Dangote Sugar Refinery Beneish M-Score Historical Data
The historical data trend for Dangote Sugar Refinery'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.
Dangote Sugar Refinery Beneish M-Score Chart
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Dangote Sugar Refinery Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-1.62 |
-2.79 |
-3.35 |
-2.43 |
-2.71 |
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Dangote Sugar Refinery Semi-Annual Data
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Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-1.62 |
-2.79 |
-3.35 |
-2.43 |
-2.71 |
Competitive Comparison of Dangote Sugar Refinery's Beneish M-Score
For the Confectioners subindustry, Dangote Sugar Refinery'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.
Dangote Sugar Refinery's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Dangote Sugar Refinery's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dangote Sugar Refinery's Beneish M-Score falls into.
Dangote Sugar Refinery 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 Dangote Sugar Refinery 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 * 0.7175 | + | 0.528 * 0.7975 | + | 0.404 * 1.6094 | + | 0.892 * 1.4607 | + | 0.115 * 0.1075 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.5746 | + | 4.679 * -0.102854 | - | 0.327 * 1.0199 |
| = | -2.71 |
* 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 (Dec22) TTM: | Last Year (Dec21) TTM: |
Total Receivables was ₦21,052 Mil.
Revenue was ₦403,246 Mil.
Gross Profit was ₦91,963 Mil.
Total Current Assets was ₦334,673 Mil.
Total Assets was ₦492,434 Mil.
Property, Plant and Equipment(Net PPE) was ₦151,120 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦9,732 Mil.
Selling, General, & Admin. Expense(SGA) was ₦4,853 Mil.
Total Current Liabilities was ₦307,438 Mil.
Long-Term Debt & Capital Lease Obligation was ₦532 Mil.
Net Income was ₦54,738 Mil.
Gross Profit was ₦0 Mil.
Cash Flow from Operations was ₦105,387 Mil.
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Total Receivables was ₦20,086 Mil.
Revenue was ₦276,055 Mil.
Gross Profit was ₦50,209 Mil.
Total Current Assets was ₦214,828 Mil.
Total Assets was ₦359,506 Mil.
Property, Plant and Equipment(Net PPE) was ₦141,665 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦927 Mil.
Selling, General, & Admin. Expense(SGA) was ₦5,781 Mil.
Total Current Liabilities was ₦218,543 Mil.
Long-Term Debt & Capital Lease Obligation was ₦1,899 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) |
| = | (21052.316 / 403245.988) | / | (20086.061 / 276054.781) |
| = | 0.052207 | / | 0.072761 |
| | = | 0.7175 |
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) |
| = | (50208.574 / 276054.781) | / | (91963.038 / 403245.988) |
| = | 0.181879 | / | 0.228057 |
| | = | 0.7975 |
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 - (334672.734 + 151120.294) / 492434.366) | / | (1 - (214827.709 + 141665.388) / 359505.765) |
| = | 0.013487 | / | 0.00838 |
| | = | 1.6094 |
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 |
| = | 403245.988 | / | 276054.781 |
| | = | 1.4607 |
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)) |
| = | (927.197 / (927.197 + 141665.388)) | / | (9731.508 / (9731.508 + 151120.294)) |
| = | 0.006502 | / | 0.0605 |
| | = | 0.1075 |
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) |
| = | (4852.619 / 403245.988) | / | (5781.285 / 276054.781) |
| = | 0.012034 | / | 0.020943 |
| | = | 0.5746 |
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) |
| = | ((531.563 + 307438.319) / 492434.366) | / | ((1899.305 + 218543.346) / 359505.765) |
| = | 0.625403 | / | 0.613183 |
| | = | 1.0199 |
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 |
| = | (54738.177 - 0 | - | 105387.002) | / | 492434.366 |
| | = | -0.102854 |
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.
Dangote Sugar Refinery has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
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