Steinhoff International Holdings NV (XSWX:SNH) Beneish M-Score : -2.37 (As of May. 01, 2024)

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What is Steinhoff International Holdings NV 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 -2.37 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Steinhoff International Holdings NV's Beneish M-Score or its related term are showing as below:

XSWX:SNH' s Beneish M-Score Range Over the Past 10 Years
Min: -5.22 Med: -2.53 Max: -2.21
Current: -2.37

During the past 13 years, the highest Beneish M-Score of Steinhoff International Holdings NV was -2.21. The lowest was -5.22. And the median was -2.53.

Steinhoff International Holdings NV Beneish M-Score Historical Data

The historical data trend for Steinhoff International Holdings NV'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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Steinhoff International Holdings NV Beneish M-Score Chart

Steinhoff International Holdings NV Annual Data

Trend

Jun12

Jun13

Jun14

Jun15

Sep17

Sep18

Sep19

Sep20

Sep21

Sep22

Beneish M-Score

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-2.28

-3.12

-4.05

-3.09

-2.37

Steinhoff International Holdings NV Semi-Annual Data
	Dec12	Jun13	Dec13	Jun14	Dec14	Jun15	Dec15	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23
Beneish M-Score	Get a 7-Day Free Trial															-	-3.09	-	-2.37	-

Competitive Comparison of Steinhoff International Holdings NV's Beneish M-Score

For the Specialty Retail subindustry, Steinhoff International Holdings NV'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.

Steinhoff International Holdings NV's Beneish M-Score Distribution in the Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Steinhoff International Holdings NV's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Steinhoff International Holdings NV's Beneish M-Score falls into.

Steinhoff International Holdings NV 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 Steinhoff International Holdings NV 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 * 1.0344

0.528 * 1.0194

0.404 * 1.0769

0.892 * 0.9977

0.115 * 1.0003

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.958

4.679 * -0.014072

0.327 * 1.0389

-2.48

This Year (Sep22) TTM:

Last Year (Sep21) TTM:

Total Receivables was CHF565 Mil.
Revenue was CHF9,958 Mil.
Gross Profit was CHF3,977 Mil.
Total Current Assets was CHF4,564 Mil.
Total Assets was CHF12,806 Mil.
Property, Plant and Equipment(Net PPE) was CHF2,754 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF666 Mil.
Selling, General, & Admin. Expense(SGA) was CHF3,283 Mil.
Total Current Liabilities was CHF13,100 Mil.
Long-Term Debt & Capital Lease Obligation was CHF2,699 Mil.
Net Income was CHF-884 Mil.
Gross Profit was CHF0 Mil.
Cash Flow from Operations was CHF-703 Mil.

Total Receivables was CHF547 Mil.
Revenue was CHF9,980 Mil.
Gross Profit was CHF4,064 Mil.
Total Current Assets was CHF6,988 Mil.
Total Assets was CHF16,327 Mil.
Property, Plant and Equipment(Net PPE) was CHF2,841 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF687 Mil.
Selling, General, & Admin. Expense(SGA) was CHF3,435 Mil.
Total Current Liabilities was CHF5,714 Mil.
Long-Term Debt & Capital Lease Obligation was CHF13,675 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)
	=	(564.707 / 9957.534)	/	(547.166 / 9980.353)
	=	0.056712	/	0.054824
	=	1.0344

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)
	=	(4063.577 / 9980.353)	/	(3977.039 / 9957.534)
	=	0.407158	/	0.3994
	=	1.0194

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 - (4563.91 + 2754.15) / 12806.122)	/	(1 - (6988.31 + 2841.138) / 16327.046)
	=	0.42855	/	0.397965
	=	1.0769

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
	=	9957.534	/	9980.353
	=	0.9977

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))
	=	(687.215 / (687.215 + 2841.138))	/	(665.891 / (665.891 + 2754.15))
	=	0.194769	/	0.194703
	=	1.0003

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)
	=	(3283.201 / 9957.534)	/	(3434.987 / 9980.353)
	=	0.32972	/	0.344175
	=	0.958

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)
	=	((2699.221 + 13100.04) / 12806.122)	/	((13674.81 + 5713.76) / 16327.046)
	=	1.233727	/	1.187512
	=	1.0389

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
	=	(-883.679 - 0	-	-703.474)	/	12806.122
	=	-0.014072

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.

Steinhoff International Holdings NV has a M-score of -2.48 suggests that the company is unlikely to be a manipulator.

Steinhoff International Holdings NV Beneish M-Score Related Terms

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Steinhoff International Holdings NV (XSWX:SNH) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Retail - Cyclical » Steinhoff International Holdings NV (XSWX:SNH) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

Cnr Adam Tas and Devon Valley Road, Building B2, Vineyard Office Park, Stellenbosch, WC, ZAF, 7600

Website

https://www.steinhoffinternational.com

Steinhoff International Holdings NV is a global holding company with investments in retail businesses in Africa, Australasia, Europe, the United Kingdom, and the United States. The company's four business segments include Pepco Group, Greenlit Brands, Pepkor Holdings, and Group services. The majority of the revenue comes from both Pepco Group and Pepkor Holdings. Pepco Group consists of the general merchandise retail business of Pepco and Poundland. Pepkor Holdings includes retail chains predominantly selling clothing, footwear, textiles, cell phones, airtime, and fast-moving consumer goods, with its revenue mainly derived from South Africa. The holding company operates globally, with the majority of sales coming from Africa and Europe.

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