Synlait Milk Beneish M-Score Historical Data
The historical data trend for Synlait Milk'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.
Synlait Milk Beneish M-Score Chart
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Synlait Milk Annual Data
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Jul17 |
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Jul19 |
Jul20 |
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Jul22 |
Jul23 |
Jul24 |
| Beneish M-Score |
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-1.01 |
-1.33 |
-3.15 |
-2.96 |
-1.28 |
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Synlait Milk Semi-Annual Data
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Jul24 |
| Beneish M-Score |
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-3.15 |
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-2.96 |
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-1.28 |
Competitive Comparison of Synlait Milk's Beneish M-Score
For the Packaged Foods subindustry, Synlait Milk'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.
Synlait Milk's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Synlait Milk's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Synlait Milk's Beneish M-Score falls into.
Synlait Milk 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 Synlait Milk 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 * 1.4099 | + | 0.528 * 1.9258 | + | 0.404 * 1.6559 | + | 0.892 * 1.2393 | + | 0.115 * 0.8211 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9685 | + | 4.679 * -0.014905 | - | 0.327 * 1.1865 |
| = | -1.28 |
* 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 (Jul24) TTM: | Last Year (Jul23) TTM: |
Total Receivables was NZ$145 Mil.
Revenue was NZ$1,637 Mil.
Gross Profit was NZ$102 Mil.
Total Current Assets was NZ$407 Mil.
Total Assets was NZ$1,494 Mil.
Property, Plant and Equipment(Net PPE) was NZ$948 Mil.
Depreciation, Depletion and Amortization(DDA) was NZ$72 Mil.
Selling, General, & Admin. Expense(SGA) was NZ$101 Mil.
Total Current Liabilities was NZ$642 Mil.
Long-Term Debt & Capital Lease Obligation was NZ$239 Mil.
Net Income was NZ$-182 Mil.
Gross Profit was NZ$-113 Mil.
Cash Flow from Operations was NZ$-47 Mil.
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Total Receivables was NZ$83 Mil.
Revenue was NZ$1,321 Mil.
Gross Profit was NZ$159 Mil.
Total Current Assets was NZ$555 Mil.
Total Assets was NZ$1,686 Mil.
Property, Plant and Equipment(Net PPE) was NZ$1,035 Mil.
Depreciation, Depletion and Amortization(DDA) was NZ$64 Mil.
Selling, General, & Admin. Expense(SGA) was NZ$84 Mil.
Total Current Liabilities was NZ$617 Mil.
Long-Term Debt & Capital Lease Obligation was NZ$221 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) |
| = | (144.922 / 1636.858) | / | (82.941 / 1320.758) |
| = | 0.088537 | / | 0.062798 |
| | = | 1.4099 |
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) |
| = | (158.969 / 1320.758) | / | (102.304 / 1636.858) |
| = | 0.120362 | / | 0.0625 |
| | = | 1.9258 |
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 - (406.741 + 947.781) / 1494.015) | / | (1 - (555.369 + 1035.2) / 1685.61) |
| = | 0.093368 | / | 0.056384 |
| | = | 1.6559 |
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 |
| = | 1636.858 | / | 1320.758 |
| | = | 1.2393 |
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)) |
| = | (63.698 / (63.698 + 1035.2)) | / | (71.987 / (71.987 + 947.781)) |
| = | 0.057965 | / | 0.070592 |
| | = | 0.8211 |
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) |
| = | (100.963 / 1636.858) | / | (84.113 / 1320.758) |
| = | 0.061681 | / | 0.063685 |
| | = | 0.9685 |
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) |
| = | ((239.007 + 642.309) / 1494.015) | / | ((220.691 + 617.354) / 1685.61) |
| = | 0.589898 | / | 0.497176 |
| | = | 1.1865 |
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 |
| = | (-182.111 - -112.652 | - | -47.191) | / | 1494.015 |
| | = | -0.014905 |
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.
Synlait Milk has a M-score of -1.28 signals that the company is likely to be a manipulator.
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