Tiger Brands Beneish M-Score Historical Data
The historical data trend for Tiger Brands'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.
Tiger Brands Beneish M-Score Chart
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Tiger Brands Annual Data
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Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-1.96 |
-2.70 |
-2.40 |
-2.07 |
-1.82 |
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Tiger Brands Semi-Annual Data
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Mar14 |
Sep14 |
Mar15 |
Sep15 |
Mar16 |
Sep16 |
Mar17 |
Sep17 |
Mar18 |
Sep18 |
Mar19 |
Sep19 |
Mar20 |
Sep20 |
Mar21 |
Sep21 |
Mar22 |
Sep22 |
Mar23 |
Sep23 |
| Beneish M-Score |
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-2.40 |
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-2.07 |
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-1.82 |
Competitive Comparison of Tiger Brands's Beneish M-Score
For the Packaged Foods subindustry, Tiger Brands'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.
Tiger Brands's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Tiger Brands's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tiger Brands's Beneish M-Score falls into.
Tiger Brands 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 Tiger Brands 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 * 1.0743 | + | 0.528 * 1.0961 | + | 0.404 * 1.047 | + | 0.892 * 1.0195 | + | 0.115 * 0.9564 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9818 | + | 4.679 * 0.090067 | - | 0.327 * 0.957 |
| = | -1.89 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was $225 Mil.
Revenue was $1,971 Mil.
Gross Profit was $545 Mil.
Total Current Assets was $681 Mil.
Total Assets was $1,362 Mil.
Property, Plant and Equipment(Net PPE) was $322 Mil.
Depreciation, Depletion and Amortization(DDA) was $50 Mil.
Selling, General, & Admin. Expense(SGA) was $299 Mil.
Total Current Liabilities was $356 Mil.
Long-Term Debt & Capital Lease Obligation was $64 Mil.
Net Income was $142 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $20 Mil.
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Total Receivables was $205 Mil.
Revenue was $1,934 Mil.
Gross Profit was $586 Mil.
Total Current Assets was $693 Mil.
Total Assets was $1,368 Mil.
Property, Plant and Equipment(Net PPE) was $331 Mil.
Depreciation, Depletion and Amortization(DDA) was $49 Mil.
Selling, General, & Admin. Expense(SGA) was $299 Mil.
Total Current Liabilities was $423 Mil.
Long-Term Debt & Capital Lease Obligation was $19 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) |
| = | (225.033 / 1971.375) | / | (205.463 / 1933.647) |
| = | 0.11415 | / | 0.106257 |
| | = | 1.0743 |
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) |
| = | (586.182 / 1933.647) | / | (545.211 / 1971.375) |
| = | 0.303148 | / | 0.276564 |
| | = | 1.0961 |
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 - (681.33 + 321.718) / 1362.28) | / | (1 - (693.016 + 330.555) / 1368.155) |
| = | 0.263699 | / | 0.25186 |
| | = | 1.047 |
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 |
| = | 1971.375 | / | 1933.647 |
| | = | 1.0195 |
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)) |
| = | (48.914 / (48.914 + 330.555)) | / | (50.112 / (50.112 + 321.718)) |
| = | 0.128901 | / | 0.134771 |
| | = | 0.9564 |
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) |
| = | (299.019 / 1971.375) | / | (298.733 / 1933.647) |
| = | 0.15168 | / | 0.154492 |
| | = | 0.9818 |
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) |
| = | ((63.852 + 356.47) / 1362.28) | / | ((18.553 + 422.535) / 1368.155) |
| = | 0.308543 | / | 0.322396 |
| | = | 0.957 |
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 |
| = | (142.215 - 0 | - | 19.519) | / | 1362.28 |
| | = | 0.090067 |
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.
Tiger Brands has a M-score of -1.89 suggests that the company is unlikely to be a manipulator.
Tiger Brands (Tiger Brands) Business Description
Traded in Other Exchanges
Address
3010 William Nicol Drive, P.O. Box 78056, Bryanston, Sandton, Johannesburg, GT, ZAF, 2146
Tiger Brands Ltd is an African manufacturer of branded food, home-care, and personal-care products. Present in 22 African countries, the company also has global distribution in the rest of the world: Germany, the United Kingdom, Sweden, Ireland, Canada, Sweden, the Philippines, Singapore, and Taiwan, among others. The product offering includes perishables, personal-care products, home-care products, snacks, baby care, beverages, grains, groceries, and out-of-home meals. The company reports under the following segments: grains, consumer brands, Home, Personal Care and Baby (HPCB), and export and international. The Grains segment is the largest segment. Some of the best-known brands are Oros, Hall's, Rose's, Ace, Albany, Purity, Ice Cap, Hugo's, and All Good.
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