Victorias Milling Co (PHS:VMC) Beneish M-Score : -2.01 (As of Jun. 22, 2024)

View and export this data going back to 1993. Start your Free Trial

What is Victorias Milling Co 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 -2.01 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

PHS:VMC' s Beneish M-Score Range Over the Past 10 Years
Min: -4.6 Med: -2.23 Max: -0.14
Current: -2.01

During the past 13 years, the highest Beneish M-Score of Victorias Milling Co was -0.14. The lowest was -4.60. And the median was -2.23.

Victorias Milling Co Beneish M-Score Historical Data

The historical data trend for Victorias Milling 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.

Victorias Milling Co Beneish M-Score Chart

Victorias Milling Co Annual Data

Trend

Aug14

Aug15

Aug16

Aug17

Aug18

Aug19

Aug20

Aug21

Aug22

Aug23

Beneish M-Score

Get a 7-Day Free Trial

-2.63

-1.85

-2.01

-3.40

-2.22

Victorias Milling Co Quarterly Data
	May19	Aug19	Nov19	Feb20	May20	Aug20	Nov20	Feb21	May21	Aug21	Nov21	Feb22	May22	Aug22	Nov22	Feb23	May23	Aug23	Nov23	Feb24
Beneish M-Score	Get a 7-Day Free Trial															-2.58	-2.32	-2.22	-2.73	-2.01

Competitive Comparison of Victorias Milling Co's Beneish M-Score

For the Confectioners subindustry, Victorias Milling 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.

Victorias Milling Co's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

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

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

Victorias Milling 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 Victorias Milling Co 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 * 1.3146

0.528 * 1.0208

0.404 * 0.7985

0.892 * 0.8924

0.115 * 1.1828

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.546

4.679 * 0.05699

0.327 * 1.0447

-2.01

This Year (Feb24) TTM:

Last Year (Feb23) TTM:

Total Receivables was ₱728 Mil.
Revenue was 3893.232 + 2890.737 + 599.02 + 5162.39 = ₱12,545 Mil.
Gross Profit was 329.206 + 429.075 + 446.335 + 950.083 = ₱2,155 Mil.
Total Current Assets was ₱5,995 Mil.
Total Assets was ₱14,399 Mil.
Property, Plant and Equipment(Net PPE) was ₱7,568 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱435 Mil.
Selling, General, & Admin. Expense(SGA) was ₱150 Mil.
Total Current Liabilities was ₱1,798 Mil.
Long-Term Debt & Capital Lease Obligation was ₱0 Mil.
Net Income was 323.613 + 324.407 + -122.573 + 684.441 = ₱1,210 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 399.639 + -524.225 + 77.722 + 436.171 = ₱389 Mil.

Total Receivables was ₱620 Mil.
Revenue was 4296.807 + 5488.774 + 1535.177 + 2737.345 = ₱14,058 Mil.
Gross Profit was 403.902 + 1172.735 + 450.895 + 437.244 = ₱2,465 Mil.
Total Current Assets was ₱5,803 Mil.
Total Assets was ₱13,088 Mil.
Property, Plant and Equipment(Net PPE) was ₱6,334 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱435 Mil.
Selling, General, & Admin. Expense(SGA) was ₱308 Mil.
Total Current Liabilities was ₱1,564 Mil.
Long-Term Debt & Capital Lease Obligation was ₱0 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)
	=	(727.767 / 12545.379)	/	(620.338 / 14058.103)
	=	0.058011	/	0.044127
	=	1.3146

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)
	=	(2464.776 / 14058.103)	/	(2154.699 / 12545.379)
	=	0.175328	/	0.171752
	=	1.0208

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 - (5995.034 + 7567.828) / 14398.653)	/	(1 - (5802.72 + 6334.023) / 13088.126)
	=	0.058046	/	0.072691
	=	0.7985

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
	=	12545.379	/	14058.103
	=	0.8924

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))
	=	(434.762 / (434.762 + 6334.023))	/	(434.553 / (434.553 + 7567.828))
	=	0.06423	/	0.054303
	=	1.1828

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)
	=	(149.911 / 12545.379)	/	(307.665 / 14058.103)
	=	0.011949	/	0.021885
	=	0.546

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)
	=	((0 + 1797.716) / 14398.653)	/	((0 + 1564.139) / 13088.126)
	=	0.124853	/	0.119508
	=	1.0447

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
	=	(1209.888 - 0	-	389.307)	/	14398.653
	=	0.05699

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.

Victorias Milling Co has a M-score of -2.01 suggests that the company is unlikely to be a manipulator.

Victorias Milling Co Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Victorias Milling Co's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Victorias Milling Co (PHS:VMC) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » Victorias Milling Co Inc (PHS:VMC) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

J.J. Ossorio Street, VMC Compound, Barangay XVI, Victorias, NEC, PHL, 6119

Website

https://www.victoriasmilling.com

Victorias Milling Co Inc is a Philippines-based company engaged in sugar manufacturing. The company also focuses on producing and selling canned sardines, hot Bangus, mackerel, luncheon meat, and other meat products. It is also involved in developing and selling real estate properties, operating golf clubs, and other activities. The company operates in business segments that are Sugar Milling, Distillery Operations, Power Generation and others. The Sugar Milling segment generates maximum revenue for the company.