Figaro Coffee Group Beneish M-Score Historical Data
The historical data trend for Figaro Coffee Group'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.
Figaro Coffee Group Beneish M-Score Chart
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Figaro Coffee Group Annual Data
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Trend |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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- |
- |
- |
- |
-2.34 |
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Figaro Coffee Group Quarterly Data
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Jun19 |
Jun20 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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- |
-1.26 |
-2.34 |
0.02 |
0.04 |
Competitive Comparison of Figaro Coffee Group's Beneish M-Score
For the Restaurants subindustry, Figaro Coffee Group'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.
Figaro Coffee Group's Beneish M-Score Distribution in the Restaurants Industry
For the Restaurants industry and Consumer Cyclical sector, Figaro Coffee Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Figaro Coffee Group's Beneish M-Score falls into.
Figaro Coffee Group 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 Figaro Coffee Group 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 * 0.8228 | + | 0.528 * 1.1636 | + | 0.404 * 5.0047 | + | 0.892 * 1.5508 | + | 0.115 * 1.404 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.054 | + | 4.679 * 0.116034 | - | 0.327 * 1.2976 |
| = | 0.04 |
* 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 ₱243 Mil.
Revenue was 1450.316 + 1317.332 + 1213.352 + 1030.445 = ₱5,011 Mil.
Gross Profit was 708.187 + 586.451 + 583.647 + 487.876 = ₱2,366 Mil.
Total Current Assets was ₱1,009 Mil.
Total Assets was ₱3,766 Mil.
Property, Plant and Equipment(Net PPE) was ₱2,207 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱575 Mil.
Selling, General, & Admin. Expense(SGA) was ₱571 Mil.
Total Current Liabilities was ₱890 Mil.
Long-Term Debt & Capital Lease Obligation was ₱13 Mil.
Net Income was 194.747 + 88.189 + 91.899 + 99.366 = ₱474 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 31.294 + -37.7 + 115.903 + -72.311 = ₱37 Mil.
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Total Receivables was ₱191 Mil.
Revenue was 1021.596 + 1018.687 + 663.267 + 528.041 = ₱3,232 Mil.
Gross Profit was 520.126 + 494.441 + 482.94 + 277.95 = ₱1,775 Mil.
Total Current Assets was ₱1,154 Mil.
Total Assets was ₱2,042 Mil.
Property, Plant and Equipment(Net PPE) was ₱829 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱339 Mil.
Selling, General, & Admin. Expense(SGA) was ₱349 Mil.
Total Current Liabilities was ₱374 Mil.
Long-Term Debt & Capital Lease Obligation was ₱3 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) |
| = | (243.173 / 5011.445) | / | (190.586 / 3231.591) |
| = | 0.048524 | / | 0.058976 |
| | = | 0.8228 |
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) |
| = | (1775.457 / 3231.591) | / | (2366.161 / 5011.445) |
| = | 0.549406 | / | 0.472151 |
| | = | 1.1636 |
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 - (1008.825 + 2207.153) / 3766.259) | / | (1 - (1153.688 + 828.776) / 2042.08) |
| = | 0.146108 | / | 0.029194 |
| | = | 5.0047 |
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 |
| = | 5011.445 | / | 3231.591 |
| | = | 1.5508 |
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)) |
| = | (338.625 / (338.625 + 828.776)) | / | (574.742 / (574.742 + 2207.153)) |
| = | 0.290067 | / | 0.206601 |
| | = | 1.404 |
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) |
| = | (570.924 / 5011.445) | / | (349.294 / 3231.591) |
| = | 0.113924 | / | 0.108087 |
| | = | 1.054 |
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) |
| = | ((12.66 + 889.608) / 3766.259) | / | ((3.198 + 373.824) / 2042.08) |
| = | 0.239566 | / | 0.184626 |
| | = | 1.2976 |
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 |
| = | (474.201 - 0 | - | 37.186) | / | 3766.259 |
| | = | 0.116034 |
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.
Figaro Coffee Group has a M-score of 0.04 signals that the company is likely to be a manipulator.
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