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

Authors: Sophia Nema; Katerina Lyroudi

Addresses: Department of Central and Western Thessaly, 7 Kallitheas Str., P.C. 41222, Larissa, Greece ' Hellenic Open University, Parodos Aristotelous, P.C. 26335, Patra, Greece

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.

Keywords: solvency prediction models; Z-score; Greek dairy industry.

DOI: 10.1504/IJDSRM.2022.125008

International Journal of Decision Sciences, Risk and Management, 2022 Vol.10 No.3/4, pp.161 - 188

Accepted: 17 Sep 2021
Published online: 22 Aug 2022 *