Transcontinental Beneish M-Score Historical Data
The historical data trend for Transcontinental'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.
Transcontinental Beneish M-Score Chart
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Transcontinental Annual Data
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Trend |
Oct14 |
Oct15 |
Oct16 |
Oct17 |
Oct18 |
Oct19 |
Oct20 |
Oct21 |
Oct22 |
Oct23 |
| Beneish M-Score |
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-2.86 |
-2.92 |
-2.63 |
-2.41 |
-2.98 |
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Transcontinental Quarterly Data
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Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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-2.54 |
-2.56 |
-2.72 |
-2.98 |
-3.06 |
Competitive Comparison of Transcontinental's Beneish M-Score
For the Packaging & Containers subindustry, Transcontinental'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.
Transcontinental's Beneish M-Score Distribution in the Packaging & Containers Industry
For the Packaging & Containers industry and Consumer Cyclical sector, Transcontinental's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Transcontinental's Beneish M-Score falls into.
Transcontinental 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 Transcontinental 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 * 0.9436 | + | 0.528 * 0.9607 | + | 0.404 * 1.0105 | + | 0.892 * 0.9589 | + | 0.115 * 1.0211 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.032 | + | 4.679 * -0.105395 | - | 0.327 * 0.9206 |
| = | -3.06 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $367 Mil.
Revenue was 506.891 + 568.626 + 534.933 + 554.138 = $2,165 Mil.
Gross Profit was 241.973 + 270.274 + 249.186 + 250.297 = $1,012 Mil.
Total Current Assets was $706 Mil.
Total Assets was $2,584 Mil.
Property, Plant and Equipment(Net PPE) was $647 Mil.
Depreciation, Depletion and Amortization(DDA) was $170 Mil.
Selling, General, & Admin. Expense(SGA) was $572 Mil.
Total Current Liabilities was $326 Mil.
Long-Term Debt & Capital Lease Obligation was $704 Mil.
Net Income was 10.355 + 30.411 + 15.82 + 16.464 = $73 Mil.
Non Operating Income was -9.312 + -16.992 + -9.613 + -1.483 = $-37 Mil.
Cash Flow from Operations was 42.762 + 179.551 + 82.583 + 77.87 = $383 Mil.
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Total Receivables was $406 Mil.
Revenue was 526.747 + 586.018 + 578.077 + 566.598 = $2,257 Mil.
Gross Profit was 236.999 + 263.277 + 260.977 + 252.376 = $1,014 Mil.
Total Current Assets was $780 Mil.
Total Assets was $2,732 Mil.
Property, Plant and Equipment(Net PPE) was $663 Mil.
Depreciation, Depletion and Amortization(DDA) was $179 Mil.
Selling, General, & Admin. Expense(SGA) was $578 Mil.
Total Current Liabilities was $332 Mil.
Long-Term Debt & Capital Lease Obligation was $851 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) |
| = | (367.057 / 2164.588) | / | (405.677 / 2257.44) |
| = | 0.169574 | / | 0.179707 |
| | = | 0.9436 |
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) |
| = | (1013.629 / 2257.44) | / | (1011.73 / 2164.588) |
| = | 0.449017 | / | 0.467401 |
| | = | 0.9607 |
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 - (705.58 + 646.577) / 2583.774) | / | (1 - (780.361 + 663.165) / 2732.454) |
| = | 0.476674 | / | 0.471711 |
| | = | 1.0105 |
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 |
| = | 2164.588 | / | 2257.44 |
| | = | 0.9589 |
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)) |
| = | (179.155 / (179.155 + 663.165)) | / | (170.105 / (170.105 + 646.577)) |
| = | 0.212692 | / | 0.208288 |
| | = | 1.0211 |
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) |
| = | (571.643 / 2164.588) | / | (577.696 / 2257.44) |
| = | 0.264089 | / | 0.255908 |
| | = | 1.032 |
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) |
| = | ((703.569 + 325.933) / 2583.774) | / | ((851.065 + 331.545) / 2732.454) |
| = | 0.398449 | / | 0.432801 |
| | = | 0.9206 |
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 |
| = | (73.05 - -37.4 | - | 382.766) | / | 2583.774 |
| | = | -0.105395 |
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.
Transcontinental has a M-score of -3.06 suggests that the company is unlikely to be a manipulator.
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