Schlatter Industries AG (XSWX:STRN) Beneish M-Score : -2.48 (As of May. 01, 2024)

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What is Schlatter Industries 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 -2.48 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XSWX:STRN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.84 Med: -2.47 Max: -1.48
Current: -2.48

During the past 13 years, the highest Beneish M-Score of Schlatter Industries AG was -1.48. The lowest was -3.84. And the median was -2.47.

Schlatter Industries AG Beneish M-Score Historical Data

The historical data trend for Schlatter Industries 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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Schlatter Industries AG Beneish M-Score Chart

Schlatter Industries AG Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.28

-3.04

-3.19

-1.48

-2.48

Schlatter Industries 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															-3.19	-	-1.48	-	-2.48

Competitive Comparison of Schlatter Industries AG's Beneish M-Score

For the Specialty Industrial Machinery subindustry, Schlatter Industries 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.

Schlatter Industries AG's Beneish M-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, Schlatter Industries AG's Beneish M-Score distribution charts can be found below:

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

Schlatter Industries 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 Schlatter Industries 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 * 1.0591

0.528 * 1.0253

0.404 * 0.879

0.892 * 1.1641

0.115 * 0.8609

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0792

4.679 * -0.032801

0.327 * 0.9412

-2.48

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was CHF28.0 Mil.
Revenue was CHF128.6 Mil.
Gross Profit was CHF57.1 Mil.
Total Current Assets was CHF65.8 Mil.
Total Assets was CHF84.1 Mil.
Property, Plant and Equipment(Net PPE) was CHF16.6 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF1.7 Mil.
Selling, General, & Admin. Expense(SGA) was CHF2.9 Mil.
Total Current Liabilities was CHF38.7 Mil.
Long-Term Debt & Capital Lease Obligation was CHF4.9 Mil.
Net Income was CHF5.9 Mil.
Gross Profit was CHF0.0 Mil.
Cash Flow from Operations was CHF8.6 Mil.

Total Receivables was CHF22.7 Mil.
Revenue was CHF110.5 Mil.
Gross Profit was CHF50.3 Mil.
Total Current Assets was CHF61.7 Mil.
Total Assets was CHF80.8 Mil.
Property, Plant and Equipment(Net PPE) was CHF17.2 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF1.5 Mil.
Selling, General, & Admin. Expense(SGA) was CHF2.3 Mil.
Total Current Liabilities was CHF38.6 Mil.
Long-Term Debt & Capital Lease Obligation was CHF5.9 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)
	=	(28.045 / 128.574)	/	(22.748 / 110.454)
	=	0.218123	/	0.20595
	=	1.0591

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)
	=	(50.315 / 110.454)	/	(57.123 / 128.574)
	=	0.455529	/	0.444281
	=	1.0253

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 - (65.763 + 16.558) / 84.113)	/	(1 - (61.696 + 17.171) / 80.826)
	=	0.021305	/	0.024237
	=	0.879

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
	=	128.574	/	110.454
	=	1.1641

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))
	=	(1.453 / (1.453 + 17.171))	/	(1.65 / (1.65 + 16.558))
	=	0.078018	/	0.09062
	=	0.8609

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)
	=	(2.853 / 128.574)	/	(2.271 / 110.454)
	=	0.02219	/	0.020561
	=	1.0792

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)
	=	((4.88 + 38.691) / 84.113)	/	((5.851 + 38.631) / 80.826)
	=	0.518006	/	0.550343
	=	0.9412

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
	=	(5.889 - 0	-	8.648)	/	84.113
	=	-0.032801

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.

Schlatter Industries AG has a M-score of -2.48 suggests that the company is unlikely to be a manipulator.

Schlatter Industries AG Beneish M-Score Related Terms

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Schlatter Industries AG (XSWX:STRN) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Products » Schlatter Industries AG (XSWX:STRN) » Definitions » Beneish M-Score

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STRNz:UK

Address

Brandstrasse 24, Schlieren, CHE, 8952

Website

http://www.schlattergroup.com

Schlatter Industries AG with its subsidiaries is engaged in plant manufacturing for resistance welding machines and weaving machines for special applications. The firm specializes in plant engineering for resistance welding systems for reinforcement mesh, industrial mesh, and butt welding systems for rails as well as weaving and finishing equipment to produce paper machine clothing, wire fabrics, and wire mesh. In the welding segment, the company develops and builds resistance welding systems for the production of industrial and reinforcing mesh as well as rail welding. The firm offers warping, weaving, heat-setting and finishing machines for the paper machine under the brand name Jager. The group is based in Switzerland.

Schlatter Industries AG (XSWX:STRN) Headlines

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