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Financial analysis of selected fresh milk companies in Greece: the case of the cooperative company Thess Gala Pies

Author

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  • Sophia Nema
  • Katerina Lyroudi

Abstract

This paper examines the application of the Altman Z-score (1983) model revised for non-publicly traded firms and the Altman Z-score (2000) model for firms operating in emerging markets, in order to rate the performance of a cooperative dairy firm called 'THESS GALA PIES', in comparison to the fresh milk market leader, 'DELTA', another local dairy firm of similar size sales, 'TRIKKI' and the Greek dairy industry. The comparative analysis of the aforementioned entities using the Altman (1983) non-public firms Z-score model, showed that 'THESS GALA PIES' performed better than all the rest. 'DELTA' presented the lowest performance whilst the dairy industry unified data led to Z-scores that were averaging the rest. The comparison of the emerging markets model Z-scores showed that 'TRIKKI' was performing better with 'DELTA' presenting again the lowest scores and the unified dairy industry data averaging the rest.

Suggested Citation

  • Sophia Nema & Katerina Lyroudi, 2022. "Financial analysis of selected fresh milk companies in Greece: the case of the cooperative company Thess Gala Pies," International Journal of Decision Sciences, Risk and Management, Inderscience Enterprises Ltd, vol. 10(3/4), pages 161-188.
    • Handle: RePEc:ids:ijdsrm:v:10:y:2022:i:3/4:p:161-188
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