Delivery Hero SE Beneish M-Score Historical Data
The historical data trend for Delivery Hero SE'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.
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Delivery Hero SE Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-2.14 |
-0.35 |
-3.23 |
-0.65 |
-3.06 |
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Delivery Hero SE Semi-Annual Data
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Dec13 |
Dec14 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
| Beneish M-Score |
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- |
-0.65 |
- |
-3.06 |
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Competitive Comparison
For the Internet Retail subindustry, Delivery Hero SE'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.
Delivery Hero SE Beneish M-Score Distribution
For the Retail - Cyclical industry and Consumer Cyclical sector, Delivery Hero SE's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Delivery Hero SE's Beneish M-Score falls into.
Delivery Hero SE 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 Delivery Hero SE 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 * 0.997 | + | 0.528 * 0.8257 | + | 0.404 * 1.0013 | + | 0.892 * 1.4648 | + | 0.115 * 0.9146 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8065 | + | 4.679 * -0.17894 | - | 0.327 * 1.268 |
| = | -3.06 |
* 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 (Dec22) TTM: | Last Year (Dec21) TTM: |
Total Receivables was €586 Mil.
Revenue was €8,577 Mil.
Gross Profit was €2,232 Mil.
Total Current Assets was €3,529 Mil.
Total Assets was €12,860 Mil.
Property, Plant and Equipment(Net PPE) was €805 Mil.
Depreciation, Depletion and Amortization(DDA) was €476 Mil.
Selling, General, & Admin. Expense(SGA) was €1,252 Mil.
Total Current Liabilities was €2,402 Mil.
Long-Term Debt & Capital Lease Obligation was €5,557 Mil.
Net Income was €-2,990 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €-689 Mil.
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Total Receivables was €401 Mil.
Revenue was €5,856 Mil.
Gross Profit was €1,258 Mil.
Total Current Assets was €3,595 Mil.
Total Assets was €12,657 Mil.
Property, Plant and Equipment(Net PPE) was €681 Mil.
Depreciation, Depletion and Amortization(DDA) was €351 Mil.
Selling, General, & Admin. Expense(SGA) was €1,060 Mil.
Total Current Liabilities was €1,755 Mil.
Long-Term Debt & Capital Lease Obligation was €4,423 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) |
| = | (585.9 / 8577.3) | / | (401.2 / 5855.6) |
| = | 0.068308 | / | 0.068516 |
| | = | 0.997 |
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) |
| = | (1258 / 5855.6) | / | (2231.8 / 8577.3) |
| = | 0.214837 | / | 0.260198 |
| | = | 0.8257 |
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 - (3528.8 + 805) / 12860.2) | / | (1 - (3594.8 + 681.1) / 12656.5) |
| = | 0.663007 | / | 0.662158 |
| | = | 1.0013 |
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 |
| = | 8577.3 | / | 5855.6 |
| | = | 1.4648 |
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)) |
| = | (350.8 / (350.8 + 681.1)) | / | (476.2 / (476.2 + 805)) |
| = | 0.339955 | / | 0.371683 |
| | = | 0.9146 |
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) |
| = | (1251.6 / 8577.3) | / | (1059.5 / 5855.6) |
| = | 0.14592 | / | 0.180938 |
| | = | 0.8065 |
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) |
| = | ((5556.7 + 2402.3) / 12860.2) | / | ((4422.8 + 1754.6) / 12656.5) |
| = | 0.618886 | / | 0.488081 |
| | = | 1.268 |
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 |
| = | (-2990 - 0 | - | -688.8) | / | 12860.2 |
| | = | -0.17894 |
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.
Delivery Hero SE has a M-score of -3.06 suggests that the company is unlikely to be a manipulator.
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