DS Smith Beneish M-Score Historical Data
The historical data trend for DS Smith'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.
DS Smith Beneish M-Score Chart
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DS Smith Annual Data
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Apr14 |
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Apr19 |
Apr20 |
Apr21 |
Apr22 |
Apr23 |
| Beneish M-Score |
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-2.55 |
-2.76 |
-2.72 |
-2.26 |
-2.69 |
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DS Smith Semi-Annual Data
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Apr14 |
Oct14 |
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Oct23 |
| Beneish M-Score |
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-2.26 |
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-2.69 |
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Competitive Comparison of DS Smith's Beneish M-Score
For the Packaging & Containers subindustry, DS Smith'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.
DS Smith's Beneish M-Score Distribution in the Packaging & Containers Industry
For the Packaging & Containers industry and Consumer Cyclical sector, DS Smith's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where DS Smith's Beneish M-Score falls into.
DS Smith 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 DS Smith 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 * 0.9006 | + | 0.528 * 0.9107 | + | 0.404 * 0.9612 | + | 0.892 * 1.1353 | + | 0.115 * 1.1205 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0183 | + | 4.679 * -0.03849 | - | 0.327 * 1.0119 |
| = | -2.69 |
* 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 (Apr23) TTM: | Last Year (Apr22) TTM: |
Total Receivables was £1,226 Mil.
Revenue was £8,221 Mil.
Gross Profit was £2,638 Mil.
Total Current Assets was £2,531 Mil.
Total Assets was £9,457 Mil.
Property, Plant and Equipment(Net PPE) was £3,753 Mil.
Depreciation, Depletion and Amortization(DDA) was £425 Mil.
Selling, General, & Admin. Expense(SGA) was £1,777 Mil.
Total Current Liabilities was £3,039 Mil.
Long-Term Debt & Capital Lease Obligation was £1,896 Mil.
Net Income was £502 Mil.
Gross Profit was £0 Mil.
Cash Flow from Operations was £866 Mil.
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Total Receivables was £1,199 Mil.
Revenue was £7,241 Mil.
Gross Profit was £2,116 Mil.
Total Current Assets was £3,108 Mil.
Total Assets was £9,886 Mil.
Property, Plant and Equipment(Net PPE) was £3,327 Mil.
Depreciation, Depletion and Amortization(DDA) was £428 Mil.
Selling, General, & Admin. Expense(SGA) was £1,537 Mil.
Total Current Liabilities was £3,567 Mil.
Long-Term Debt & Capital Lease Obligation was £1,531 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) |
| = | (1226 / 8221) | / | (1199 / 7241) |
| = | 0.14913 | / | 0.165585 |
| | = | 0.9006 |
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) |
| = | (2116 / 7241) | / | (2638 / 8221) |
| = | 0.292225 | / | 0.320886 |
| | = | 0.9107 |
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 - (2531 + 3753) / 9457) | / | (1 - (3108 + 3327) / 9886) |
| = | 0.335519 | / | 0.34908 |
| | = | 0.9612 |
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 |
| = | 8221 | / | 7241 |
| | = | 1.1353 |
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)) |
| = | (428 / (428 + 3327)) | / | (425 / (425 + 3753)) |
| = | 0.113981 | / | 0.101723 |
| | = | 1.1205 |
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) |
| = | (1777 / 8221) | / | (1537 / 7241) |
| = | 0.216154 | / | 0.212263 |
| | = | 1.0183 |
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) |
| = | ((1896 + 3039) / 9457) | / | ((1531 + 3567) / 9886) |
| = | 0.521836 | / | 0.515679 |
| | = | 1.0119 |
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 |
| = | (502 - 0 | - | 866) | / | 9457 |
| | = | -0.03849 |
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.
DS Smith has a M-score of -2.69 suggests that the company is unlikely to be a manipulator.
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