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Bunge Beneish M-Score

: -1.43 (As of Today)
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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.

Warning Sign:

Beneish M-Score -1.43 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NYSE:BG' s Beneish M-Score Range Over the Past 10 Years
Min: -3.49   Med: -2.17   Max: 0.72
Current: -1.43

-3.49
0.72

During the past 13 years, the highest Beneish M-Score of Bunge was 0.72. The lowest was -3.49. And the median was -2.17.


Bunge Beneish M-Score Historical Data

The historical data trend for Bunge'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.

Bunge Annual Data
Trend Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.20 -1.80 -2.17 -1.11 -2.17

Bunge Quarterly Data
Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21
Beneish M-Score 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 Premium Member Only Premium Member Only Premium Member Only -1.80 -2.58 -2.17 -1.63 -1.43

Competitive Comparison

For the Farm Products subindustry, Bunge'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 Beneish M-Score Distribution

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

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



Bunge 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 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 * 1.2868+0.528 * 0.3381+0.404 * 0.84+0.892 * 1.2864+0.115 * 1.1055
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7389+4.679 * 0.1906-0.327 * 1.0002
=-1.43

* 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 (Jun21) TTM:Last Year (Jun20) TTM:
Accounts Receivable was $2,526 Mil.
Revenue was 15391 + 12961 + 12610 + 10159 = $51,121 Mil.
Gross Profit was 665 + 1147 + 904 + 602 = $3,318 Mil.
Total Current Assets was $17,555 Mil.
Total Assets was $25,085 Mil.
Property, Plant and Equipment(Net PPE) was $4,577 Mil.
Depreciation, Depletion and Amortization(DDA) was $430 Mil.
Selling, General, & Admin. Expense(SGA) was $1,285 Mil.
Total Current Liabilities was $10,321 Mil.
Long-Term Debt & Capital Lease Obligation was $5,873 Mil.
Net Income was 362 + 831 + 551 + 262 = $2,006 Mil.
Non Operating Income was 99 + 297 + 193 + 106 = $695 Mil.
Cash Flow from Operations was -449 + -987 + -1408 + -626 = $-3,470 Mil.
Accounts Receivable was $1,526 Mil.
Revenue was 9462 + 9173 + 10783 + 10323 = $39,741 Mil.
Gross Profit was 1105 + 174 + 571 + -978 = $872 Mil.
Total Current Assets was $11,468 Mil.
Total Assets was $18,559 Mil.
Property, Plant and Equipment(Net PPE) was $4,490 Mil.
Depreciation, Depletion and Amortization(DDA) was $471 Mil.
Selling, General, & Admin. Expense(SGA) was $1,352 Mil.
Total Current Liabilities was $7,496 Mil.
Long-Term Debt & Capital Lease Obligation was $4,483 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Accounts Receivable 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)
=(2526 / 51121) / (1526 / 39741)
=0.04941218 / 0.03839863
=1.2868

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)
=(872 / 39741) / (3318 / 51121)
=0.02194207 / 0.06490483
=0.3381

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 - (17555 + 4577) / 25085) / (1 - (11468 + 4490) / 18559)
=0.11771975 / 0.14014764
=0.84

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
=51121 / 39741
=1.2864

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))
=(471 / (471 + 4490)) / (430 / (430 + 4577))
=0.09494054 / 0.08587977
=1.1055

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)
=(1285 / 51121) / (1352 / 39741)
=0.02513644 / 0.03402028
=0.7389

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)
=((5873 + 10321) / 25085) / ((4483 + 7496) / 18559)
=0.64556508 / 0.64545504
=1.0002

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
=(2006 - 695 - -3470) / 25085
=0.1906

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 has a M-score of -1.43 signals that the company is likely to be a manipulator.


Bunge Business Description

Bunge logo
Industry
Address
1391 Timberlake Manor Parkway, St. Louis, MO, USA, 63017
Founded in 1818, Bunge is a global agribusiness and food company with operations along the farm-to-consumer food chain. The agribusiness segment generates roughly two thirds of profits and includes the largest oilseed processing capacity globally. The company is a leading oilseed processor and seller of packaged vegetable oils and other food and ingredients products.
Executives
Wagner Robert officer: Chief Risk Officer 1391 TIMBERLAKE MANOR PARKWAY CHESTERFIELD MT 63017
Browner Carol M. director C/O BUNGE LIMITED 50 MAIN STREET, 6TH FLOOR WHITE PLAINS NY 10606
Mauger Pierre officer: Chief Transformation Officer C/O BUNGE LIMITED, 50 MAIN STREET 6TH FLOOR WHITE PLAINS NY 10606
Winship Henry Ward Iv director PO BOX 8614 RANCHO SANTA FE CA 92067
Padilla Raul officer: President, Global Operations C/O BUNGE LTD 50 MAIN STREET WHITE PLAINS NY 10606
Borg Deborah officer: EVP & Chief HR, Comms Officer C/O BUNGE LIMITED, 50 MAIN STREET 8TH FLOOR WHITE PLAINS NY 10606
Dimopoulos Christos officer: Pres., Global Supply Chains C/O BUNGE LIMITED 50 MAIN STREET, 6TH FLOOR WHITE PLAINS NY 10606
Neppl John W officer: EVP, Chief Financial Officer 1811 AKSARBEN DRIVE OMAHA NE 68106
Zachman Brian officer: President Global Risk Mgmnt C/O BUNGE LIMITED 50 MAIN STREET, 6TH FLOOR WHITE PLAINS NY 10606
Buettner Aaron officer: SVP, Bunge Loders Croklaan C/O BUNGE LIMITED 50 MAIN STREET, 6TH FLOOR WHITE PLAINS NY 10606
Podwika Joseph officer: EVP and Chief Legal Officer C/O BUNGE LIMITED 50 MAIN STREET, 6TH FLOOR WHITE PLAINS NY 10606
Simmons Jerry Matthews Jr officer: Controller, Principal Actg Off TWO N. NINTH STREET ALLENTOWN PA 18101
Bair Sheila Colleen director 6903 ROCKLEDGE DRIVE, SUITE 1500 BETHESDA MD 20817
Fribourg Paul J director 667 MADISON AVE NEW YORK NY 10021
Fyrwald J Erik director LILLY CORPORATE CENTER INDIANAPOLIS IN 46285

Bunge Headlines

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