SC Ropharma (BSE:RPH) Beneish M-Score : -2.70 (As of May. 26, 2024)

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What is SC Ropharma 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 -2.7 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BSE:RPH' s Beneish M-Score Range Over the Past 10 Years
Min: -3.07 Med: -2.22 Max: -1.65
Current: -2.7

During the past 13 years, the highest Beneish M-Score of SC Ropharma was -1.65. The lowest was -3.07. And the median was -2.22.

SC Ropharma Beneish M-Score Historical Data

The historical data trend for SC Ropharma'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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SC Ropharma Beneish M-Score Chart

SC Ropharma Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.39

-2.21

-2.45

-1.91

-2.70

SC Ropharma Semi-Annual Data
	Dec11	Dec12	Dec13	Dec14	Dec15	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.45	-1.67	-1.91	-1.32	-2.70

Competitive Comparison of SC Ropharma's Beneish M-Score

For the Pharmaceutical Retailers subindustry, SC Ropharma'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.

SC Ropharma's Beneish M-Score Distribution in the Healthcare Providers & Services Industry

For the Healthcare Providers & Services industry and Healthcare sector, SC Ropharma's Beneish M-Score distribution charts can be found below:

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

SC Ropharma 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 SC Ropharma 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 * 0.8879

0.528 * 0.9822

0.404 * 0.9916

0.892 * 1.104

0.115 * 0.991

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0409

4.679 * -0.040567

0.327 * 0.9853

-2.70

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was lei264 Mil.
Revenue was lei1,010 Mil.
Gross Profit was lei148 Mil.
Total Current Assets was lei452 Mil.
Total Assets was lei808 Mil.
Property, Plant and Equipment(Net PPE) was lei288 Mil.
Depreciation, Depletion and Amortization(DDA) was lei27 Mil.
Selling, General, & Admin. Expense(SGA) was lei1 Mil.
Total Current Liabilities was lei446 Mil.
Long-Term Debt & Capital Lease Obligation was lei100 Mil.
Net Income was lei8 Mil.
Gross Profit was lei0 Mil.
Cash Flow from Operations was lei40 Mil.

Total Receivables was lei269 Mil.
Revenue was lei915 Mil.
Gross Profit was lei131 Mil.
Total Current Assets was lei445 Mil.
Total Assets was lei770 Mil.
Property, Plant and Equipment(Net PPE) was lei260 Mil.
Depreciation, Depletion and Amortization(DDA) was lei24 Mil.
Selling, General, & Admin. Expense(SGA) was lei1 Mil.
Total Current Liabilities was lei441 Mil.
Long-Term Debt & Capital Lease Obligation was lei86 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)
	=	(263.879 / 1009.627)	/	(269.188 / 914.533)
	=	0.261363	/	0.294345
	=	0.8879

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)
	=	(131.445 / 914.533)	/	(147.749 / 1009.627)
	=	0.143729	/	0.14634
	=	0.9822

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 - (452.047 + 288.354) / 807.775)	/	(1 - (445.403 + 260.06) / 770.252)
	=	0.083407	/	0.084114
	=	0.9916

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
	=	1009.627	/	914.533
	=	1.104

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))
	=	(23.797 / (23.797 + 260.06))	/	(26.649 / (26.649 + 288.354))
	=	0.083834	/	0.084599
	=	0.991

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)
	=	(1.49 / 1009.627)	/	(1.297 / 914.533)
	=	0.001476	/	0.001418
	=	1.0409

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)
	=	((99.81 + 445.551) / 807.775)	/	((86.407 + 441.355) / 770.252)
	=	0.67514	/	0.685181
	=	0.9853

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
	=	(7.718 - 0	-	40.487)	/	807.775
	=	-0.040567

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.

SC Ropharma has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.

SC Ropharma Beneish M-Score Related Terms

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SC Ropharma (BSE:RPH) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Healthcare Providers & Services » SC Ropharma SA (BSE:RPH) » Definitions » Beneish M-Score

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Address

Str. Iuliu Maniu Nr. 55, ETAJ 1, Brasow, ROU, 500091

Website

http://www.ropharma.ro

SC Ropharma SA is engaged in the production, distribution, and Retail sale of pharmaceutical products in specialized stores. Its product portfolio comprises over 50 products in the form of tablets, powders, capsules, and syrups covering 21 therapeutic areas.

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