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Schwalbchen Molkerei Jakob Berz AG (FRA:SMB) Beneish M-Score : -2.88 (As of May. 15, 2024)


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What is Schwalbchen Molkerei Jakob Berz AG 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 -2.88 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Schwalbchen Molkerei Jakob Berz AG's Beneish M-Score or its related term are showing as below:

FRA:SMB' s Beneish M-Score Range Over the Past 10 Years
Min: -3.24   Med: -2.79   Max: -2.02
Current: -2.88

During the past 13 years, the highest Beneish M-Score of Schwalbchen Molkerei Jakob Berz AG was -2.02. The lowest was -3.24. And the median was -2.79.


Schwalbchen Molkerei Jakob Berz AG Beneish M-Score Historical Data

The historical data trend for Schwalbchen Molkerei Jakob Berz AG'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.

* Premium members only.

Schwalbchen Molkerei Jakob Berz AG Beneish M-Score Chart

Schwalbchen Molkerei Jakob Berz AG Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.35 -3.24 -2.61 -2.02 -2.88

Schwalbchen Molkerei Jakob Berz AG Semi-Annual Data
Dec07 Dec08 Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.35 -3.24 -2.61 -2.02 -2.88

Competitive Comparison of Schwalbchen Molkerei Jakob Berz AG's Beneish M-Score

For the Packaged Foods subindustry, Schwalbchen Molkerei Jakob Berz AG'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.


Schwalbchen Molkerei Jakob Berz AG's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Schwalbchen Molkerei Jakob Berz AG's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Schwalbchen Molkerei Jakob Berz AG's Beneish M-Score falls into.



Schwalbchen Molkerei Jakob Berz AG 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 Schwalbchen Molkerei Jakob Berz AG 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 * 0.9634+0.528 * 0.8869+0.404 * 0.9337+0.892 * 1.0619+0.115 * 1.1009
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.084889-0.327 * 0.8499
=-2.88

* 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 (Dec23) TTM:Last Year (Dec22) TTM:
Total Receivables was €19.4 Mil.
Revenue was €224.6 Mil.
Gross Profit was €58.1 Mil.
Total Current Assets was €51.9 Mil.
Total Assets was €76.8 Mil.
Property, Plant and Equipment(Net PPE) was €24.3 Mil.
Depreciation, Depletion and Amortization(DDA) was €2.4 Mil.
Selling, General, & Admin. Expense(SGA) was €0.0 Mil.
Total Current Liabilities was €19.7 Mil.
Long-Term Debt & Capital Lease Obligation was €3.0 Mil.
Net Income was €6.6 Mil.
Gross Profit was €0.0 Mil.
Cash Flow from Operations was €13.1 Mil.
Total Receivables was €18.9 Mil.
Revenue was €211.5 Mil.
Gross Profit was €48.5 Mil.
Total Current Assets was €45.1 Mil.
Total Assets was €66.6 Mil.
Property, Plant and Equipment(Net PPE) was €20.9 Mil.
Depreciation, Depletion and Amortization(DDA) was €2.3 Mil.
Selling, General, & Admin. Expense(SGA) was €0.0 Mil.
Total Current Liabilities was €19.6 Mil.
Long-Term Debt & Capital Lease Obligation was €3.6 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)
=(19.354 / 224.554) / (18.919 / 211.462)
=0.086189 / 0.089468
=0.9634

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)
=(48.517 / 211.462) / (58.094 / 224.554)
=0.229436 / 0.258708
=0.8869

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 - (51.921 + 24.257) / 76.818) / (1 - (45.06 + 20.917) / 66.571)
=0.008331 / 0.008923
=0.9337

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
=224.554 / 211.462
=1.0619

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))
=(2.284 / (2.284 + 20.917)) / (2.382 / (2.382 + 24.257))
=0.098444 / 0.089418
=1.1009

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)
=(0 / 224.554) / (0 / 211.462)
=0 / 0
=1

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)
=((3.001 + 19.74) / 76.818) / ((3.586 + 19.601) / 66.571)
=0.296037 / 0.348305
=0.8499

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
=(6.579 - 0 - 13.1) / 76.818
=-0.084889

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.

Schwalbchen Molkerei Jakob Berz AG has a M-score of -2.88 suggests that the company is unlikely to be a manipulator.


Schwalbchen Molkerei Jakob Berz AG Beneish M-Score Related Terms

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Schwalbchen Molkerei Jakob Berz AG (FRA:SMB) Business Description

Traded in Other Exchanges
N/A
Address
Bad Schwalbach, Bad Schwalbach, DEU, 65307
Schwalbchen Molkerei Jakob Berz AG is engaged in processing and distribution of milk and milk products, the wholesale of dairy products and related foodstuffs. The company acts as a regional brand supplier of fresh and long-life milk, as well as fresh produce such as yogurt, whipped cream, sour cream, natural and fruit quark, cream, and sponge cake under the name SCHWÄLBCHEN. Specialties such as the coffee beverage Caffreddo and ethnic items such as Ayran are marketed nationwide. The company is engaged in the wholesale consumer trade segment.