Synlait Milk Beneish M-Score Historical Data
The historical data trend for Synlait Milk'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.
Synlait Milk Beneish M-Score Chart
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Synlait Milk Annual Data
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Jul17 |
Jul18 |
Jul19 |
Jul20 |
Jul21 |
Jul22 |
Jul23 |
| Beneish M-Score |
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-2.50 |
-1.01 |
-1.33 |
-3.15 |
-2.96 |
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Synlait Milk Semi-Annual Data
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Jan14 |
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Jan24 |
| Beneish M-Score |
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-3.15 |
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-2.96 |
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Competitive Comparison of Synlait Milk's Beneish M-Score
For the Packaged Foods subindustry, Synlait Milk'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.
Synlait Milk's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Synlait Milk's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Synlait Milk's Beneish M-Score falls into.
Synlait Milk 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 Synlait Milk 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 * 1.1448 | + | 0.528 * 0.9693 | + | 0.404 * 0.5408 | + | 0.892 * 0.813 | + | 0.115 * 0.8966 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3719 | + | 4.679 * -0.030169 | - | 0.327 * 1.0275 |
| = | -2.94 |
* 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 (Jul23) TTM: | Last Year (Jul22) TTM: |
Total Receivables was A$77 Mil.
Revenue was A$1,220 Mil.
Gross Profit was A$147 Mil.
Total Current Assets was A$513 Mil.
Total Assets was A$1,557 Mil.
Property, Plant and Equipment(Net PPE) was A$957 Mil.
Depreciation, Depletion and Amortization(DDA) was A$59 Mil.
Selling, General, & Admin. Expense(SGA) was A$78 Mil.
Total Current Liabilities was A$570 Mil.
Long-Term Debt & Capital Lease Obligation was A$204 Mil.
Net Income was A$-4 Mil.
Gross Profit was A$7 Mil.
Cash Flow from Operations was A$36 Mil.
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Total Receivables was A$82 Mil.
Revenue was A$1,501 Mil.
Gross Profit was A$175 Mil.
Total Current Assets was A$335 Mil.
Total Assets was A$1,425 Mil.
Property, Plant and Equipment(Net PPE) was A$941 Mil.
Depreciation, Depletion and Amortization(DDA) was A$52 Mil.
Selling, General, & Admin. Expense(SGA) was A$70 Mil.
Total Current Liabilities was A$400 Mil.
Long-Term Debt & Capital Lease Obligation was A$290 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) |
| = | (76.636 / 1220.364) | / | (82.348 / 1501.126) |
| = | 0.062798 | / | 0.054857 |
| | = | 1.1448 |
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) |
| = | (175.131 / 1501.126) | / | (146.885 / 1220.364) |
| = | 0.116666 | / | 0.120362 |
| | = | 0.9693 |
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 - (513.154 + 956.512) / 1557.483) | / | (1 - (335.003 + 941.087) / 1424.629) |
| = | 0.056384 | / | 0.104265 |
| | = | 0.5408 |
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 |
| = | 1220.364 | / | 1501.126 |
| | = | 0.813 |
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)) |
| = | (51.591 / (51.591 + 941.087)) | / | (58.856 / (58.856 + 956.512)) |
| = | 0.051972 | / | 0.057965 |
| | = | 0.8966 |
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) |
| = | (77.719 / 1220.364) | / | (69.686 / 1501.126) |
| = | 0.063685 | / | 0.046422 |
| | = | 1.3719 |
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) |
| = | ((203.916 + 570.427) / 1557.483) | / | ((289.578 + 399.779) / 1424.629) |
| = | 0.497176 | / | 0.483885 |
| | = | 1.0275 |
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 |
| = | (-3.966 - 6.951 | - | 36.07) | / | 1557.483 |
| | = | -0.030169 |
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.
Synlait Milk has a M-score of -2.94 suggests that the company is unlikely to be a manipulator.
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