Orora Beneish M-Score Historical Data
The historical data trend for Orora'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.
Orora Beneish M-Score Chart
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Orora Annual Data
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Trend |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
Jun24 |
| Beneish M-Score |
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-2.39 |
-2.72 |
-2.54 |
-2.65 |
-2.04 |
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Orora Semi-Annual Data
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Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
Jun24 |
Dec24 |
| Beneish M-Score |
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-2.65 |
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-2.04 |
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Competitive Comparison of Orora's Beneish M-Score
For the Packaging & Containers subindustry, Orora'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.
Orora's Beneish M-Score Distribution in the Packaging & Containers Industry
For the Packaging & Containers industry and Consumer Cyclical sector, Orora's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Orora's Beneish M-Score falls into.
Orora 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 Orora 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 * 1.2287 | + | 0.528 * 0.9561 | + | 0.404 * 1.6415 | + | 0.892 * 1.0901 | + | 0.115 * 1.2303 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0007 | + | 4.679 * -0.035276 | - | 0.327 * 0.8508 |
| = | -2.04 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was €429 Mil.
Revenue was €2,898 Mil.
Gross Profit was €565 Mil.
Total Current Assets was €1,193 Mil.
Total Assets was €3,697 Mil.
Property, Plant and Equipment(Net PPE) was €1,297 Mil.
Depreciation, Depletion and Amortization(DDA) was €128 Mil.
Selling, General, & Admin. Expense(SGA) was €346 Mil.
Total Current Liabilities was €752 Mil.
Long-Term Debt & Capital Lease Obligation was €1,427 Mil.
Net Income was €114 Mil.
Gross Profit was €6 Mil.
Cash Flow from Operations was €239 Mil.
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Total Receivables was €321 Mil.
Revenue was €2,658 Mil.
Gross Profit was €495 Mil.
Total Current Assets was €779 Mil.
Total Assets was €1,736 Mil.
Property, Plant and Equipment(Net PPE) was €612 Mil.
Depreciation, Depletion and Amortization(DDA) was €76 Mil.
Selling, General, & Admin. Expense(SGA) was €317 Mil.
Total Current Liabilities was €672 Mil.
Long-Term Debt & Capital Lease Obligation was €530 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) |
| = | (429.277 / 2897.789) | / | (320.51 / 2658.302) |
| = | 0.148139 | / | 0.120569 |
| | = | 1.2287 |
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) |
| = | (495.447 / 2658.302) | / | (564.864 / 2897.789) |
| = | 0.186377 | / | 0.194929 |
| | = | 0.9561 |
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 - (1193.45 + 1297.146) / 3696.692) | / | (1 - (779.099 + 611.534) / 1735.612) |
| = | 0.326264 | / | 0.198765 |
| | = | 1.6415 |
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 |
| = | 2897.789 | / | 2658.302 |
| | = | 1.0901 |
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)) |
| = | (76.194 / (76.194 + 611.534)) | / | (128.37 / (128.37 + 1297.146)) |
| = | 0.110791 | / | 0.090052 |
| | = | 1.2303 |
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) |
| = | (346.123 / 2897.789) | / | (317.289 / 2658.302) |
| = | 0.119444 | / | 0.119358 |
| | = | 1.0007 |
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) |
| = | ((1426.872 + 751.713) / 3696.692) | / | ((530.137 + 672.056) / 1735.612) |
| = | 0.589334 | / | 0.692662 |
| | = | 0.8508 |
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 |
| = | (114.244 - 5.552 | - | 239.097) | / | 3696.692 |
| | = | -0.035276 |
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.
Orora has a M-score of -2.04 suggests that the company is unlikely to be a manipulator.
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