EXCELLENCE S.A (WAR:EXC) Beneish M-Score : -1.63 (As of Jun. 10, 2024)

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What is EXCELLENCE S.A 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.

Warning Sign:

Beneish M-Score -1.63 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for EXCELLENCE S.A's Beneish M-Score or its related term are showing as below:

WAR:EXC' s Beneish M-Score Range Over the Past 10 Years
Min: -5.98 Med: -2.64 Max: -1.63
Current: -1.63

During the past 10 years, the highest Beneish M-Score of EXCELLENCE S.A was -1.63. The lowest was -5.98. And the median was -2.64.

EXCELLENCE S.A Beneish M-Score Historical Data

The historical data trend for EXCELLENCE S.A'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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EXCELLENCE S.A Beneish M-Score Chart

EXCELLENCE S.A Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

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-2.29

-3.32

-2.20

-2.67

-5.98

EXCELLENCE S.A Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-5.98	-4.76	-1.98	-2.48	-1.63

Competitive Comparison of EXCELLENCE S.A's Beneish M-Score

For the Confectioners subindustry, EXCELLENCE S.A'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.

EXCELLENCE S.A's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, EXCELLENCE S.A's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where EXCELLENCE S.A's Beneish M-Score falls into.

EXCELLENCE S.A 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 EXCELLENCE S.A 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 * 0.9136

0.528 * 2.3274

0.404 * 1.1602

0.892 * 1.0952

0.115 * 1.5061

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.0552

4.679 * -0.094559

0.327 * 0.0894

-1.63

This Year (Mar24) TTM:

Last Year (Dec22) TTM:

Total Receivables was zł9.23 Mil.
Revenue was 15.765 + 23.206 + 22.015 + 18.85 = zł79.84 Mil.
Gross Profit was 7.144 + 9.494 + 7.655 + 6.502 = zł30.80 Mil.
Total Current Assets was zł22.00 Mil.
Total Assets was zł41.70 Mil.
Property, Plant and Equipment(Net PPE) was zł13.20 Mil.
Depreciation, Depletion and Amortization(DDA) was zł1.43 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.93 Mil.
Total Current Liabilities was zł1.78 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 Mil.
Net Income was 0.917 + 1.445 + 0.347 + 0.331 = zł3.04 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.00 Mil.
Cash Flow from Operations was 2.272 + 4.65 + 2.277 + -2.216 = zł6.98 Mil.

Total Receivables was zł9.23 Mil.
Revenue was 18.88 + 21.559 + 16.176 + 16.284 = zł72.90 Mil.
Gross Profit was 48.365 + 8.539 + 5.673 + 2.867 = zł65.44 Mil.
Total Current Assets was zł24.41 Mil.
Total Assets was zł41.02 Mil.
Property, Plant and Equipment(Net PPE) was zł11.10 Mil.
Depreciation, Depletion and Amortization(DDA) was zł1.91 Mil.
Selling, General, & Admin. Expense(SGA) was zł15.41 Mil.
Total Current Liabilities was zł18.71 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.89 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)
	=	(9.23 / 79.836)	/	(9.225 / 72.899)
	=	0.115612	/	0.126545
	=	0.9136

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)
	=	(65.444 / 72.899)	/	(30.795 / 79.836)
	=	0.897735	/	0.385728
	=	2.3274

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 - (21.999 + 13.197) / 41.699)	/	(1 - (24.406 + 11.103) / 41.023)
	=	0.155951	/	0.134412
	=	1.1602

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
	=	79.836	/	72.899
	=	1.0952

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))
	=	(1.91 / (1.91 + 11.103))	/	(1.425 / (1.425 + 13.197))
	=	0.146776	/	0.097456
	=	1.5061

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)
	=	(0.931 / 79.836)	/	(15.412 / 72.899)
	=	0.011661	/	0.211416
	=	0.0552

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 + 1.781) / 41.699)	/	((0.89 + 18.708) / 41.023)
	=	0.042711	/	0.477732
	=	0.0894

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
	=	(3.04 - 0	-	6.983)	/	41.699
	=	-0.094559

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.

EXCELLENCE S.A has a M-score of -1.63 signals that the company is likely to be a manipulator.

EXCELLENCE S.A Beneish M-Score Related Terms

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