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Seaboard Beneish M-Score

: -2.39 (As of Today)
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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 -2.39 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

AMEX:SEB' s Beneish M-Score Range Over the Past 10 Years
Min: -3.91   Med: -2.46   Max: -1.08
Current: -2.39

-3.91
-1.08

During the past 13 years, the highest Beneish M-Score of Seaboard was -1.08. The lowest was -3.91. And the median was -2.46.


Seaboard Beneish M-Score Historical Data

The historical data trend for Seaboard'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.

Seaboard Annual Data
Trend Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.05 -2.56 -2.16 -2.55 -2.56

Seaboard Quarterly Data
Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21
Beneish M-Score 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 Premium Member Only Premium Member Only Premium Member Only -2.52 -2.54 -2.56 -2.59 -2.39

Competitive Comparison

For the Conglomerates subindustry, Seaboard'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.

   

Seaboard Beneish M-Score Distribution

For the Conglomerates industry and Industrials sector, Seaboard's Beneish M-Score distribution charts can be found below:

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



Seaboard 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 Seaboard 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 * 0.9991+0.528 * 0.7246+0.404 * 0.8157+0.892 * 1.1662+0.115 * 0.8694
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9376+4.679 * 0.0349-0.327 * 0.9821
=-2.39

* 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 (Jun21) TTM:Last Year (Jun20) TTM:
Accounts Receivable was $642 Mil.
Revenue was 2430 + 2059 + 1990 + 1645 = $8,124 Mil.
Gross Profit was 253 + 178 + 230 + 118 = $779 Mil.
Total Current Assets was $3,878 Mil.
Total Assets was $7,070 Mil.
Property, Plant and Equipment(Net PPE) was $2,160 Mil.
Depreciation, Depletion and Amortization(DDA) was $187 Mil.
Selling, General, & Admin. Expense(SGA) was $351 Mil.
Total Current Liabilities was $1,413 Mil.
Long-Term Debt & Capital Lease Obligation was $1,026 Mil.
Net Income was 176 + 179 + 265 + 147 = $767 Mil.
Non Operating Income was 35 + 92 + 124 + 46 = $297 Mil.
Cash Flow from Operations was 82 + -150 + 257 + 34 = $223 Mil.
Accounts Receivable was $551 Mil.
Revenue was 1808 + 1683 + 1812 + 1663 = $6,966 Mil.
Gross Profit was 89 + 135 + 186 + 74 = $484 Mil.
Total Current Assets was $2,914 Mil.
Total Assets was $5,873 Mil.
Property, Plant and Equipment(Net PPE) was $1,908 Mil.
Depreciation, Depletion and Amortization(DDA) was $142 Mil.
Selling, General, & Admin. Expense(SGA) was $321 Mil.
Total Current Liabilities was $1,022 Mil.
Long-Term Debt & Capital Lease Obligation was $1,041 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Accounts Receivable 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)
=(642 / 8124) / (551 / 6966)
=0.07902511 / 0.07909848
=0.9991

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)
=(484 / 6966) / (779 / 8124)
=0.06948033 / 0.09588872
=0.7246

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 - (3878 + 2160) / 7070) / (1 - (2914 + 1908) / 5873)
=0.14596888 / 0.17895454
=0.8157

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
=8124 / 6966
=1.1662

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))
=(142 / (142 + 1908)) / (187 / (187 + 2160))
=0.06926829 / 0.07967618
=0.8694

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)
=(351 / 8124) / (321 / 6966)
=0.04320532 / 0.04608096
=0.9376

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)
=((1026 + 1413) / 7070) / ((1041 + 1022) / 5873)
=0.34497878 / 0.35126852
=0.9821

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
=(767 - 297 - 223) / 7070
=0.0349

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.

Seaboard has a M-score of -2.39 suggests that the company is unlikely to be a manipulator.


Seaboard Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Seaboard's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Seaboard Business Description

Seaboard logo
Industry
Industrials » Conglomerates NAICS : 551112 SIC : 6719
Traded in Other Exchanges
Address
9000 West 67th Street, Merriam, KS, USA, 66202
Seaboard Corp is a conglomerate of food production and transportation businesses. The group operates six business segments: pork, commodity trading and milling, marine, sugar and alcohol, power, and turkey. The group offers hog production and pork processing, biodiesel production, agriculture commodity trading, agriculture commodity processing and logistics, grain and feed milling, cargo shipping, sugarcane production, alcohol production, sugar refining, power production, turkey production and processing, and production of jalapeno peppers. The largest end markets by revenue are the Caribbean and Central and South America.
Executives
Bresky Jacob A. officer: Vice Pres-Business Development 9000 WEST 67TH STREET 3RD FLOOR SHAWNEE MISSION KS 66202
Bresky Ellen S. director, 10 percent owner 9000 WEST 67TH STREET 3RD FLOOR SHAWNEE MISSION KS 66202
Baena Douglas W director PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: BAENA DOUGLAS W a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Sand Darwin E officer: Pres. & CEO, Seaboard Foods 9000 WEST 67TH STREET SHAWNEE MISSION KS 66202
Winfield Ivan J. Jr officer: VP-Information Technology 9000 WEST 67TH STREET SHAWNEE MISSION KS 66202
Moss Ralph L officer: Senior Vice President 818 CONNECTICUT AVE NW STE 801 WASHINGTON DC 20006
Bresky Steven J director, 10 percent owner, officer: President & CEO P.O. BOX 2972 SHAWNEE MISSION KS 66201
Squires Paul M. director SEABOARD FLOUR 1320 CENTRE STREET, SUITE 200 NEWTON CENTER MA 02459
Trollinger Michael D. officer: VP, Corporate Controller, CAO 9000 WEST 67TH STREET SHAWNEE MISSION KS 66202
Holden Zachery J officer: Assistant Secretary 9000 WEST 67TH STREET MERRIAM KS 66202
Shifman Edward I. Jr. director 219 FULLER STREET WEST NEWTON MA 02465
Rodrigues J E director PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: RODRIGUES J E a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Becker David M officer: Sr Vice President-Gen. Counsel PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: BECKER DAVID M a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Tywater Ty A officer: Vice President 9000 WEST 67TH STREET MERRIAM KS 66202
Rankin David H. officer: Vice President 9000 WEST 67TH STREET SHAWNEE MISSION KS 66202
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