Pepco Group NV Beneish M-Score Historical Data
The historical data trend for Pepco Group NV'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.
Pepco Group NV Beneish M-Score Chart
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Pepco Group NV Annual Data
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Trend |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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- |
-2.20 |
-3.80 |
-2.84 |
-1.55 |
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Pepco Group NV Semi-Annual Data
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Sep18 |
Sep19 |
Mar20 |
Sep20 |
Mar21 |
Sep21 |
Mar22 |
Sep22 |
Mar23 |
Sep23 |
| Beneish M-Score |
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-3.80 |
- |
-2.84 |
- |
-1.55 |
Competitive Comparison of Pepco Group NV's Beneish M-Score
For the Discount Stores subindustry, Pepco Group NV'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.
Pepco Group NV's Beneish M-Score Distribution in the Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, Pepco Group NV's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Pepco Group NV's Beneish M-Score falls into.
Pepco Group NV 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 Pepco Group NV 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 * 2.4119 | + | 0.528 * 1.0162 | + | 0.404 * 0.9227 | + | 0.892 * 1.2625 | + | 0.115 * 1.0351 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0306 | + | 4.679 * -0.119903 | - | 0.327 * 1.0606 |
| = | -1.55 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was zł141 Mil.
Revenue was zł24,157 Mil.
Gross Profit was zł9,698 Mil.
Total Current Assets was zł7,063 Mil.
Total Assets was zł19,632 Mil.
Property, Plant and Equipment(Net PPE) was zł8,434 Mil.
Depreciation, Depletion and Amortization(DDA) was zł2,025 Mil.
Selling, General, & Admin. Expense(SGA) was zł8,721 Mil.
Total Current Liabilities was zł7,625 Mil.
Long-Term Debt & Capital Lease Obligation was zł6,836 Mil.
Net Income was zł437 Mil.
Gross Profit was zł0 Mil.
Cash Flow from Operations was zł2,791 Mil.
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Total Receivables was zł46 Mil.
Revenue was zł19,134 Mil.
Gross Profit was zł7,806 Mil.
Total Current Assets was zł6,123 Mil.
Total Assets was zł15,867 Mil.
Property, Plant and Equipment(Net PPE) was zł6,121 Mil.
Depreciation, Depletion and Amortization(DDA) was zł1,534 Mil.
Selling, General, & Admin. Expense(SGA) was zł6,703 Mil.
Total Current Liabilities was zł5,588 Mil.
Long-Term Debt & Capital Lease Obligation was zł5,432 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) |
| = | (141.455 / 24156.887) | / | (46.457 / 19133.632) |
| = | 0.005856 | / | 0.002428 |
| | = | 2.4119 |
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) |
| = | (7806.077 / 19133.632) | / | (9698.091 / 24156.887) |
| = | 0.407977 | / | 0.401463 |
| | = | 1.0162 |
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 - (7062.593 + 8433.572) / 19632.166) | / | (1 - (6123.135 + 6120.735) / 15866.585) |
| = | 0.210675 | / | 0.228324 |
| | = | 0.9227 |
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 |
| = | 24156.887 | / | 19133.632 |
| | = | 1.2625 |
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)) |
| = | (1534.104 / (1534.104 + 6120.735)) | / | (2024.913 / (2024.913 + 8433.572)) |
| = | 0.20041 | / | 0.193614 |
| | = | 1.0351 |
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) |
| = | (8720.998 / 24156.887) | / | (6702.716 / 19133.632) |
| = | 0.361015 | / | 0.350311 |
| | = | 1.0306 |
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) |
| = | ((6836.453 + 7625.17) / 19632.166) | / | ((5432.295 + 5587.722) / 15866.585) |
| = | 0.736629 | / | 0.694542 |
| | = | 1.0606 |
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 |
| = | (437.236 - 0 | - | 2791.184) | / | 19632.166 |
| | = | -0.119903 |
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.
Pepco Group NV has a M-score of -1.55 signals that the company is likely to be a manipulator.
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