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Coca-Cola HBC AG (ATH:EEE) Beneish M-Score : -2.84 (As of Dec. 15, 2024)


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What is Coca-Cola HBC 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 -2.84 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ATH:EEE' s Beneish M-Score Range Over the Past 10 Years
Min: -2.99   Med: -2.8   Max: -2.53
Current: -2.84

During the past 13 years, the highest Beneish M-Score of Coca-Cola HBC AG was -2.53. The lowest was -2.99. And the median was -2.80.


Coca-Cola HBC AG Beneish M-Score Historical Data

The historical data trend for Coca-Cola HBC 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.

Coca-Cola HBC AG Beneish M-Score Chart

Coca-Cola HBC 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 -2.80 -2.98 -2.62 -2.65 -2.84

Coca-Cola HBC AG Semi-Annual Data
Dec14 Jun15 Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24
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 - -2.65 - -2.84 -

Competitive Comparison of Coca-Cola HBC AG's Beneish M-Score

For the Beverages - Non-Alcoholic subindustry, Coca-Cola HBC 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.


Coca-Cola HBC AG's Beneish M-Score Distribution in the Beverages - Non-Alcoholic Industry

For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, Coca-Cola HBC AG's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Coca-Cola HBC AG's Beneish M-Score falls into.



Coca-Cola HBC 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 Coca-Cola HBC 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 * 0.9339+0.528 * 0.9785+0.404 * 1.0112+0.892 * 1.1071+0.115 * 0.9824
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.037+4.679 * -0.075934-0.327 * 1.0358
=-2.83

* 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 €1,052 Mil.
Revenue was €10,184 Mil.
Gross Profit was €3,557 Mil.
Total Current Assets was €3,910 Mil.
Total Assets was €9,880 Mil.
Property, Plant and Equipment(Net PPE) was €3,057 Mil.
Depreciation, Depletion and Amortization(DDA) was €387 Mil.
Selling, General, & Admin. Expense(SGA) was €2,598 Mil.
Total Current Liabilities was €3,846 Mil.
Long-Term Debt & Capital Lease Obligation was €2,476 Mil.
Net Income was €637 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €1,387 Mil.
Total Receivables was €1,017 Mil.
Revenue was €9,198 Mil.
Gross Profit was €3,144 Mil.
Total Current Assets was €3,716 Mil.
Total Assets was €9,856 Mil.
Property, Plant and Equipment(Net PPE) was €3,266 Mil.
Depreciation, Depletion and Amortization(DDA) was €405 Mil.
Selling, General, & Admin. Expense(SGA) was €2,263 Mil.
Total Current Liabilities was €3,007 Mil.
Long-Term Debt & Capital Lease Obligation was €3,083 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)
=(1051.5 / 10184) / (1017 / 9198.4)
=0.10325 / 0.110563
=0.9339

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)
=(3144.2 / 9198.4) / (3557.4 / 10184)
=0.34182 / 0.349313
=0.9785

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 - (3910.2 + 3057.1) / 9879.6) / (1 - (3716.2 + 3266.3) / 9855.7)
=0.294779 / 0.291527
=1.0112

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
=10184 / 9198.4
=1.1071

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))
=(404.8 / (404.8 + 3266.3)) / (386.5 / (386.5 + 3057.1))
=0.110267 / 0.112237
=0.9824

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)
=(2598.2 / 10184) / (2263 / 9198.4)
=0.255126 / 0.246021
=1.037

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)
=((2476.4 + 3846.3) / 9879.6) / ((3082.9 + 3006.7) / 9855.7)
=0.639975 / 0.617876
=1.0358

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
=(636.5 - 0 - 1386.7) / 9879.6
=-0.075934

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.

Coca-Cola HBC AG has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.


Coca-Cola HBC AG Beneish M-Score Related Terms

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Coca-Cola HBC AG Business Description

Traded in Other Exchanges
Address
Turmstrasse 26, Steinhausen, CHE, CH-6312
Coca-Cola HBC is the third-largest bottling partner in the Coca-Cola system by volume, behind Coca-Cola Femsa and Coca-Cola Europacific Partners. In 2023, CCHBC sold 2.8 billion unit cases of beverages. For context, Coke's largest bottler, Coke Femsa, sold 4 billion unit cases in Latin America, and the second-largest—CCEP, serving Europe, Southeast Asia, and the South Pacific region—sold 3.3 billion unit cases. There is a long tail of Coca-Cola distributors, including brewers and independent operators with very small distribution territories.CCHBC is listed on the London Stock Exchange. Kar-Tess, a Luxembourg-based holding company, owns 23% of the equity of CCHBC, and Coca-Cola holds a further 21%. The remaining 56% is free float.

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