Suedzucker AG (WBO:SZU) Beneish M-Score : -2.25 (As of Apr. 24, 2024)

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What is Suedzucker AG 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 -2.25 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

WBO:SZU' s Beneish M-Score Range Over the Past 10 Years
Min: -3.22 Med: -2.73 Max: -2.25
Current: -2.25

During the past 13 years, the highest Beneish M-Score of Suedzucker AG was -2.25. The lowest was -3.22. And the median was -2.73.

Suedzucker AG Beneish M-Score Historical Data

The historical data trend for Suedzucker AG'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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Suedzucker AG Beneish M-Score Chart

Suedzucker AG Annual Data

Trend

Feb14

Feb15

Feb16

Feb17

Feb18

Feb19

Feb20

Feb21

Feb22

Feb23

Beneish M-Score

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-3.22

-2.70

-2.91

-2.55

-2.25

Suedzucker AG Quarterly Data
	Feb19	May19	Aug19	Nov19	Feb20	May20	Aug20	Nov20	Feb21	May21	Aug21	Nov21	Feb22	May22	Aug22	Nov22	Feb23	May23	Aug23	Nov23
Beneish M-Score	Get a 7-Day Free Trial															-	-2.25	-	-	-

Competitive Comparison of Suedzucker AG's Beneish M-Score

For the Packaged Foods subindustry, Suedzucker AG'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.

Suedzucker AG's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

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

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

Suedzucker AG 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 Suedzucker AG 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 * 0.9889

0.528 * 0.9899

0.404 * 0.8945

0.892 * 1.2499

0.115 * 1.0889

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9617

4.679 * 0.017344

0.327 * 1.1001

-2.25

This Year (Feb23) TTM:

Last Year (Feb22) TTM:

Total Receivables was €1,409 Mil.
Revenue was €9,498 Mil.
Gross Profit was €3,091 Mil.
Total Current Assets was €5,453 Mil.
Total Assets was €9,698 Mil.
Property, Plant and Equipment(Net PPE) was €3,109 Mil.
Depreciation, Depletion and Amortization(DDA) was €345 Mil.
Selling, General, & Admin. Expense(SGA) was €924 Mil.
Total Current Liabilities was €2,816 Mil.
Long-Term Debt & Capital Lease Obligation was €1,623 Mil.
Net Income was €412 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €244 Mil.

Total Receivables was €1,140 Mil.
Revenue was €7,599 Mil.
Gross Profit was €2,448 Mil.
Total Current Assets was €4,348 Mil.
Total Assets was €8,441 Mil.
Property, Plant and Equipment(Net PPE) was €2,988 Mil.
Depreciation, Depletion and Amortization(DDA) was €364 Mil.
Selling, General, & Admin. Expense(SGA) was €768 Mil.
Total Current Liabilities was €2,190 Mil.
Long-Term Debt & Capital Lease Obligation was €1,322 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)
	=	(1409 / 9497.9)	/	(1139.9 / 7598.9)
	=	0.148349	/	0.150009
	=	0.9889

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)
	=	(2448.2 / 7598.9)	/	(3091.3 / 9497.9)
	=	0.322178	/	0.325472
	=	0.9899

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 - (5452.6 + 3108.9) / 9698)	/	(1 - (4347.9 + 2987.6) / 8441.4)
	=	0.117189	/	0.131009
	=	0.8945

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
	=	9497.9	/	7598.9
	=	1.2499

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))
	=	(364.3 / (364.3 + 2987.6))	/	(344.7 / (344.7 + 3108.9))
	=	0.108685	/	0.099809
	=	1.0889

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)
	=	(923.6 / 9497.9)	/	(768.4 / 7598.9)
	=	0.097243	/	0.10112
	=	0.9617

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)
	=	((1622.9 + 2815.6) / 9698)	/	((1321.7 + 2190.3) / 8441.4)
	=	0.457672	/	0.416045
	=	1.1001

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
	=	(411.7 - 0	-	243.5)	/	9698
	=	0.017344

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.

Suedzucker AG has a M-score of -2.25 suggests that the company is unlikely to be a manipulator.

Suedzucker AG Beneish M-Score Related Terms

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Suedzucker AG (WBO:SZU) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » Suedzucker AG (WBO:SZU) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

SUEZY:USA 0G7B:UK SZU:Germany

Address

Maximilianstrasse 10, Mannheim, DEU, 68165

Website

https://www.suedzucker.de

Suedzucker AG has five major segments: Sugar, Special products, Crop energies, starch and Fruit. The Sugar segment produces Sugar, sugar specialty products, animal feed, and fertilizer. Special products produce frozen pizzas, baguettes, snacks, pasta, food ingredients, animal feed, starch, and pharmaceuticals. Crop energies produce bioethanol, protein-based food, and liquid carbon dioxide. The fruit segment makes juice concentrates, pure juice, wines, and beverage bases. Suedzucker sells its products to retailers and companies in the food, beverage, agriculture, paper, textile, chemicals, pharmaceuticals, cosmetics, animal feed, and petroleum industries. Germany is Suedzucker's biggest market, and the firm generates most of its revenue in European Union countries.

Suedzucker AG (WBO:SZU) Headlines

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