Coca-Cola Europacific Partners (Coca-Cola Europacific Partners) Beneish M-Score : -2.64 (As of Apr. 25, 2024)

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What is Coca-Cola Europacific Partners 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 -2.64 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

CCEP' s Beneish M-Score Range Over the Past 10 Years
Min: -2.8 Med: -2.67 Max: -2
Current: -2.64

During the past 13 years, the highest Beneish M-Score of Coca-Cola Europacific Partners was -2.00. The lowest was -2.80. And the median was -2.67.

Coca-Cola Europacific Partners Beneish M-Score Historical Data

The historical data trend for Coca-Cola Europacific Partners'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.

Coca-Cola Europacific Partners Beneish M-Score Chart

Coca-Cola Europacific Partners Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.69

-2.72

-2.25

-2.63

-2.64

Coca-Cola Europacific Partners Semi-Annual Data
	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.25	-	-2.63	-	-2.64

Competitive Comparison of Coca-Cola Europacific Partners's Beneish M-Score

For the Beverages - Non-Alcoholic subindustry, Coca-Cola Europacific Partners'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.

Coca-Cola Europacific Partners's Beneish M-Score Distribution in the Beverages - Non-Alcoholic Industry

For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, Coca-Cola Europacific Partners's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Coca-Cola Europacific Partners's Beneish M-Score falls into.

Coca-Cola Europacific Partners 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 Coca-Cola Europacific Partners 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 * 0.9751

0.528 * 0.9787

0.404 * 0.987

0.892 * 1.0878

0.115 * 1.0507

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0487

4.679 * -0.038866

0.327 * 0.9734

-2.62

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $3,109 Mil.
Revenue was $19,959 Mil.
Gross Profit was $7,328 Mil.
Total Current Assets was $7,203 Mil.
Total Assets was $31,902 Mil.
Property, Plant and Equipment(Net PPE) was $5,828 Mil.
Depreciation, Depletion and Amortization(DDA) was $864 Mil.
Selling, General, & Admin. Expense(SGA) was $2,401 Mil.
Total Current Liabilities was $7,937 Mil.
Long-Term Debt & Capital Lease Obligation was $11,010 Mil.
Net Income was $1,820 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $3,060 Mil.

Total Receivables was $2,931 Mil.
Revenue was $18,347 Mil.
Gross Profit was $6,593 Mil.
Total Current Assets was $6,931 Mil.
Total Assets was $31,052 Mil.
Property, Plant and Equipment(Net PPE) was $5,510 Mil.
Depreciation, Depletion and Amortization(DDA) was $864 Mil.
Selling, General, & Admin. Expense(SGA) was $2,105 Mil.
Total Current Liabilities was $7,747 Mil.
Long-Term Debt & Capital Lease Obligation was $11,198 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)
	=	(3109.051 / 19958.561)	/	(2931.144 / 18347.458)
	=	0.155775	/	0.159757
	=	0.9751

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)
	=	(6593.22 / 18347.458)	/	(7328.244 / 19958.561)
	=	0.359353	/	0.367173
	=	0.9787

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 - (7202.835 + 5827.699) / 31901.854)	/	(1 - (6931.144 + 5509.534) / 31051.907)
	=	0.591543	/	0.599359
	=	0.987

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
	=	19958.561	/	18347.458
	=	1.0878

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))
	=	(864.407 / (864.407 + 5509.534))	/	(863.686 / (863.686 + 5827.699))
	=	0.135616	/	0.129074
	=	1.0507

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)
	=	(2401.309 / 19958.561)	/	(2104.873 / 18347.458)
	=	0.120315	/	0.114723
	=	1.0487

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)
	=	((11009.815 + 7936.75) / 31901.854)	/	((11198.093 + 7746.822) / 31051.907)
	=	0.593902	/	0.610105
	=	0.9734

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
	=	(1820.065 - 0	-	3059.978)	/	31901.854
	=	-0.038866

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.

Coca-Cola Europacific Partners has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.

Coca-Cola Europacific Partners Beneish M-Score Related Terms

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Coca-Cola Europacific Partners (Coca-Cola Europacific Partners) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Beverages - Non-Alcoholic » Coca-Cola Europacific Partners PLC (NAS:CCEP) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

CCEP:Netherlands CCEPa:UK CCEP:UK CCEP:Spain CK0:Germany CK0:Germany

Address

Bakers Road, Pemberton House, Uxbridge, GBR, UB8 1EZ

Website

https://www.cocacolaep.com

CCEP is the second-largest bottling partner in the Coca-Cola system by volume, behind Coca-Cola Femsa, and primarily operates in developed Europe (78% of 2022 revenue and 73% of EBIT) and Australasia (22% and 27%, respectively). In 2023 it announced the planned acquisition of Coca-Cola Beverages Philippines from TCCC.In 2022, CCEP sold 3.3 billion unit cases of beverages, which we estimate equates to roughly 9% of the global Coke system volume. Coke's largest bottler, Coca-Cola Femsasold 3.75 billion unit cases (11%), and the third-largest, Coca-Cola HBC, serving Eastern Europe and North Africa, sold 2.7 billion unit cases (8%).TCCC owns 19% of the equity of CCEP, Olive Partners, a holding company of bottling operations, owns a further 36%, and the remaining 45% is free float.