Marley Spoon SE (ASX:MMM) Beneish M-Score : -4.07 (As of May. 17, 2024)

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What is Marley Spoon SE 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.

Good Sign:

Beneish M-Score -4.07 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Marley Spoon SE's Beneish M-Score or its related term are showing as below:

ASX:MMM' s Beneish M-Score Range Over the Past 10 Years
Min: -4.19 Med: -3.91 Max: -2.29
Current: -4.07

During the past 7 years, the highest Beneish M-Score of Marley Spoon SE was -2.29. The lowest was -4.19. And the median was -3.91.

Marley Spoon SE Beneish M-Score Historical Data

The historical data trend for Marley Spoon SE'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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Marley Spoon SE Beneish M-Score Chart

Marley Spoon SE Annual Data

Trend

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.91

-3.06

-4.19

-2.29

-4.07

Marley Spoon SE Semi-Annual Data
	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial						-4.19	-	-2.29	-	-4.07

Competitive Comparison of Marley Spoon SE's Beneish M-Score

For the Restaurants subindustry, Marley Spoon SE'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.

Marley Spoon SE's Beneish M-Score Distribution in the Restaurants Industry

For the Restaurants industry and Consumer Cyclical sector, Marley Spoon SE's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Marley Spoon SE's Beneish M-Score falls into.

Marley Spoon SE 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 Marley Spoon SE 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 * 1.0161

0.528 * 0.9778

0.404 * 1.0874

0.892 * 0.8496

0.115 * 1.3153

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2216

4.679 * -0.315625

0.327 * 1.0552

-4.07

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was A$1.0 Mil.
Revenue was A$535.2 Mil.
Gross Profit was A$169.5 Mil.
Total Current Assets was A$40.3 Mil.
Total Assets was A$176.8 Mil.
Property, Plant and Equipment(Net PPE) was A$87.8 Mil.
Depreciation, Depletion and Amortization(DDA) was A$27.5 Mil.
Selling, General, & Admin. Expense(SGA) was A$221.3 Mil.
Total Current Liabilities was A$94.9 Mil.
Long-Term Debt & Capital Lease Obligation was A$156.8 Mil.
Net Income was A$-72.2 Mil.
Gross Profit was A$0.0 Mil.
Cash Flow from Operations was A$-16.4 Mil.

Total Receivables was A$1.2 Mil.
Revenue was A$629.9 Mil.
Gross Profit was A$195.1 Mil.
Total Current Assets was A$56.8 Mil.
Total Assets was A$175.6 Mil.
Property, Plant and Equipment(Net PPE) was A$74.3 Mil.
Depreciation, Depletion and Amortization(DDA) was A$34.0 Mil.
Selling, General, & Admin. Expense(SGA) was A$213.2 Mil.
Total Current Liabilities was A$99.2 Mil.
Long-Term Debt & Capital Lease Obligation was A$137.7 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)
	=	(1.049 / 535.207)	/	(1.215 / 629.916)
	=	0.00196	/	0.001929
	=	1.0161

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)
	=	(195.125 / 629.916)	/	(169.547 / 535.207)
	=	0.309764	/	0.316788
	=	0.9778

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 - (40.31 + 87.823) / 176.843)	/	(1 - (56.774 + 74.348) / 175.6)
	=	0.275442	/	0.253292
	=	1.0874

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
	=	535.207	/	629.916
	=	0.8496

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))
	=	(33.984 / (33.984 + 74.348))	/	(27.505 / (27.505 + 87.823))
	=	0.313702	/	0.238494
	=	1.3153

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)
	=	(221.33 / 535.207)	/	(213.246 / 629.916)
	=	0.413541	/	0.338531
	=	1.2216

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)
	=	((156.847 + 94.933) / 176.843)	/	((137.741 + 99.19) / 175.6)
	=	1.423749	/	1.349265
	=	1.0552

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
	=	(-72.167 - 0	-	-16.351)	/	176.843
	=	-0.315625

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.

Marley Spoon SE has a M-score of -4.07 suggests that the company is unlikely to be a manipulator.

Marley Spoon SE Beneish M-Score Related Terms

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Marley Spoon SE (ASX:MMM) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Restaurants » Marley Spoon SE (ASX:MMM) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

7M6A:Germany

Address

Paul-Lincke-Ufer 39/40, Berlin, DEU, 10999

Website

https://www.marleyspoon.de

Marley Spoon SE is a German-based company is engaged in the food business. It prepares recipes for various country cuisines for vegetarians, meat lovers, and friends of fish dishes. The company uses paper-based packaging tapes, reusable cooling pads and regenerative sheep wool as an insulating material. It provides meal kit solutions on a weekly basis to customers across countries. The company's geographical segments are the USA, Australia and Europe. It derives a majority of revenue from the USA.