Suntory Beverage & Food (STU:7SN) Beneish M-Score : -2.49 (As of Dec. 15, 2024)

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What is Suntory Beverage & Food 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 -2.49 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

STU:7SN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.03 Med: -2.48 Max: -1.81
Current: -2.49

During the past 12 years, the highest Beneish M-Score of Suntory Beverage & Food was -1.81. The lowest was -3.03. And the median was -2.48.

Suntory Beverage & Food Beneish M-Score Historical Data

The historical data trend for Suntory Beverage & Food'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.

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Suntory Beverage & Food Beneish M-Score Chart

Suntory Beverage & Food Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.74

-2.68

-2.52

-2.48

Suntory Beverage & Food Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.30	-2.48	-2.42	-2.49	-

Competitive Comparison of Suntory Beverage & Food's Beneish M-Score

For the Beverages - Non-Alcoholic subindustry, Suntory Beverage & Food'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.

Suntory Beverage & Food's Beneish M-Score Distribution in the Beverages - Non-Alcoholic Industry

For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, Suntory Beverage & Food's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Suntory Beverage & Food's Beneish M-Score falls into.

Suntory Beverage & Food 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 Suntory Beverage & Food 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 * 1.0321

0.528 * 0.9945

0.404 * 0.9966

0.892 * 0.9803

0.115 * 1.0988

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9926

4.679 * -0.0358

0.327 * 0.9119

-2.60

This Year (Jun24) TTM:

Last Year (Jun23) TTM:

Total Receivables was €2,201 Mil.
Revenue was 2622.945 + 2282.256 + 2536.856 + 2815.627 = €10,258 Mil.
Gross Profit was 1015.791 + 854.738 + 916.003 + 1048.107 = €3,835 Mil.
Total Current Assets was €4,183 Mil.
Total Assets was €12,436 Mil.
Property, Plant and Equipment(Net PPE) was €3,080 Mil.
Depreciation, Depletion and Amortization(DDA) was €460 Mil.
Selling, General, & Admin. Expense(SGA) was €2,871 Mil.
Total Current Liabilities was €3,404 Mil.
Long-Term Debt & Capital Lease Obligation was €151 Mil.
Net Income was 154.427 + 124.369 + 99.189 + 182.482 = €560 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 212.006 + 64.693 + 396.794 + 332.185 = €1,006 Mil.

Total Receivables was €2,176 Mil.
Revenue was 2689.625 + 2356.356 + 2581.917 + 2836.374 = €10,464 Mil.
Gross Profit was 1022.163 + 868.209 + 950.614 + 1049.451 = €3,890 Mil.
Total Current Assets was €4,453 Mil.
Total Assets was €12,732 Mil.
Property, Plant and Equipment(Net PPE) was €2,965 Mil.
Depreciation, Depletion and Amortization(DDA) was €493 Mil.
Selling, General, & Admin. Expense(SGA) was €2,951 Mil.
Total Current Liabilities was €3,697 Mil.
Long-Term Debt & Capital Lease Obligation was €294 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)
	=	(2201.293 / 10257.684)	/	(2175.772 / 10464.272)
	=	0.214599	/	0.207924
	=	1.0321

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)
	=	(3890.437 / 10464.272)	/	(3834.639 / 10257.684)
	=	0.371783	/	0.373831
	=	0.9945

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 - (4183.284 + 3079.953) / 12435.947)	/	(1 - (4453.391 + 2964.551) / 12731.655)
	=	0.415948	/	0.417362
	=	0.9966

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
	=	10257.684	/	10464.272
	=	0.9803

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))
	=	(493.233 / (493.233 + 2964.551))	/	(459.5 / (459.5 + 3079.953))
	=	0.142644	/	0.129822
	=	1.0988

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)
	=	(2871.012 / 10257.684)	/	(2950.632 / 10464.272)
	=	0.279889	/	0.281972
	=	0.9926

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)
	=	((150.579 + 3404.368) / 12435.947)	/	((293.665 + 3697.28) / 12731.655)
	=	0.285861	/	0.313466
	=	0.9119

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
	=	(560.467 - 0	-	1005.678)	/	12435.947
	=	-0.0358

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.

Suntory Beverage & Food has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.

Suntory Beverage & Food Beneish M-Score Related Terms

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Suntory Beverage & Food Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Beverages - Non-Alcoholic » Suntory Beverage & Food Ltd (STU:7SN) » Definitions » Beneish M-Score

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STBFY:USA STBFF:USA 2587:Japan

Address

3-1-1 Kyobashi, Tokyo Square Garden, Chuo-ku, Tokyo, JPN, 104-0031

Website

http://www.suntory.co.jp

Suntory Beverage & Food Ltd primarily sells nonalcoholic beverages throughout the world. Most of the company's sales are in Japan, where its biggest products include Tennensui and Green Dakara bottled waters; Boss canned coffee; Pepsi, Orangina, and C.C. Lemon carbonated soft drinks; Suntory Oolong and Iyemon teas; Natchan juices; and Dekavita energy drinks. Other significant markets include France, the United Kingdom, Spain, Vietnam, Indonesia, Thailand, Malaysia, New Zealand, and the United States. Core brands outside France include Lucozade, Orangina, Oasis, Schweppes, Ribena, Pepsi, Ovi, and Brand's Essence of Chicken.

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