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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 -2.27 suggests that the company is not a manipulator.
During the past 6 years, the highest Beneish M-Score of SodaStream International Ltd was -1.55. The lowest was -2.27. And the median was -1.76.
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 * 0.9953||+||0.528 * 1.0926||+||0.404 * 0.9442||+||0.892 * 1.1546||+||0.115 * 1.083|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9966||+||4.679 * 0.0049||-||0.327 * 0.9501|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $136.9 Mil.|
Revenue was 141.171 + 118.172 + 168.11 + 144.584 = $572.0 Mil.
Gross Profit was 71.257 + 61.846 + 71.329 + 78.218 = $282.7 Mil.
Total Current Assets was $319.3 Mil.
Total Assets was $494.5 Mil.
Property, Plant and Equipment(Net PPE) was $124.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $15.4 Mil.
Selling, General & Admin. Expense(SGA) was $244.0 Mil.
Total Current Liabilities was $142.3 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 9.243 + 1.778 + 0.681 + 16.399 = $28.1 Mil.
Non Operating Income was -0.62 + -0.172 + -1.237 + 0.456 = $-1.6 Mil.
Cash Flow from Operations was 0.638 + 2.86 + 18.816 + 4.953 = $27.3 Mil.
|Accounts Receivable was $119.1 Mil.
Revenue was 132.39 + 117.639 + 132.947 + 112.482 = $495.5 Mil.
Gross Profit was 71.938 + 64.085 + 70.508 + 60.951 = $267.5 Mil.
Total Current Assets was $300.5 Mil.
Total Assets was $440.9 Mil.
Property, Plant and Equipment(Net PPE) was $92.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $12.5 Mil.
Selling, General & Admin. Expense(SGA) was $212.1 Mil.
Total Current Liabilities was $133.5 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)|
|=||(136.911 / 572.037)||/||(119.14 / 495.458)|
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)|
|=||(61.846 / 495.458)||/||(71.257 / 572.037)|
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 - (319.285 + 124.397) / 494.513)||/||(1 - (300.533 + 92.369) / 440.9)|
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))|
|=||(12.536 / (12.536 + 92.369))||/||(15.428 / (15.428 + 124.397))|
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)|
|=||(244.038 / 572.037)||/||(212.099 / 495.458)|
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)|
|=||((0 + 142.286) / 494.513)||/||((0 + 133.526) / 440.9)|
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|
|=||(28.101 - -1.573||-||27.267)||/||494.513|
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 -2.27 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