,848 Mil.
Long-Term Debt & Capital Lease Obligation was $16,062 Mil.
Net Income was $1,500 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $4,847 Mil.
|
Total Receivables was $6,482 Mil.
Revenue was $79,423 Mil.
Gross Profit was $4,421 Mil.
Total Current Assets was $15,368 Mil.
Total Assets was $55,715 Mil.
Property, Plant and Equipment(Net PPE) was $27,007 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,053 Mil.
Selling, General, & Admin. Expense(SGA) was $2,488 Mil.
Total Current Liabilities was $21,419 Mil.
Long-Term Debt & Capital Lease Obligation was $15,354 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) |
| = | (1703.283 / 86094.697) | / | (6481.884 / 79422.705) |
| = | 0.019784 | / | 0.081612 |
| | = | 0.2424 |
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) |
| = | (4421.498 / 79422.705) | / | (6122.475 / 86094.697) |
| = | 0.05567 | / | 0.071113 |
| | = | 0.7828 |
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 - (20967.172 + 28660.354) / 59392.677) | / | (1 - (15368.357 + 27007.246) / 55714.976) |
| = | 0.164417 | / | 0.239422 |
| | = | 0.6867 |
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 |
| = | 86094.697 | / | 79422.705 |
| | = | 1.084 |
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)) |
| = | (2053.14 / (2053.14 + 27007.246)) | / | (2175.505 / (2175.505 + 28660.354)) |
| = | 0.070651 | / | 0.070551 |
| | = | 1.0014 |
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) |
| = | (2560.606 / 86094.697) | / | (2487.923 / 79422.705) |
| = | 0.029742 | / | 0.031325 |
| | = | 0.9495 |
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) |
| = | ((16061.869 + 25848.485) / 59392.677) | / | ((15353.865 + 21419.082) / 55714.976) |
| = | 0.705649 | / | 0.660019 |
| | = | 1.0691 |
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 |
| = | (1500 - 0 | - | 4847.222) | / | 59392.677 |
| | = | -0.056357 |
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.
Tesco has a M-score of -3.62 suggests that the company is unlikely to be a manipulator.
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