Bunge Global (FRA:Q23) Beneish M-Score : -2.89 (As of Dec. 11, 2024)

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What is Bunge Global 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 -2.89 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:Q23' s Beneish M-Score Range Over the Past 10 Years
Min: -3.47 Med: -2.05 Max: 0.66
Current: -2.89

During the past 13 years, the highest Beneish M-Score of Bunge Global was 0.66. The lowest was -3.47. And the median was -2.05.

Bunge Global Beneish M-Score Historical Data

The historical data trend for Bunge Global'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.

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Bunge Global Beneish M-Score Chart

Bunge Global Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.16

-2.21

-1.21

-0.78

-2.97

Bunge Global 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															-2.49	-2.97	-3.09	-2.90	-2.89

Competitive Comparison of Bunge Global's Beneish M-Score

For the Farm Products subindustry, Bunge Global'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.

Bunge Global's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Bunge Global's Beneish M-Score distribution charts can be found below:

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

Bunge Global 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 Bunge Global 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 * 0.9421

0.528 * 1.0985

0.404 * 0.9752

0.892 * 0.8726

0.115 * 1.0099

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2711

4.679 * -0.056118

0.327 * 1.0226

-2.92

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was €2,242 Mil.
Revenue was 11630.108 + 12300.889 + 12343.64 + 13696.312 = €49,971 Mil.
Gross Profit was 695.572 + 616.856 + 805.92 + 1149.918 = €3,268 Mil.
Total Current Assets was €14,343 Mil.
Total Assets was €22,766 Mil.
Property, Plant and Equipment(Net PPE) was €5,453 Mil.
Depreciation, Depletion and Amortization(DDA) was €439 Mil.
Selling, General, & Admin. Expense(SGA) was €1,669 Mil.
Total Current Liabilities was €6,930 Mil.
Long-Term Debt & Capital Lease Obligation was €4,840 Mil.
Net Income was 199.121 + 65.03 + 224.48 + 564.872 = €1,054 Mil.
Non Operating Income was 72.981 + -24.154 + -1.84 + 215.495 = €262 Mil.
Cash Flow from Operations was 1195.627 + -1369.346 + 914.48 + 1327.816 = €2,069 Mil.

Total Receivables was €2,727 Mil.
Revenue was 13330.699 + 13890.227 + 14316.352 + 15727.04 = €57,264 Mil.
Gross Profit was 979.165 + 1259.895 + 1103.054 + 772.192 = €4,114 Mil.
Total Current Assets was €15,577 Mil.
Total Assets was €23,550 Mil.
Property, Plant and Equipment(Net PPE) was €4,823 Mil.
Depreciation, Depletion and Amortization(DDA) was €392 Mil.
Selling, General, & Admin. Expense(SGA) was €1,504 Mil.
Total Current Liabilities was €7,726 Mil.
Long-Term Debt & Capital Lease Obligation was €4,181 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)
	=	(2241.688 / 49970.949)	/	(2726.67 / 57264.318)
	=	0.04486	/	0.047616
	=	0.9421

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)
	=	(4114.306 / 57264.318)	/	(3268.266 / 49970.949)
	=	0.071848	/	0.065403
	=	1.0985

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 - (14343.019 + 5452.852) / 22765.567)	/	(1 - (15576.688 + 4822.739) / 23549.621)
	=	0.130447	/	0.133768
	=	0.9752

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
	=	49970.949	/	57264.318
	=	0.8726

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))
	=	(392.471 / (392.471 + 4822.739))	/	(439.043 / (439.043 + 5452.852))
	=	0.075255	/	0.074516
	=	1.0099

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)
	=	(1668.653 / 49970.949)	/	(1504.361 / 57264.318)
	=	0.033392	/	0.02627
	=	1.2711

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)
	=	((4840.172 + 6929.591) / 22765.567)	/	((4180.894 + 7725.565) / 23549.621)
	=	0.516998	/	0.50559
	=	1.0226

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
	=	(1053.503 - 262.482	-	2068.577)	/	22765.567
	=	-0.056118

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.

Bunge Global has a M-score of -2.92 suggests that the company is unlikely to be a manipulator.

Bunge Global Beneish M-Score Related Terms

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Bunge Global Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » Bunge Global SA (FRA:Q23) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

BG:USA BG:Mexico Q23:Germany Q23:Germany

Address

1391 Timberlake Manor Parkway, Chesterfield, MO, USA, 63017

Website

https://www.bunge.com

Bunge Global SA formerly Bunge Ltd is an agribusiness and food company with operations along the farm-to-consumer food chain. The company segments include Agribusiness; Refined and Specialty Oils; Milling; Sugar and Bioenergy and Corporate and Other. It generates maximum revenue from the Agribusiness segment. The company is an oilseed processor and producer of vegetable oils and protein meals, based on processing capacity, a grain processor, the seller of packaged plant-based oils, producer and seller of wheat flour, bakery mixes, and corn-based products in North and South America.

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