Huhtamaki Oyj Beneish M-Score Historical Data
The historical data trend for Huhtamaki Oyj'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.
Huhtamaki Oyj Beneish M-Score Chart
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Huhtamaki Oyj Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.75 |
-2.96 |
-2.08 |
-2.51 |
-3.03 |
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Huhtamaki Oyj Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.65 |
-2.87 |
-3.16 |
-3.03 |
-2.97 |
Competitive Comparison of Huhtamaki Oyj's Beneish M-Score
For the Packaging & Containers subindustry, Huhtamaki Oyj'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.
Huhtamaki Oyj's Beneish M-Score Distribution in the Packaging & Containers Industry
For the Packaging & Containers industry and Consumer Cyclical sector, Huhtamaki Oyj's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Huhtamaki Oyj's Beneish M-Score falls into.
Huhtamaki Oyj 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 Huhtamaki Oyj 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 * 1.0078 | + | 0.528 * 0.9053 | + | 0.404 * 0.9798 | + | 0.892 * 0.9217 | + | 0.115 * 0.8939 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.195 | + | 4.679 * -0.07207 | - | 0.327 * 0.9628 |
| = | -2.97 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was €698 Mil.
Revenue was 1003.9 + 1032.9 + 1037.2 + 1051.7 = €4,126 Mil.
Gross Profit was 180.8 + 203.6 + 191.9 + 173.4 = €750 Mil.
Total Current Assets was €1,746 Mil.
Total Assets was €4,768 Mil.
Property, Plant and Equipment(Net PPE) was €1,796 Mil.
Depreciation, Depletion and Amortization(DDA) was €248 Mil.
Selling, General, & Admin. Expense(SGA) was €401 Mil.
Total Current Liabilities was €1,059 Mil.
Long-Term Debt & Capital Lease Obligation was €1,409 Mil.
Net Income was 36.3 + 87.2 + 44.3 + 25.3 = €193 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 64 + 181.6 + 192.8 + 98.3 = €537 Mil.
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Total Receivables was €751 Mil.
Revenue was 1047.1 + 1103.6 + 1178.4 + 1147.3 = €4,476 Mil.
Gross Profit was 185 + 169 + 191.6 + 190.8 = €736 Mil.
Total Current Assets was €1,815 Mil.
Total Assets was €4,787 Mil.
Property, Plant and Equipment(Net PPE) was €1,717 Mil.
Depreciation, Depletion and Amortization(DDA) was €209 Mil.
Selling, General, & Admin. Expense(SGA) was €364 Mil.
Total Current Liabilities was €1,172 Mil.
Long-Term Debt & Capital Lease Obligation was €1,403 Mil.
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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) |
| = | (697.5 / 4125.7) | / | (750.9 / 4476.4) |
| = | 0.169062 | / | 0.167746 |
| | = | 1.0078 |
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) |
| = | (736.4 / 4476.4) | / | (749.7 / 4125.7) |
| = | 0.164507 | / | 0.181715 |
| | = | 0.9053 |
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 - (1746.2 + 1796.4) / 4767.6) | / | (1 - (1815.4 + 1716.5) / 4787.3) |
| = | 0.256943 | / | 0.262235 |
| | = | 0.9798 |
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 |
| = | 4125.7 | / | 4476.4 |
| | = | 0.9217 |
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)) |
| = | (209.1 / (209.1 + 1716.5)) | / | (248.4 / (248.4 + 1796.4)) |
| = | 0.10859 | / | 0.121479 |
| | = | 0.8939 |
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) |
| = | (401 / 4125.7) | / | (364.1 / 4476.4) |
| = | 0.097196 | / | 0.081338 |
| | = | 1.195 |
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) |
| = | ((1409.3 + 1059.2) / 4767.6) | / | ((1402.7 + 1171.9) / 4787.3) |
| = | 0.517766 | / | 0.537798 |
| | = | 0.9628 |
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 |
| = | (193.1 - 0 | - | 536.7) | / | 4767.6 |
| | = | -0.07207 |
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.
Huhtamaki Oyj has a M-score of -2.97 suggests that the company is unlikely to be a manipulator.
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