Delice Holding (XTUN:DH) Beneish M-Score : 0.00 (As of Jun. 13, 2024)

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What is Delice Holding Beneish M-Score?

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 Delice Holding's Beneish M-Score or its related term are showing as below:

During the past 9 years, the highest Beneish M-Score of Delice Holding was 0.00. The lowest was 0.00. And the median was 0.00.

Delice Holding Beneish M-Score Historical Data

The historical data trend for Delice Holding'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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Delice Holding Beneish M-Score Chart

Delice Holding Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Beneish M-Score

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-3.24

-2.29

-2.25

-2.57

-2.24

Delice Holding Semi-Annual Data
	Dec13	Dec14	Dec15	Dec16	Dec17	Dec18	Dec19	Dec20	Dec21
Beneish M-Score	Get a 7-Day Free Trial				-3.24	-2.29	-2.25	-2.57	-2.24

Competitive Comparison of Delice Holding's Beneish M-Score

For the Packaged Foods subindustry, Delice Holding'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.

Delice Holding's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Delice Holding's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Delice Holding's Beneish M-Score falls into.

Delice Holding 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 Delice Holding for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.4376

0.528 * 0.8701

0.404 * 1.0646

0.892 * 1.1239

0.115 * 0.8788

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0026

4.679 * -0.054521

0.327 * 0.8928

-2.24

This Year (Dec21) TTM:

Last Year (Dec20) TTM:

Total Receivables was TND151 Mil.
Revenue was TND1,027 Mil.
Gross Profit was TND164 Mil.
Total Current Assets was TND395 Mil.
Total Assets was TND708 Mil.
Property, Plant and Equipment(Net PPE) was TND304 Mil.
Depreciation, Depletion and Amortization(DDA) was TND58 Mil.
Selling, General, & Admin. Expense(SGA) was TND23 Mil.
Total Current Liabilities was TND241 Mil.
Long-Term Debt & Capital Lease Obligation was TND129 Mil.
Net Income was TND70 Mil.
Gross Profit was TND0 Mil.
Cash Flow from Operations was TND109 Mil.

Total Receivables was TND93 Mil.
Revenue was TND914 Mil.
Gross Profit was TND127 Mil.
Total Current Assets was TND342 Mil.
Total Assets was TND672 Mil.
Property, Plant and Equipment(Net PPE) was TND321 Mil.
Depreciation, Depletion and Amortization(DDA) was TND53 Mil.
Selling, General, & Admin. Expense(SGA) was TND20 Mil.
Total Current Liabilities was TND247 Mil.
Long-Term Debt & Capital Lease Obligation was TND146 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)
	=	(150.522 / 1026.837)	/	(93.158 / 913.612)
	=	0.146588	/	0.101967
	=	1.4376

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)
	=	(127.075 / 913.612)	/	(164.153 / 1026.837)
	=	0.139091	/	0.159863
	=	0.8701

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 - (395.11 + 303.821) / 708.409)	/	(1 - (342.425 + 321.071) / 671.94)
	=	0.013379	/	0.012567
	=	1.0646

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
	=	1026.837	/	913.612
	=	1.1239

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))
	=	(52.649 / (52.649 + 321.071))	/	(58.002 / (58.002 + 303.821))
	=	0.140878	/	0.160305
	=	0.8788

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)
	=	(22.783 / 1026.837)	/	(20.218 / 913.612)
	=	0.022188	/	0.02213
	=	1.0026

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)
	=	((128.812 + 241.287) / 708.409)	/	((146.425 + 246.761) / 671.94)
	=	0.522437	/	0.58515
	=	0.8928

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
	=	(70.352 - 0	-	108.975)	/	708.409
	=	-0.054521

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.

Delice Holding has a M-score of -2.24 suggests that the company is unlikely to be a manipulator.

Delice Holding Beneish M-Score Related Terms

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Delice Holding (XTUN:DH) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » Delice Holding SA (XTUN:DH) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Immeuble le Dôme, Rue Lac Léman, les Berges du Lac, Tunis, TUN, 1053

Website

http://www.deliceholding.com

Delice Holding SA through its subsidiaries is engaged in manufacturing, packaging and marketing of milk and milk products except yoghurt and drinks. It also processes milk and its derivatives and sells other food products.