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Sanitec (LTS:0QID) Beneish M-Score : 0.00 (As of Jun. 01, 2024)


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What is Sanitec 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.

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

During the past 3 years, the highest Beneish M-Score of Sanitec was 0.00. The lowest was 0.00. And the median was 0.00.

Sanitec Beneish M-Score Historical Data

The historical data trend for Sanitec'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.

Sanitec Beneish M-Score Chart

Sanitec Annual Data
Trend Dec11 Dec12 Dec13
Beneish M-Score
- - -

Sanitec Quarterly Data
Mar12 Jun12 Sep12 Dec12 Mar13 Jun13 Sep13 Dec13 Mar14 Jun14 Sep14
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only - - - - -

Competitive Comparison of Sanitec's Beneish M-Score

For the Building Materials subindustry, Sanitec'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.

Sanitec's Beneish M-Score Distribution in the Building Materials Industry

For the Building Materials industry and Basic Materials sector, Sanitec's Beneish M-Score distribution charts can be found below:

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


Sanitec 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 Sanitec 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 * 1+0.528 * 0.9753+0.404 * 1.2064+0.892 * 0.9323+0.115 * 0.9679
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.061017-0.327 * 1.4951
=-2.92

* 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 (Dec13) TTM:Last Year (Dec12) TTM:
Total Receivables was €0.0 Mil.
Revenue was €701.8 Mil.
Gross Profit was €391.6 Mil.
Total Current Assets was €320.5 Mil.
Total Assets was €531.0 Mil.
Property, Plant and Equipment(Net PPE) was €173.3 Mil.
Depreciation, Depletion and Amortization(DDA) was €28.9 Mil.
Selling, General, & Admin. Expense(SGA) was €0.0 Mil.
Total Current Liabilities was €200.1 Mil.
Long-Term Debt & Capital Lease Obligation was €241.5 Mil.
Net Income was €42.4 Mil.
Gross Profit was €0.1 Mil.
Cash Flow from Operations was €74.7 Mil.
 Total Receivables was €0.0 Mil.
Revenue was €752.8 Mil.
Gross Profit was €409.7 Mil.
Total Current Assets was €434.6 Mil.
Total Assets was €657.8 Mil.
Property, Plant and Equipment(Net PPE) was €185.0 Mil.
Depreciation, Depletion and Amortization(DDA) was €29.7 Mil.
Selling, General, & Admin. Expense(SGA) was €0.0 Mil.
Total Current Liabilities was €217.4 Mil.
Long-Term Debt & Capital Lease Obligation was €148.5 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)
=(0 / 701.8) / (0 / 752.8)
=0 / 0
=1

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)
=(409.7 / 752.8) / (391.6 / 701.8)
=0.544235 / 0.557994
=0.9753

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 - (320.5 + 173.3) / 531) / (1 - (434.6 + 185) / 657.8)
=0.070056 / 0.058072
=1.2064

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
=701.8 / 752.8
=0.9323

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))
=(29.7 / (29.7 + 185)) / (28.9 / (28.9 + 173.3))
=0.138333 / 0.142928
=0.9679

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 / 701.8) / (0 / 752.8)
=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)
=((241.5 + 200.1) / 531) / ((148.5 + 217.4) / 657.8)
=0.831638 / 0.556248
=1.4951

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
=(42.4 - 0.1 - 74.7) / 531
=-0.061017

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.

Sanitec has a M-score of -2.92 suggests that the company is unlikely to be a manipulator.

Sanitec Beneish M-Score Related Terms

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