Superior Plus (FRA:8SP) Beneish M-Score : -3.09 (As of Dec. 11, 2024)

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What is Superior Plus 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 -3.09 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:8SP' s Beneish M-Score Range Over the Past 10 Years
Min: -3.26 Med: -2.78 Max: -1.65
Current: -3.09

During the past 13 years, the highest Beneish M-Score of Superior Plus was -1.65. The lowest was -3.26. And the median was -2.78.

Superior Plus Beneish M-Score Historical Data

The historical data trend for Superior Plus'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.

Superior Plus Beneish M-Score Chart

Superior Plus Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.04

-2.79

-2.18

-2.09

-3.26

Superior Plus Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.80	-3.26	-2.87	-3.19	-3.09

Competitive Comparison of Superior Plus's Beneish M-Score

For the Utilities - Regulated Gas subindustry, Superior Plus'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.

Superior Plus's Beneish M-Score Distribution in the Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Superior Plus's Beneish M-Score distribution charts can be found below:

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

Superior Plus 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 Superior Plus for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.8771

0.528 * 0.8314

0.404 * 0.9685

0.892 * 0.9395

0.115 * 0.8492

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2176

4.679 * -0.067313

0.327 * 1.0415

-3.13

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was €171 Mil.
Revenue was 323.819 + 392.874 + 825.884 + 706.862 = €2,249 Mil.
Gross Profit was 188.399 + 218.501 + 427.984 + 366.539 = €1,201 Mil.
Total Current Assets was €299 Mil.
Total Assets was €3,282 Mil.
Property, Plant and Equipment(Net PPE) was €1,292 Mil.
Depreciation, Depletion and Amortization(DDA) was €248 Mil.
Selling, General, & Admin. Expense(SGA) was €705 Mil.
Total Current Liabilities was €449 Mil.
Long-Term Debt & Capital Lease Obligation was €1,588 Mil.
Net Income was -60.097 + -46.45 + 74.06 + 48.781 = €16 Mil.
Non Operating Income was -13.695 + -7.711 + -15.272 + 9.463 = €-27 Mil.
Cash Flow from Operations was 4.055 + 91.878 + 134.78 + 33.74 = €264 Mil.

Total Receivables was €208 Mil.
Revenue was 370.584 + 399.567 + 867.499 + 756.64 = €2,394 Mil.
Gross Profit was 201.83 + 184.969 + 373.88 + 302.545 = €1,063 Mil.
Total Current Assets was €350 Mil.
Total Assets was €3,552 Mil.
Property, Plant and Equipment(Net PPE) was €1,313 Mil.
Depreciation, Depletion and Amortization(DDA) was €208 Mil.
Selling, General, & Admin. Expense(SGA) was €617 Mil.
Total Current Liabilities was €478 Mil.
Long-Term Debt & Capital Lease Obligation was €1,639 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)
	=	(171.37 / 2249.439)	/	(207.969 / 2394.29)
	=	0.076183	/	0.08686
	=	0.8771

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)
	=	(1063.224 / 2394.29)	/	(1201.423 / 2249.439)
	=	0.444067	/	0.534099
	=	0.8314

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 - (299.222 + 1291.674) / 3282.343)	/	(1 - (349.557 + 1312.683) / 3552.232)
	=	0.515317	/	0.532058
	=	0.9685

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
	=	2249.439	/	2394.29
	=	0.9395

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))
	=	(208.052 / (208.052 + 1312.683))	/	(248.074 / (248.074 + 1291.674))
	=	0.13681	/	0.161113
	=	0.8492

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)
	=	(705.242 / 2249.439)	/	(616.508 / 2394.29)
	=	0.313519	/	0.257491
	=	1.2176

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)
	=	((1588.373 + 448.698) / 3282.343)	/	((1638.871 + 477.909) / 3552.232)
	=	0.620615	/	0.595901
	=	1.0415

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
	=	(16.294 - -27.215	-	264.453)	/	3282.343
	=	-0.067313

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.

Superior Plus has a M-score of -3.13 suggests that the company is unlikely to be a manipulator.

Superior Plus Beneish M-Score Related Terms

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Superior Plus Business Description

Industry

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SUUIF:USA 8SP:Germany SPB:Canada

Address

200 Wellington Street West, Suite 401, Toronto, ON, CAN, M5V 3C7

Website

https://www.superiorplus.com

Superior Plus Corp is a Canadian-based company that distributes energy and specialty chemicals. The company is organized into three business segments: U.S. Propane, Canadian Propane & Wholesale Propane, out of which the majority is from the U.S. Propane segment. The products & services offered by the company include wholesale procurement, distribution, related services for propane and other refined fuels, and supply of chemicals required by industries. The U.S. Propane segment distributes propane gas & liquid fuels along the Eastern U.S. & into the Midwest and California. The Canadian Propane segment includes the Canadian retail business with operations across Canada. The Wholesale Propane segment is the wholesale business with operations in Canada & the Western United States.

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