Salvatore Ferragamo SpA Beneish M-Score Historical Data
The historical data trend for Salvatore Ferragamo 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.
|
Salvatore Ferragamo SpA Annual Data
|
|
Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
|
|
|
|
|
|
-2.89 |
-3.28 |
-2.96 |
-3.21 |
-3.10 |
|
Salvatore Ferragamo SpA Quarterly Data
|
|
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Jun23 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-3.16 |
-3.04 |
-3.23 |
-3.10 |
-2.55 |
Competitive Comparison
For the Luxury Goods subindustry, Salvatore Ferragamo 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.
Salvatore Ferragamo SpA Beneish M-Score Distribution
For the Retail - Cyclical industry and Consumer Cyclical sector, Salvatore Ferragamo SpA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Salvatore Ferragamo SpA's Beneish M-Score falls into.
Salvatore Ferragamo 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 Salvatore Ferragamo 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 * 1.6579 | + | 0.528 * 0.9613 | + | 0.404 * 0.9911 | + | 0.892 * 0.7288 | + | 0.115 * 1.555 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6043 | + | 4.679 * -0.090495 | - | 0.327 * 1.0443 |
| = | -2.45 |
* 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 (Jun23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was $131 Mil.
Revenue was 0 + 350.724 + 287.57 + 360.294 = $999 Mil.
Gross Profit was 0 + 253.629 + 206.816 + 264.077 = $725 Mil.
Total Current Assets was $859 Mil.
Total Assets was $1,954 Mil.
Property, Plant and Equipment(Net PPE) was $879 Mil.
Depreciation, Depletion and Amortization(DDA) was $133 Mil.
Selling, General, & Admin. Expense(SGA) was $146 Mil.
Total Current Liabilities was $421 Mil.
Long-Term Debt & Capital Lease Obligation was $661 Mil.
Net Income was 0 + 0.674 + 7.31 + 50.649 = $59 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 0 + 70.35 + 93.995 + 71.109 = $235 Mil.
|
Total Receivables was $108 Mil.
Revenue was 318.768 + 395.682 + 307.675 + 348.061 = $1,370 Mil.
Gross Profit was 223.555 + 281.617 + 200.886 + 249.617 = $956 Mil.
Total Current Assets was $1,004 Mil.
Total Assets was $1,959 Mil.
Property, Plant and Equipment(Net PPE) was $736 Mil.
Depreciation, Depletion and Amortization(DDA) was $190 Mil.
Selling, General, & Admin. Expense(SGA) was $333 Mil.
Total Current Liabilities was $457 Mil.
Long-Term Debt & Capital Lease Obligation was $581 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) |
| = | (131.005 / 998.588) | / | (108.426 / 1370.186) |
| = | 0.13119 | / | 0.079132 |
| | = | 1.6579 |
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) |
| = | (955.675 / 1370.186) | / | (724.522 / 998.588) |
| = | 0.697478 | / | 0.725546 |
| | = | 0.9613 |
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 - (859.238 + 878.918) / 1953.935) | / | (1 - (1004.406 + 736.483) / 1959.197) |
| = | 0.110433 | / | 0.111427 |
| | = | 0.9911 |
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 |
| = | 998.588 | / | 1370.186 |
| | = | 0.7288 |
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)) |
| = | (189.891 / (189.891 + 736.483)) | / | (133.456 / (133.456 + 878.918)) |
| = | 0.204983 | / | 0.131825 |
| | = | 1.555 |
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) |
| = | (146.466 / 998.588) | / | (332.582 / 1370.186) |
| = | 0.146673 | / | 0.242728 |
| | = | 0.6043 |
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) |
| = | ((660.553 + 420.504) / 1953.935) | / | ((580.639 + 457.393) / 1959.197) |
| = | 0.553272 | / | 0.529825 |
| | = | 1.0443 |
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 |
| = | (58.633 - 0 | - | 235.454) | / | 1953.935 |
| | = | -0.090495 |
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.
Salvatore Ferragamo SpA has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
SFRGY has been successfully added to your