Hillshire Brands Co Beneish M-Score Historical Data
The historical data trend for Hillshire Brands Co'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.
Hillshire Brands Co Beneish M-Score Chart
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Hillshire Brands Co Annual Data
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Jun04 |
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Jun10 |
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Jun13 |
| Beneish M-Score |
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-2.75 |
-2.87 |
-2.12 |
-2.21 |
-2.58 |
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Hillshire Brands Co Quarterly Data
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Sep09 |
Dec09 |
Mar10 |
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Mar13 |
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Mar14 |
Jun14 |
| Beneish M-Score |
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-2.58 |
-2.63 |
-2.27 |
-1.37 |
-2.27 |
Competitive Comparison of Hillshire Brands Co's Beneish M-Score
For the Packaged Foods subindustry, Hillshire Brands Co'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.
Hillshire Brands Co's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Hillshire Brands Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hillshire Brands Co's Beneish M-Score falls into.
Hillshire Brands Co 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 Hillshire Brands Co 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 * 1.0014 | + | 0.528 * 1.0403 | + | 0.404 * 1.3852 | + | 0.892 * 1.0323 | + | 0.115 * 1.0818 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9474 | + | 4.679 * -0.014032 | - | 0.327 * 0.924 |
| = | -2.30 |
* 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 (Jun14) TTM: | Last Year (Jun13) TTM: |
Total Receivables was $245 Mil.
Revenue was 1064 + 955 + 1082 + 984 = $4,085 Mil.
Gross Profit was 294 + 281 + 325 + 265 = $1,165 Mil.
Total Current Assets was $1,083 Mil.
Total Assets was $2,708 Mil.
Property, Plant and Equipment(Net PPE) was $839 Mil.
Depreciation, Depletion and Amortization(DDA) was $155 Mil.
Selling, General, & Admin. Expense(SGA) was $845 Mil.
Total Current Liabilities was $809 Mil.
Long-Term Debt & Capital Lease Obligation was $839 Mil.
Net Income was 27 + 42 + 115 + 29 = $213 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 19 + 58 + 115 + 59 = $251 Mil.
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Total Receivables was $237 Mil.
Revenue was 962 + 924 + 1060 + 1011 = $3,957 Mil.
Gross Profit was 264 + 272 + 332 + 306 = $1,174 Mil.
Total Current Assets was $1,106 Mil.
Total Assets was $2,434 Mil.
Property, Plant and Equipment(Net PPE) was $818 Mil.
Depreciation, Depletion and Amortization(DDA) was $166 Mil.
Selling, General, & Admin. Expense(SGA) was $864 Mil.
Total Current Liabilities was $671 Mil.
Long-Term Debt & Capital Lease Obligation was $932 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) |
| = | (245 / 4085) | / | (237 / 3957) |
| = | 0.059976 | / | 0.059894 |
| | = | 1.0014 |
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) |
| = | (1174 / 3957) | / | (1165 / 4085) |
| = | 0.296689 | / | 0.28519 |
| | = | 1.0403 |
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 - (1083 + 839) / 2708) | / | (1 - (1106 + 818) / 2434) |
| = | 0.290251 | / | 0.209532 |
| | = | 1.3852 |
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 |
| = | 4085 | / | 3957 |
| | = | 1.0323 |
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)) |
| = | (166 / (166 + 818)) | / | (155 / (155 + 839)) |
| = | 0.168699 | / | 0.155936 |
| | = | 1.0818 |
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) |
| = | (845 / 4085) | / | (864 / 3957) |
| = | 0.206854 | / | 0.218347 |
| | = | 0.9474 |
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) |
| = | ((839 + 809) / 2708) | / | ((932 + 671) / 2434) |
| = | 0.608567 | / | 0.658587 |
| | = | 0.924 |
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 |
| = | (213 - 0 | - | 251) | / | 2708 |
| | = | -0.014032 |
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.
Hillshire Brands Co has a M-score of -2.30 suggests that the company is unlikely to be a manipulator.
Hillshire Brands Co (LSE:HSH) Business Description
Traded in Other Exchanges
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Hillshire Brands Co was organized as a corporation in Baltimore, Maryland in 1941 as The C.D. Kenny Company, was renamed Sara Lee Corporation in 1985 and adopted its current name in June 2012. It is a manufacturer and marketer of food products. It provides meat-centric food solutions for the retail and foodservice markets. The Company's Brands' portfolio includes iconic brands such as Jimmy Dean, Ball Park, Hillshire Farm, State Fair, Sara Lee frozen bakery and Chef Pierre pies, as well as artisanal brands Aidells and Gallo Salame. Its operations are organized around two business segments - Retail and Foodservice/Other. Retail sells a variety of packaged meat and frozen bakery products to retail customers in North America. Products include hot dogs and corn dogs, breakfast sausages, breakfast convenience items, including breakfast sandwiches and bowls, dinner sausages, premium deli and luncheon meats and cooked hams, as well as frozen pies, cakes, cheesecakes and other desserts. The primary raw materials for the segment's products include pork and beef, which are purchased almost entirely from third party suppliers and independent farmers, and poultry. The branded meat business is highly competitive, with an emphasis on product quality, innovation and value. New product innovations are a key component to its success. The Retail segment competes with other international, national, regional and local companies in each of the product categories. Foodservice/Other sells a variety of meat and bakery products to foodservice customers in North America. Products include hot dogs and corn dogs, breakfast sausages and sandwiches, dinner sausages, premium deli and luncheon meats, ham, beef and turkey as well as a variety of bakery products, including pastries, muffins, frozen pies, cakes and cheesecakes. The primary raw materials for Foodservice/Other's products include pork, beef and poultry and, to a lesser extent, wheat flour, sugar, corn syrup, cooking oils, butter, fruit and eggs, which are purchased from independent suppliers and farmers. The Foodservice/Other segment competes with other international, national, regional and local companies in each of its product categories. It considers major mass retailers and supermarket chains in the United States to be its most significant customers. The Company is subject to regulations administered by the U.S. Department of Agriculture and the Food and Drug Administration.
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