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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
SodaStream International Ltd has a M-score of -2.73 suggests that the company is not a manipulator.
During the past 6 years, the highest Beneish M-Score of SodaStream International Ltd was -1.69. The lowest was -2.73. And the median was -1.87.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (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 SodaStream International Ltd 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 * 0.8046||+||0.528 * 1.1107||+||0.404 * 0.9751||+||0.892 * 1.0489||+||0.115 * 1.027|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0022||+||4.679 * -0.0396||-||0.327 * 0.947|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $95.3 Mil.|
Revenue was 125.905 + 141.171 + 118.172 + 168.11 = $553.4 Mil.
Gross Profit was 64.477 + 71.257 + 61.846 + 71.329 = $268.9 Mil.
Total Current Assets was $325.1 Mil.
Total Assets was $500.7 Mil.
Property, Plant and Equipment(Net PPE) was $125.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $16.7 Mil.
Selling, General & Admin. Expense(SGA) was $239.4 Mil.
Total Current Liabilities was $124.3 Mil.
Long-Term Debt was $23.3 Mil.
Net Income was 9.464 + 9.243 + 1.778 + 0.681 = $21.2 Mil.
Non Operating Income was -2.002 + -0.62 + -0.172 + -1.237 = $-4.0 Mil.
Cash Flow from Operations was 22.717 + 0.638 + 2.86 + 18.816 = $45.0 Mil.
|Accounts Receivable was $112.9 Mil.
Revenue was 144.584 + 132.39 + 117.639 + 132.947 = $527.6 Mil.
Gross Profit was 78.218 + 71.938 + 64.085 + 70.508 = $284.7 Mil.
Total Current Assets was $336.7 Mil.
Total Assets was $483.4 Mil.
Property, Plant and Equipment(Net PPE) was $97.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $13.4 Mil.
Selling, General & Admin. Expense(SGA) was $227.7 Mil.
Total Current Liabilities was $150.5 Mil.
Long-Term Debt was $0.0 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(95.275 / 553.358)||/||(112.893 / 527.56)|
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.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(71.257 / 527.56)||/||(64.477 / 553.358)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (325.063 + 125.792) / 500.671)||/||(1 - (336.725 + 97.384) / 483.437)|
4. SGI = Sales Growth Index
Ratio of sales 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.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation 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))|
|=||(13.362 / (13.362 + 97.384))||/||(16.746 / (16.746 + 125.792))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses 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)|
|=||(239.396 / 553.358)||/||(227.742 / 527.56)|
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$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((23.344 + 124.251) / 500.671)||/||((0 + 150.498) / 483.437)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(21.166 - -4.031||-||45.031)||/||500.671|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
SodaStream International Ltd has a M-score of -2.73 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
SodaStream International Ltd Annual Data
SodaStream International Ltd Quarterly Data