Lassonde Industries (TSX:LAS.A) Beneish M-Score : -2.88 (As of Apr. 25, 2024)

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What is Lassonde Industries 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 -2.88 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSX:LAS.A' s Beneish M-Score Range Over the Past 10 Years
Min: -2.88 Med: -2.65 Max: -2.2
Current: -2.88

During the past 13 years, the highest Beneish M-Score of Lassonde Industries was -2.20. The lowest was -2.88. And the median was -2.65.

Lassonde Industries Beneish M-Score Historical Data

The historical data trend for Lassonde Industries'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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Lassonde Industries Beneish M-Score Chart

Lassonde Industries Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.88

-2.85

-2.46

-2.20

-2.88

Lassonde Industries Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.20	-2.29	-2.52	-2.83	-2.88

Competitive Comparison of Lassonde Industries's Beneish M-Score

For the Beverages - Non-Alcoholic subindustry, Lassonde Industries'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.

Lassonde Industries's Beneish M-Score Distribution in the Beverages - Non-Alcoholic Industry

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

* The bar in red indicates where Lassonde Industries's Beneish M-Score falls into.

Lassonde Industries 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 Lassonde Industries 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 * 0.9447

0.528 * 0.9584

0.404 * 0.8991

0.892 * 1.0762

0.115 * 1.1548

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9507

4.679 * -0.084159

0.327 * 0.9584

-2.88

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was C$204 Mil.
Revenue was 604.775 + 583.428 + 579.435 + 547.311 = C$2,315 Mil.
Gross Profit was 152.516 + 146.26 + 152.317 + 136.625 = C$588 Mil.
Total Current Assets was C$637 Mil.
Total Assets was C$1,666 Mil.
Property, Plant and Equipment(Net PPE) was C$501 Mil.
Depreciation, Depletion and Amortization(DDA) was C$63 Mil.
Selling, General, & Admin. Expense(SGA) was C$452 Mil.
Total Current Liabilities was C$372 Mil.
Long-Term Debt & Capital Lease Obligation was C$192 Mil.
Net Income was 21.021 + 24.311 + 25.09 + 17.109 = C$88 Mil.
Non Operating Income was 0.422 + 1.71 + -1.141 + 1.867 = C$3 Mil.
Cash Flow from Operations was 77.762 + 75.999 + 75.975 + -4.879 = C$225 Mil.

Total Receivables was C$200 Mil.
Revenue was 555.952 + 556.432 + 529.544 + 509.047 = C$2,151 Mil.
Gross Profit was 123.626 + 125.447 + 138.691 + 135.583 = C$523 Mil.
Total Current Assets was C$639 Mil.
Total Assets was C$1,605 Mil.
Property, Plant and Equipment(Net PPE) was C$400 Mil.
Depreciation, Depletion and Amortization(DDA) was C$60 Mil.
Selling, General, & Admin. Expense(SGA) was C$442 Mil.
Total Current Liabilities was C$419 Mil.
Long-Term Debt & Capital Lease Obligation was C$149 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)
	=	(203.627 / 2314.949)	/	(200.27 / 2150.975)
	=	0.087962	/	0.093107
	=	0.9447

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)
	=	(523.347 / 2150.975)	/	(587.718 / 2314.949)
	=	0.243307	/	0.253879
	=	0.9584

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 - (636.64 + 500.821) / 1665.704)	/	(1 - (638.763 + 399.969) / 1604.715)
	=	0.317129	/	0.3527
	=	0.8991

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
	=	2314.949	/	2150.975
	=	1.0762

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))
	=	(59.513 / (59.513 + 399.969))	/	(63.267 / (63.267 + 500.821))
	=	0.129522	/	0.112158
	=	1.1548

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)
	=	(452.314 / 2314.949)	/	(442.075 / 2150.975)
	=	0.195388	/	0.205523
	=	0.9507

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)
	=	((191.995 + 372.174) / 1665.704)	/	((148.574 + 418.551) / 1604.715)
	=	0.338697	/	0.353412
	=	0.9584

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
	=	(87.531 - 2.858	-	224.857)	/	1665.704
	=	-0.084159

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.

Lassonde Industries has a M-score of -2.88 suggests that the company is unlikely to be a manipulator.

Lassonde Industries Beneish M-Score Related Terms

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Lassonde Industries (TSX:LAS.A) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Beverages - Non-Alcoholic » Lassonde Industries Inc (TSX:LAS.A) » Definitions » Beneish M-Score

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Traded in Other Exchanges

LSDAF:USA 0OO:Germany

Address

755 Principale Street, Rougemont, QC, CAN, J0L 1M0

Website

https://www.lassonde.com

Lassonde Industries Inc is engaged in the development, manufacturing, and marketing of ready-to-drink fruit and vegetable juices and drinks. It also acts as a producer of store-brand shelf-stable fruit juices and drinks in the United States and a producer of cranberry sauces. The company operates through a single segment the development, manufacturing, and marketing of a wide range of ready-to-drink juices and drinks; frozen juice concentrates; and specialty food products; and the importation, packaging, and marketing of selected wines from several countries of origin. Lassonde has a presence in Canada and the United States. It earns the majority of the revenue in the United States.

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