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Orell Fussli AG (XSWX:OFN) Beneish M-Score : -2.90 (As of May. 14, 2024)


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What is Orell Fussli AG Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.9 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Orell Fussli AG's Beneish M-Score or its related term are showing as below:

XSWX:OFN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.73   Med: -3.03   Max: -2.06
Current: -2.9

During the past 13 years, the highest Beneish M-Score of Orell Fussli AG was -2.06. The lowest was -3.73. And the median was -3.03.


Orell Fussli AG Beneish M-Score Historical Data

The historical data trend for Orell Fussli AG'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.

* Premium members only.

Orell Fussli AG Beneish M-Score Chart

Orell Fussli AG Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.71 -2.06 -3.23 -2.81 -2.90

Orell Fussli AG Semi-Annual Data
Jun14 Dec14 Jun15 Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.23 - -2.81 - -2.90

Competitive Comparison of Orell Fussli AG's Beneish M-Score

For the Specialty Business Services subindustry, Orell Fussli AG'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.


Orell Fussli AG's Beneish M-Score Distribution in the Business Services Industry

For the Business Services industry and Industrials sector, Orell Fussli AG's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Orell Fussli AG's Beneish M-Score falls into.



Orell Fussli AG 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 Orell Fussli AG 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 * 0.9914+0.528 * 0.9884+0.404 * 0.7629+0.892 * 1.0688+0.115 * 0.9541
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.977+4.679 * -0.078704-0.327 * 1.0202
=-2.90

* 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 CHF23.4 Mil.
Revenue was CHF232.2 Mil.
Gross Profit was CHF147.6 Mil.
Total Current Assets was CHF113.0 Mil.
Total Assets was CHF178.6 Mil.
Property, Plant and Equipment(Net PPE) was CHF56.5 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF11.3 Mil.
Selling, General, & Admin. Expense(SGA) was CHF20.4 Mil.
Total Current Liabilities was CHF42.4 Mil.
Long-Term Debt & Capital Lease Obligation was CHF1.8 Mil.
Net Income was CHF12.0 Mil.
Gross Profit was CHF0.0 Mil.
Cash Flow from Operations was CHF26.1 Mil.
Total Receivables was CHF22.1 Mil.
Revenue was CHF217.3 Mil.
Gross Profit was CHF136.5 Mil.
Total Current Assets was CHF111.7 Mil.
Total Assets was CHF179.4 Mil.
Property, Plant and Equipment(Net PPE) was CHF55.6 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF10.5 Mil.
Selling, General, & Admin. Expense(SGA) was CHF19.5 Mil.
Total Current Liabilities was CHF41.6 Mil.
Long-Term Debt & Capital Lease Obligation was CHF1.9 Mil.




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)
=(23.391 / 232.227) / (22.076 / 217.277)
=0.100725 / 0.101603
=0.9914

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)
=(136.488 / 217.277) / (147.587 / 232.227)
=0.628175 / 0.635529
=0.9884

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 - (113 + 56.49) / 178.618) / (1 - (111.71 + 55.648) / 179.374)
=0.051103 / 0.066989
=0.7629

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
=232.227 / 217.277
=1.0688

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))
=(10.518 / (10.518 + 55.648)) / (11.293 / (11.293 + 56.49))
=0.158964 / 0.166605
=0.9541

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)
=(20.375 / 232.227) / (19.512 / 217.277)
=0.087737 / 0.089802
=0.977

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)
=((1.774 + 42.418) / 178.618) / ((1.864 + 41.636) / 179.374)
=0.247411 / 0.24251
=1.0202

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
=(12.042 - 0 - 26.1) / 178.618
=-0.078704

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.

Orell Fussli AG has a M-score of -2.90 suggests that the company is unlikely to be a manipulator.


Orell Fussli AG Beneish M-Score Related Terms

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Orell Fussli AG (XSWX:OFN) Business Description

Traded in Other Exchanges
Address
Dietzingerstrasse 3, Zurich, CHE, CH-8036
Orell Fussli AG is a diversified industrial and trading group engaged in the core businesses of banknote and security printing, industrial systems used in the individualization of security documents and branded products, bookstore and Rest business area. In its banknote and security printing operations, it produces banknotes, identity documents, and securities, and is noted for applications of printing processes and technologies. The industrial systems business unit manufactures industrial systems for the digital printing and encoding of banknotes, passports and security documents, plastic cards, labels, and packaging. The geographic presence in Switzerland, Germany, Rest of Europe and Africa, North and South America and Asia and Oceania. Majority of its revenue derive from Switzerland.

Orell Fussli AG (XSWX:OFN) Headlines

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