Sonae SGPS Beneish M-Score Historical Data
The historical data trend for Sonae SGPS'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.
Sonae SGPS Beneish M-Score Chart
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Sonae SGPS Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.98 |
-2.50 |
-2.78 |
-3.00 |
-2.40 |
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Sonae SGPS Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-3.00 |
-2.80 |
-2.62 |
-2.55 |
-2.40 |
Competitive Comparison of Sonae SGPS's Beneish M-Score
For the Department Stores subindustry, Sonae SGPS'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.
Sonae SGPS's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Sonae SGPS's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sonae SGPS's Beneish M-Score falls into.
Sonae SGPS 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 Sonae SGPS 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 * 0.9949 | + | 0.528 * 1.0096 | + | 0.404 * 0.9471 | + | 0.892 * 1.0918 | + | 0.115 * 1.007 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.031257 | - | 0.327 * 1.0305 |
| = | -2.40 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was €209 Mil.
Revenue was 2363.19 + 2204.905 + 1958.01 + 1873.078 = €8,399 Mil.
Gross Profit was 769.591 + 658.872 + 604.95 + 565.427 = €2,599 Mil.
Total Current Assets was €2,010 Mil.
Total Assets was €8,845 Mil.
Property, Plant and Equipment(Net PPE) was €2,987 Mil.
Depreciation, Depletion and Amortization(DDA) was €386 Mil.
Selling, General, & Admin. Expense(SGA) was €0 Mil.
Total Current Liabilities was €2,502 Mil.
Long-Term Debt & Capital Lease Obligation was €2,438 Mil.
Net Income was 222.099 + 69.296 + 42.672 + 32.578 = €367 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 463.866 + 250.832 + 67.513 + -139.096 = €643 Mil.
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Total Receivables was €193 Mil.
Revenue was 2225.003 + 2036.323 + 1762.474 + 1669.114 = €7,693 Mil.
Gross Profit was 696.807 + 620.03 + 556.934 + 529.392 = €2,403 Mil.
Total Current Assets was €1,938 Mil.
Total Assets was €8,641 Mil.
Property, Plant and Equipment(Net PPE) was €2,734 Mil.
Depreciation, Depletion and Amortization(DDA) was €356 Mil.
Selling, General, & Admin. Expense(SGA) was €618 Mil.
Total Current Liabilities was €2,465 Mil.
Long-Term Debt & Capital Lease Obligation was €2,219 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) |
| = | (209.224 / 8399.183) | / | (192.604 / 7692.914) |
| = | 0.02491 | / | 0.025037 |
| | = | 0.9949 |
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) |
| = | (2403.163 / 7692.914) | / | (2598.84 / 8399.183) |
| = | 0.312387 | / | 0.309416 |
| | = | 1.0096 |
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 - (2009.941 + 2987.075) / 8845.055) | / | (1 - (1938.169 + 2733.5) / 8641.084) |
| = | 0.43505 | / | 0.459365 |
| | = | 0.9471 |
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 |
| = | 8399.183 | / | 7692.914 |
| | = | 1.0918 |
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)) |
| = | (356.339 / (356.339 + 2733.5)) | / | (386.353 / (386.353 + 2987.075)) |
| = | 0.115326 | / | 0.114528 |
| | = | 1.007 |
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) |
| = | (0 / 8399.183) | / | (618.323 / 7692.914) |
| = | 0 | / | 0.080376 |
| | = | 0 |
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) |
| = | ((2438.007 + 2502.075) / 8845.055) | / | ((2218.527 + 2464.917) / 8641.084) |
| = | 0.558513 | / | 0.541997 |
| | = | 1.0305 |
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 |
| = | (366.645 - 0 | - | 643.115) | / | 8845.055 |
| | = | -0.031257 |
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.
Sonae SGPS has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.
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