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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 56.86 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Sadot Group's Beneish M-Score or its related term are showing as below:
During the past 8 years, the highest Beneish M-Score of Sadot Group was 56.86. The lowest was -6.59. And the median was -1.67.
The historical data trend for Sadot 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.
Sadot Group Annual Data | |||||||||||||||||
Trend | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||
Beneish M-Score | Get a 7-Day Free Trial | -5.01 | -5.02 | 1.67 | 10.19 | 56.86 |
Sadot Group Quarterly Data | ||||||||||||||||||||
Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | |
Beneish M-Score | Get a 7-Day Free Trial | 10.19 | 25.03 | 37.84 | 54.14 | 56.86 |
For the Farm Products subindustry, Sadot 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.
For the Consumer Packaged Goods industry and Consumer Defensive sector, Sadot Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sadot Group's Beneish M-Score falls into.
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 Sadot 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 * 61.453 | + | 0.528 * 1.9876 | + | 0.404 * 0.6373 | + | 0.892 * 4.4941 | + | 0.115 * 2.8069 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.3546 | + | 4.679 * 0.031602 | - | 0.327 * 1.7292 | |||||||
= | 56.86 |
* 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 $100.3 Mil. Revenue was 171.229 + 182.173 + 160.317 + 212.967 = $726.7 Mil. Gross Profit was -0.723 + 2.905 + 3.076 + 4.673 = $9.9 Mil. Total Current Assets was $112.9 Mil. Total Assets was $178.1 Mil. Property, Plant and Equipment(Net PPE) was $14.2 Mil. Depreciation, Depletion and Amortization(DDA) was $1.8 Mil. Selling, General, & Admin. Expense(SGA) was $15.7 Mil. Total Current Liabilities was $104.6 Mil. Long-Term Debt & Capital Lease Obligation was $1.6 Mil. Net Income was -1.765 + -5.183 + 0.19 + -1.066 = $-7.8 Mil. Non Operating Income was 2.034 + -3.042 + 0.556 + 0.411 = $-0.0 Mil. Cash Flow from Operations was -4.732 + -4.465 + -0.932 + -3.282 = $-13.4 Mil. |
Total Receivables was $0.4 Mil. Revenue was 153.025 + 2.824 + 2.93 + 2.92 = $161.7 Mil. Gross Profit was 4.552 + 0.114 + -0.105 + -0.169 = $4.4 Mil. Total Current Assets was $10.6 Mil. Total Assets was $27.2 Mil. Property, Plant and Equipment(Net PPE) was $4.3 Mil. Depreciation, Depletion and Amortization(DDA) was $2.0 Mil. Selling, General, & Admin. Expense(SGA) was $9.8 Mil. Total Current Liabilities was $6.6 Mil. Long-Term Debt & Capital Lease Obligation was $2.8 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) |
= | (100.255 / 726.686) | / | (0.363 / 161.699) | |
= | 0.137962 | / | 0.002245 | |
= | 61.453 |
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) | |
= | (4.392 / 161.699) | / | (9.931 / 726.686) | |
= | 0.027162 | / | 0.013666 | |
= | 1.9876 |
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 - (112.851 + 14.167) / 178.091) | / | (1 - (10.648 + 4.328) / 27.23) | |
= | 0.28678 | / | 0.450018 | |
= | 0.6373 |
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 | |
= | 726.686 | / | 161.699 | |
= | 4.4941 |
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)) |
= | (2.015 / (2.015 + 4.328)) | / | (1.808 / (1.808 + 14.167)) | |
= | 0.317673 | / | 0.113177 | |
= | 2.8069 |
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) |
= | (15.669 / 726.686) | / | (9.832 / 161.699) | |
= | 0.021562 | / | 0.060804 | |
= | 0.3546 |
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) |
= | ((1.649 + 104.582) / 178.091) | / | ((2.778 + 6.615) / 27.23) | |
= | 0.596498 | / | 0.34495 | |
= | 1.7292 |
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 | |
= | (-7.824 - -0.041 | - | -13.411) | / | 178.091 | |
= | 0.031602 |
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.
Sadot Group has a M-score of 56.86 signals that the company is likely to be a manipulator.
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David Errington | director | 120 AL MALGA VILLAGE COMPOUND, RIYADH T0 13714 |
Jennifer Kay Black | officer: Chief Financial Officer | 6409 CR 1126, GODLEY TX 76044 |
Ahmed Khan | director | 112 OLTON BOULEVARD EAST, BIRMINGHAM X0 B27 7ND |
Aimee Infante | officer: Chief Marketing Officer | 1 ASCOT DR., CINNAMINSON NJ 08077 |
Kenneth Eugene Miller | officer: Chief Operating Officer | 16301 LEDGEMONT LANE, #118, ADDISON TX 75001 |
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Michael John Roper | officer: Chief Executive Officer | 2205 MOCKINGBIRD LANE, FLOWER MOUND TX 75022 |
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