CPH Chemie & Papier Holding AG (XSWX:CPHN) Beneish M-Score : -2.79 (As of Apr. 29, 2024)

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What is CPH Chemie & Papier Holding 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 -2.79 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for CPH Chemie & Papier Holding AG's Beneish M-Score or its related term are showing as below:

XSWX:CPHN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.37 Med: -2.52 Max: -2.09
Current: -2.79

During the past 13 years, the highest Beneish M-Score of CPH Chemie & Papier Holding AG was -2.09. The lowest was -3.37. And the median was -2.52.

CPH Chemie & Papier Holding AG Beneish M-Score Historical Data

The historical data trend for CPH Chemie & Papier Holding 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.

* Premium members only.

CPH Chemie & Papier Holding AG Beneish M-Score Chart

CPH Chemie & Papier Holding AG Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.93

-2.62

-3.37

-2.36

-2.79

CPH Chemie & Papier Holding AG Semi-Annual Data
	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-3.37	-	-2.36	-	-2.79

Competitive Comparison of CPH Chemie & Papier Holding AG's Beneish M-Score

For the Paper & Paper Products subindustry, CPH Chemie & Papier Holding 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.

CPH Chemie & Papier Holding AG's Beneish M-Score Distribution in the Forest Products Industry

For the Forest Products industry and Basic Materials sector, CPH Chemie & Papier Holding AG's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where CPH Chemie & Papier Holding AG's Beneish M-Score falls into.

CPH Chemie & Papier Holding 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 CPH Chemie & Papier Holding 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 * 0.8917

0.528 * 0.9533

0.404 * 1.1121

0.892 * 0.8602

0.115 * 1.0073

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.051784

0.327 * 0.5753

-2.79

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was CHF96.2 Mil.
Revenue was CHF624.0 Mil.
Gross Profit was CHF246.7 Mil.
Total Current Assets was CHF305.9 Mil.
Total Assets was CHF598.2 Mil.
Property, Plant and Equipment(Net PPE) was CHF222.0 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF19.2 Mil.
Selling, General, & Admin. Expense(SGA) was CHF0.0 Mil.
Total Current Liabilities was CHF120.6 Mil.
Long-Term Debt & Capital Lease Obligation was CHF0.0 Mil.
Net Income was CHF78.9 Mil.
Gross Profit was CHF0.0 Mil.
Cash Flow from Operations was CHF109.9 Mil.

Total Receivables was CHF125.5 Mil.
Revenue was CHF725.4 Mil.
Gross Profit was CHF273.4 Mil.
Total Current Assets was CHF382.2 Mil.
Total Assets was CHF666.2 Mil.
Property, Plant and Equipment(Net PPE) was CHF213.7 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF18.6 Mil.
Selling, General, & Admin. Expense(SGA) was CHF0.0 Mil.
Total Current Liabilities was CHF233.5 Mil.
Long-Term Debt & Capital Lease Obligation was CHF0.0 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)
	=	(96.232 / 623.982)	/	(125.455 / 725.351)
	=	0.154222	/	0.172958
	=	0.8917

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)
	=	(273.433 / 725.351)	/	(246.732 / 623.982)
	=	0.376966	/	0.395415
	=	0.9533

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 - (305.949 + 221.977) / 598.191)	/	(1 - (382.166 + 213.662) / 666.191)
	=	0.117462	/	0.10562
	=	1.1121

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
	=	623.982	/	725.351
	=	0.8602

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))
	=	(18.629 / (18.629 + 213.662))	/	(19.202 / (19.202 + 221.977))
	=	0.080197	/	0.079617
	=	1.0073

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 / 623.982)	/	(0 / 725.351)
	=	0	/	0
	=	1

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)
	=	((0 + 120.612) / 598.191)	/	((0 + 233.472) / 666.191)
	=	0.201628	/	0.350458
	=	0.5753

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
	=	(78.885 - 0	-	109.862)	/	598.191
	=	-0.051784

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.

CPH Chemie & Papier Holding AG has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.

CPH Chemie & Papier Holding AG Beneish M-Score Related Terms

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CPH Chemie & Papier Holding AG (XSWX:CPHN) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Forest Products » CPH Chemie & Papier Holding AG (XSWX:CPHN) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

CPHNz:UK

Address

Perlenring 1, Perlen, CHE, 6035

Website

https://www.cph.ch

CPH Chemie & Papier Holding AG is engaged in the manufacturing of chemicals, paper, and pharmaceutical packaging films. The business activity of the group is breakdown into three divisions namely chemistry, paper, and packaging. The Chemistry division provides molecular sieves and silica gels for industrial applications under the Zeochem brand name; the Paper division produces and sells newsprint and magazine paper products under the Perlen Papier brand and whereas the Packaging division manufactures an extensive range of PVC mono-films and coated PVdC high-barrier films for the pharmaceuticals industry. The business of the firm can be seen amplifying across the globe.

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