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Molson Coors Beverage Co Beneish M-Score

: -2.31 (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.

Good Sign:

Beneish M-Score -2.31 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NYSE:TAP' s Beneish M-Score Range Over the Past 10 Years
Min: -3.73   Med: -2.67   Max: 1.31
Current: -2.31

-3.73
1.31

During the past 13 years, the highest Beneish M-Score of Molson Coors Beverage Co was 1.31. The lowest was -3.73. And the median was -2.67.


Molson Coors Beverage Co Beneish M-Score Historical Data

The historical data trend for Molson Coors Beverage Co'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.

Molson Coors Beverage Co 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 -2.44 -1.94 -2.63 -2.65 -2.86

Molson Coors Beverage Co 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 -2.91 -2.82 -2.86 -2.72 -2.31

Competitive Comparison

For the Beverages - Brewers subindustry, Molson Coors Beverage Co'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.

   

Molson Coors Beverage Co Beneish M-Score Distribution

For the Beverages - Alcoholic industry and Consumer Defensive sector, Molson Coors Beverage Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Molson Coors Beverage Co's Beneish M-Score falls into.



Molson Coors Beverage Co 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 Molson Coors Beverage Co 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 * 1.3127+0.528 * 0.9206+0.404 * 0.9576+0.892 * 0.9951+0.115 * 1.0551
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0254+4.679 * -0.0131-0.327 * 0.98
=-2.31

* 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 $932 Mil.
Revenue was 2939.4 + 1898.4 + 2294.3 + 2753.5 = $9,886 Mil.
Gross Profit was 1271.5 + 731 + 895.2 + 1202.5 = $4,100 Mil.
Total Current Assets was $3,602 Mil.
Total Assets was $28,520 Mil.
Property, Plant and Equipment(Net PPE) was $4,174 Mil.
Depreciation, Depletion and Amortization(DDA) was $832 Mil.
Selling, General, & Admin. Expense(SGA) was $2,507 Mil.
Total Current Liabilities was $4,892 Mil.
Long-Term Debt & Capital Lease Obligation was $6,702 Mil.
Net Income was 388.6 + 84.1 + -1369.8 + 342.8 = $-554 Mil.
Non Operating Income was 0.7 + 3.5 + -1519.4 + -49.7 = $-1,565 Mil.
Cash Flow from Operations was 939.4 + -190.9 + 202.5 + 433.3 = $1,384 Mil.
Accounts Receivable was $714 Mil.
Revenue was 2503.4 + 2102.8 + 2486.2 + 2841.6 = $9,934 Mil.
Gross Profit was 1046.8 + 623.8 + 966.2 + 1156.2 = $3,793 Mil.
Total Current Assets was $2,543 Mil.
Total Assets was $28,639 Mil.
Property, Plant and Equipment(Net PPE) was $4,344 Mil.
Depreciation, Depletion and Amortization(DDA) was $924 Mil.
Selling, General, & Admin. Expense(SGA) was $2,457 Mil.
Total Current Liabilities was $3,806 Mil.
Long-Term Debt & Capital Lease Obligation was $8,074 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)
=(932.3 / 9885.6) / (713.7 / 9934)
=0.09430889 / 0.07184417
=1.3127

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)
=(3793 / 9934) / (4100.2 / 9885.6)
=0.38182001 / 0.41476491
=0.9206

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 - (3602.1 + 4173.8) / 28519.9) / (1 - (2542.7 + 4344) / 28638.8)
=0.72735178 / 0.75953252
=0.9576

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
=9885.6 / 9934
=0.9951

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))
=(923.5 / (923.5 + 4344)) / (831.7 / (831.7 + 4173.8))
=0.17532036 / 0.16615723
=1.0551

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)
=(2507.4 / 9885.6) / (2457.3 / 9934)
=0.25364166 / 0.24736259
=1.0254

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)
=((6701.9 + 4891.9) / 28519.9) / ((8073.7 + 3805.7) / 28638.8)
=0.40651615 / 0.4148009
=0.98

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
=(-554.3 - -1564.9 - 1384.3) / 28519.9
=-0.0131

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.

Molson Coors Beverage Co has a M-score of -2.31 suggests that the company is unlikely to be a manipulator.


Molson Coors Beverage Co Beneish M-Score Related Terms

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Molson Coors Beverage Co Business Description

Molson Coors Beverage Co logo
Industry
Address
NH353, P.O. Box 4030, Golden, CO, USA, 80401
Molson Coors is the fifth- largest beer producer globally, boasting top-two positioning in the U.S., Canada, and many Central European markets. It brews and markets a slew of company-owned brands including Blue Moon, Coors, Miller, Vizzy, and Staropramen. It also sells various partner brands in certain locales such as Topo Chico (licensed from Coca-Cola), Amstel and Dos Equis in Canada (through an exclusive import/license arrangement with Heineken) and Corona in Central Europe (through an agreement with Anheuser-Busch InBev). The firm's go-to-market approach differs by geography as well, primarily using independent distributors in the U.S., but deploying hybrid models in Canada and Europe.
Executives
Herington Charles M director 1801 CALIFORNIA STREET, SUITE 4600 DENVER CO 80202
Eaton Roger G. director 1441 GARDINER LANE LOUISVILLE KY 40213
Napier Iain J G director 1801 CALIFORNIA STREET, SUITE 4600 DENVER CO 80202
Tough Douglas D. director 1801 CALIFORNIA STREET, SUITE 4600 DENVER CO 80202
Vachon Louis director 1155 METCALFE STREET MONTREAL QUEBEC CANADA E6 0000
Coors Peter H director, 10 percent owner, other: Vice Chairman of the Board 1801 CALIFORNIA STREET, SUITE 4600 DENVER CO 80202
Coors David S. director P.O. BOX 4030 NH353 GOLDEN CO 80401
Winnefeld James A Jr director 870 WINTER STREET WALTHAM MA 02451
Fergusonmchugh Marylynn director ONE PROCTER & GAMBLE PLAZA CINCINNATI OH 45202
Molson Andrew Thomas director, other: Chairman of the Board 1801 CALIFORNIA STREET, SUITE 4600 DENVER CO 80202
Riley H Sanford director 1801 CALIFORNIA STREET, SUITE 4600 DENVER CO 80202
Molson Geoffrey E. director 1801 CALIFORNIA STREET, SUITE 4600 DENVER CO 80202
Hobbs Franklin W Iv director 1801 CALIFORNIA STREET, SUITE 4600 DENVER CO 80202
Cox Simon officer: Pres&CEO, Molson Coors Europe 1801 CALIFORNIA STREET, SUITE 4600 DENVER CO 80202
Tabolt Brian officer: VP,Controller & Chf Acct Off 1801 CALIFORNIA STREET, SUITE 4600 DENVER CO 80202

Molson Coors Beverage Co Headlines

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