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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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.39 |
-2.15 |
-2.26 |
-2.40 |
-2.22 |
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 * 1.2503 | + | 0.528 * 1.0415 | + | 0.404 * 0.9684 | + | 0.892 * 1.2467 | + | 0.115 * 0.9671 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9781 | + | 4.679 * -0.050445 | - | 0.327 * 0.8868 |
| = | -2.22 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $62 Mil.
Revenue was 1702.401 + 1709.217 + 1754.48 + 1671.124 = $6,837 Mil.
Gross Profit was 392.883 + 391.569 + 406.49 + 373.177 = $1,564 Mil.
Total Current Assets was $825 Mil.
Total Assets was $2,701 Mil.
Property, Plant and Equipment(Net PPE) was $1,842 Mil.
Depreciation, Depletion and Amortization(DDA) was $94 Mil.
Selling, General, & Admin. Expense(SGA) was $1,080 Mil.
Total Current Liabilities was $933 Mil.
Long-Term Debt & Capital Lease Obligation was $155 Mil.
Net Income was 75.343 + 88.918 + 108.207 + 92.426 = $365 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 111.179 + 79.949 + 144.84 + 165.198 = $501 Mil.
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Total Receivables was $40 Mil.
Revenue was 1414.82 + 1452.743 + 1369.777 + 1247.007 = $5,484 Mil.
Gross Profit was 340.682 + 335.503 + 328.469 + 302.075 = $1,307 Mil.
Total Current Assets was $640 Mil.
Total Assets was $2,288 Mil.
Property, Plant and Equipment(Net PPE) was $1,617 Mil.
Depreciation, Depletion and Amortization(DDA) was $80 Mil.
Selling, General, & Admin. Expense(SGA) was $886 Mil.
Total Current Liabilities was $863 Mil.
Long-Term Debt & Capital Lease Obligation was $176 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) |
| = | (62.403 / 6837.222) | / | (40.034 / 5484.347) |
| = | 0.009127 | / | 0.0073 |
| | = | 1.2503 |
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) |
| = | (1306.729 / 5484.347) | / | (1564.119 / 6837.222) |
| = | 0.238265 | / | 0.228765 |
| | = | 1.0415 |
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 - (824.835 + 1841.653) / 2701.375) | / | (1 - (640.242 + 1616.795) / 2287.547) |
| = | 0.012915 | / | 0.013337 |
| | = | 0.9684 |
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 |
| = | 6837.222 | / | 5484.347 |
| | = | 1.2467 |
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)) |
| = | (79.791 / (79.791 + 1616.795)) | / | (94.136 / (94.136 + 1841.653)) |
| = | 0.04703 | / | 0.048629 |
| | = | 0.9671 |
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) |
| = | (1080.008 / 6837.222) | / | (885.72 / 5484.347) |
| = | 0.15796 | / | 0.1615 |
| | = | 0.9781 |
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) |
| = | ((154.952 + 933.329) / 2701.375) | / | ((176.244 + 862.907) / 2287.547) |
| = | 0.402862 | / | 0.454264 |
| | = | 0.8868 |
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 |
| = | (364.894 - 0 | - | 501.166) | / | 2701.375 |
| | = | -0.050445 |
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 -2.22 suggests that the company is unlikely to be a manipulator.
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