Shoprite Holdings Beneish M-Score Historical Data
The historical data trend for Shoprite 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.
Shoprite Holdings Beneish M-Score Chart
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Shoprite Holdings Annual Data
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Trend |
Jun15 |
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Jun20 |
Jun21 |
Jun22 |
Jun23 |
Jun24 |
| Beneish M-Score |
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-3.02 |
-2.52 |
-2.29 |
-2.48 |
-2.79 |
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Shoprite Holdings Semi-Annual Data
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Dec14 |
Jun15 |
Dec15 |
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Jun24 |
| Beneish M-Score |
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-2.29 |
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-2.48 |
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-2.79 |
Competitive Comparison of Shoprite Holdings's Beneish M-Score
For the Department Stores subindustry, Shoprite 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.
Shoprite Holdings's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Shoprite Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shoprite Holdings's Beneish M-Score falls into.
Shoprite Holdings 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 Shoprite 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 * 0.8847 | + | 0.528 * 1.0026 | + | 0.404 * 0.9963 | + | 0.892 * 1.139 | + | 0.115 * 1.0142 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9668 | + | 4.679 * -0.067597 | - | 0.327 * 1.0125 |
| = | -2.78 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was $379 Mil.
Revenue was $13,062 Mil.
Gross Profit was $3,134 Mil.
Total Current Assets was $2,716 Mil.
Total Assets was $6,095 Mil.
Property, Plant and Equipment(Net PPE) was $2,721 Mil.
Depreciation, Depletion and Amortization(DDA) was $441 Mil.
Selling, General, & Admin. Expense(SGA) was $275 Mil.
Total Current Liabilities was $2,254 Mil.
Long-Term Debt & Capital Lease Obligation was $2,306 Mil.
Net Income was $339 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $751 Mil.
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Total Receivables was $376 Mil.
Revenue was $11,468 Mil.
Gross Profit was $2,758 Mil.
Total Current Assets was $2,559 Mil.
Total Assets was $5,466 Mil.
Property, Plant and Equipment(Net PPE) was $2,314 Mil.
Depreciation, Depletion and Amortization(DDA) was $381 Mil.
Selling, General, & Admin. Expense(SGA) was $250 Mil.
Total Current Liabilities was $1,997 Mil.
Long-Term Debt & Capital Lease Obligation was $2,041 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) |
| = | (378.64 / 13061.842) | / | (375.731 / 11467.5) |
| = | 0.028988 | / | 0.032765 |
| | = | 0.8847 |
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) |
| = | (2758.418 / 11467.5) | / | (3133.631 / 13061.842) |
| = | 0.240542 | / | 0.239907 |
| | = | 1.0026 |
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 - (2716.302 + 2720.751) / 6095.143) | / | (1 - (2558.843 + 2314.349) / 5465.516) |
| = | 0.10797 | / | 0.108375 |
| | = | 0.9963 |
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 |
| = | 13061.842 | / | 11467.5 |
| | = | 1.139 |
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)) |
| = | (381.012 / (381.012 + 2314.349)) | / | (440.608 / (440.608 + 2720.751)) |
| = | 0.141358 | / | 0.139373 |
| | = | 1.0142 |
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) |
| = | (274.946 / 13061.842) | / | (249.669 / 11467.5) |
| = | 0.02105 | / | 0.021772 |
| | = | 0.9668 |
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) |
| = | ((2305.593 + 2253.935) / 6095.143) | / | ((2040.673 + 1997.407) / 5465.516) |
| = | 0.748059 | / | 0.738829 |
| | = | 1.0125 |
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 |
| = | (339.029 - 0 | - | 751.04) | / | 6095.143 |
| | = | -0.067597 |
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.
Shoprite Holdings has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.
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