Suntory Beverage & Food Beneish M-Score Historical Data
The historical data trend for Suntory Beverage & Food'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.
Suntory Beverage & Food Beneish M-Score Chart
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Suntory Beverage & Food Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.74 |
-2.68 |
-2.52 |
-2.48 |
-2.48 |
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Suntory Beverage & Food Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.48 |
-2.36 |
-2.34 |
-2.30 |
-2.48 |
Competitive Comparison of Suntory Beverage & Food's Beneish M-Score
For the Beverages - Brewers subindustry, Suntory Beverage & Food'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.
Suntory Beverage & Food's Beneish M-Score Distribution in the Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Suntory Beverage & Food's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Suntory Beverage & Food's Beneish M-Score falls into.
Suntory Beverage & Food 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 Suntory Beverage & Food 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 * 1.0421 | + | 0.528 * 1.0289 | + | 0.404 * 1.0054 | + | 0.892 * 1.0284 | + | 0.115 * 1.0494 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9631 | + | 4.679 * -0.039172 | - | 0.327 * 0.9191 |
| = | -2.54 |
* 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 $2,153 Mil.
Revenue was 2766.473 + 3004.938 + 2914.004 + 2522.865 = $11,208 Mil.
Gross Profit was 998.913 + 1118.577 + 1107.436 + 929.56 = $4,154 Mil.
Total Current Assets was $4,437 Mil.
Total Assets was $13,282 Mil.
Property, Plant and Equipment(Net PPE) was $3,254 Mil.
Depreciation, Depletion and Amortization(DDA) was $516 Mil.
Selling, General, & Admin. Expense(SGA) was $3,139 Mil.
Total Current Liabilities was $3,721 Mil.
Long-Term Debt & Capital Lease Obligation was $174 Mil.
Net Income was 108.167 + 194.751 + 168.289 + 109.124 = $580 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 432.708 + 354.52 + 219.167 + 94.229 = $1,101 Mil.
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Total Receivables was $2,008 Mil.
Revenue was 2735.082 + 2808.291 + 2859.014 + 2496.344 = $10,899 Mil.
Gross Profit was 1007.006 + 1039.06 + 1137.674 + 972.951 = $4,157 Mil.
Total Current Assets was $4,494 Mil.
Total Assets was $13,218 Mil.
Property, Plant and Equipment(Net PPE) was $3,190 Mil.
Depreciation, Depletion and Amortization(DDA) was $535 Mil.
Selling, General, & Admin. Expense(SGA) was $3,169 Mil.
Total Current Liabilities was $3,737 Mil.
Long-Term Debt & Capital Lease Obligation was $480 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) |
| = | (2152.52 / 11208.28) | / | (2008.445 / 10898.731) |
| = | 0.192047 | / | 0.184282 |
| | = | 1.0421 |
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) |
| = | (4156.691 / 10898.731) | / | (4154.486 / 11208.28) |
| = | 0.381392 | / | 0.370662 |
| | = | 1.0289 |
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 - (4437.424 + 3253.828) / 13282.366) | / | (1 - (4494.466 + 3189.806) / 13218.335) |
| = | 0.420943 | / | 0.418666 |
| | = | 1.0054 |
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 |
| = | 11208.28 | / | 10898.731 |
| | = | 1.0284 |
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)) |
| = | (535.366 / (535.366 + 3189.806)) | / | (516.318 / (516.318 + 3253.828)) |
| = | 0.143716 | / | 0.136949 |
| | = | 1.0494 |
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) |
| = | (3139.35 / 11208.28) | / | (3169.472 / 10898.731) |
| = | 0.280092 | / | 0.290811 |
| | = | 0.9631 |
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) |
| = | ((173.633 + 3720.825) / 13282.366) | / | ((479.947 + 3736.877) / 13218.335) |
| = | 0.293205 | / | 0.319013 |
| | = | 0.9191 |
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 |
| = | (580.331 - 0 | - | 1100.624) | / | 13282.366 |
| | = | -0.039172 |
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.
Suntory Beverage & Food has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.
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