Delko (WAR:DEL) Beneish M-Score : -2.59 (As of May. 16, 2024)

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What is Delko 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 -2.59 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

WAR:DEL' s Beneish M-Score Range Over the Past 10 Years
Min: -3.27 Med: -2.69 Max: -1.76
Current: -2.59

During the past 13 years, the highest Beneish M-Score of Delko was -1.76. The lowest was -3.27. And the median was -2.69.

Delko Beneish M-Score Historical Data

The historical data trend for Delko'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.

* Premium members only.

Delko Beneish M-Score Chart

Delko Annual Data

Trend

Dec11

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Beneish M-Score

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-2.25

-3.22

-2.82

-2.79

-2.75

Delko Quarterly Data
	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Mar23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.46	-2.51	-2.04	-2.31	-2.59

Competitive Comparison of Delko's Beneish M-Score

For the Household & Personal Products subindustry, Delko'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.

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

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

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

Delko 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 Delko 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 * 0.7308

0.528 * 0.9609

0.404 * 1.0183

0.892 * 1.0922

0.115 * 0.8839

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0

4.679 * -0.025579

0.327 * 0.9011

-2.59

This Year (Dec23) TTM:

Last Year (Jun22) TTM:

Total Receivables was zł67.1 Mil.
Revenue was 216.192 + 231.836 + 230.463 + 226.894 = zł905.4 Mil.
Gross Profit was 45.563 + 48.923 + 49.452 + 49.843 = zł193.8 Mil.
Total Current Assets was zł178.5 Mil.
Total Assets was zł330.1 Mil.
Property, Plant and Equipment(Net PPE) was zł89.9 Mil.
Depreciation, Depletion and Amortization(DDA) was zł15.1 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.0 Mil.
Total Current Liabilities was zł129.3 Mil.
Long-Term Debt & Capital Lease Obligation was zł39.5 Mil.
Net Income was 3.639 + 5.746 + 5.592 + 7.952 = zł22.9 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.0 Mil.
Cash Flow from Operations was 13.601 + 10.548 + -1.529 + 8.752 = zł31.4 Mil.

Total Receivables was zł84.0 Mil.
Revenue was 229.467 + 208.613 + 187.577 + 203.302 = zł829.0 Mil.
Gross Profit was 48.654 + 43.914 + 37.046 + 40.865 = zł170.5 Mil.
Total Current Assets was zł180.2 Mil.
Total Assets was zł319.5 Mil.
Property, Plant and Equipment(Net PPE) was zł80.6 Mil.
Depreciation, Depletion and Amortization(DDA) was zł11.7 Mil.
Selling, General, & Admin. Expense(SGA) was zł51.4 Mil.
Total Current Liabilities was zł143.1 Mil.
Long-Term Debt & Capital Lease Obligation was zł38.2 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)
	=	(67.05 / 905.385)	/	(84.007 / 828.959)
	=	0.074057	/	0.10134
	=	0.7308

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)
	=	(170.479 / 828.959)	/	(193.781 / 905.385)
	=	0.205654	/	0.214032
	=	0.9609

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 - (178.466 + 89.912) / 330.072)	/	(1 - (180.243 + 80.631) / 319.526)
	=	0.186911	/	0.183559
	=	1.0183

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
	=	905.385	/	828.959
	=	1.0922

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))
	=	(11.748 / (11.748 + 80.631))	/	(15.11 / (15.11 + 89.912))
	=	0.127172	/	0.143875
	=	0.8839

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)
	=	(0 / 905.385)	/	(51.439 / 828.959)
	=	0	/	0.062053
	=	0

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)
	=	((39.521 + 129.271) / 330.072)	/	((38.213 + 143.116) / 319.526)
	=	0.511379	/	0.567494
	=	0.9011

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
	=	(22.929 - 0	-	31.372)	/	330.072
	=	-0.025579

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.

Delko has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.

Delko Beneish M-Score Related Terms

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