Dino Polska Beneish M-Score Historical Data
The historical data trend for Dino Polska'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.
Dino Polska Beneish M-Score Chart
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Dino Polska Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.20 |
-2.58 |
-1.78 |
-2.00 |
-2.40 |
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Dino Polska Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.00 |
-2.39 |
-2.15 |
-2.26 |
-2.40 |
Competitive Comparison of Dino Polska's Beneish M-Score
For the Grocery Stores subindustry, Dino Polska'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.
Dino Polska's Beneish M-Score Distribution in the Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, Dino Polska's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dino Polska's Beneish M-Score falls into.
Dino Polska 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 Dino Polska 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 * 0.8849 | + | 0.528 * 1.042 | + | 0.404 * 1.0452 | + | 0.892 * 1.2962 | + | 0.115 * 0.9523 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9699 | + | 4.679 * -0.035288 | - | 0.327 * 0.8619 |
| = | -2.40 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was zł395 Mil.
Revenue was 6697.953 + 6875.33 + 6548.678 + 5544.294 = zł25,666 Mil.
Gross Profit was 1534.452 + 1592.923 + 1462.38 + 1335.041 = zł5,925 Mil.
Total Current Assets was zł3,253 Mil.
Total Assets was zł10,378 Mil.
Property, Plant and Equipment(Net PPE) was zł6,918 Mil.
Depreciation, Depletion and Amortization(DDA) was zł357 Mil.
Selling, General, & Admin. Expense(SGA) was zł4,052 Mil.
Total Current Liabilities was zł3,879 Mil.
Long-Term Debt & Capital Lease Obligation was zł875 Mil.
Net Income was 348.445 + 424.035 + 362.193 + 270.654 = zł1,405 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0 Mil.
Cash Flow from Operations was 313.299 + 567.59 + 647.367 + 243.284 = zł1,772 Mil.
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Total Receivables was zł344 Mil.
Revenue was 5692.903 + 5367.782 + 4886.68 + 3854.257 = zł19,802 Mil.
Gross Profit was 1314.745 + 1287.182 + 1183.749 + 977.316 = zł4,763 Mil.
Total Current Assets was zł2,707 Mil.
Total Assets was zł9,003 Mil.
Property, Plant and Equipment(Net PPE) was zł6,125 Mil.
Depreciation, Depletion and Amortization(DDA) was zł300 Mil.
Selling, General, & Admin. Expense(SGA) was zł3,223 Mil.
Total Current Liabilities was zł3,690 Mil.
Long-Term Debt & Capital Lease Obligation was zł1,096 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) |
| = | (394.541 / 25666.255) | / | (343.968 / 19801.622) |
| = | 0.015372 | / | 0.017371 |
| | = | 0.8849 |
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) |
| = | (4762.992 / 19801.622) | / | (5924.796 / 25666.255) |
| = | 0.240535 | / | 0.23084 |
| | = | 1.042 |
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 - (3253.165 + 6917.693) / 10377.715) | / | (1 - (2706.706 + 6124.656) / 9003.059) |
| = | 0.019933 | / | 0.019071 |
| | = | 1.0452 |
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 |
| = | 25666.255 | / | 19801.622 |
| | = | 1.2962 |
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)) |
| = | (300.129 / (300.129 + 6124.656)) | / | (356.828 / (356.828 + 6917.693)) |
| = | 0.046714 | / | 0.049052 |
| | = | 0.9523 |
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) |
| = | (4052.157 / 25666.255) | / | (3223.278 / 19801.622) |
| = | 0.157879 | / | 0.162778 |
| | = | 0.9699 |
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) |
| = | ((875.241 + 3879.293) / 10377.715) | / | ((1095.535 + 3690.127) / 9003.059) |
| = | 0.458148 | / | 0.53156 |
| | = | 0.8619 |
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 |
| = | (1405.327 - 0 | - | 1771.54) | / | 10377.715 |
| | = | -0.035288 |
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.
Dino Polska has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.
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