Ceres Global Ag Beneish M-Score Historical Data
The historical data trend for Ceres Global 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.
Ceres Global Ag Beneish M-Score Chart
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Ceres Global Ag Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-2.58 |
-1.77 |
-1.32 |
-3.04 |
-2.50 |
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Ceres Global Ag Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-3.14 |
-2.50 |
-2.37 |
-2.30 |
-1.42 |
Competitive Comparison of Ceres Global Ag's Beneish M-Score
For the Food Distribution subindustry, Ceres Global 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.
Ceres Global Ag's Beneish M-Score Distribution in the Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, Ceres Global Ag's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ceres Global Ag's Beneish M-Score falls into.
Ceres Global 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 Ceres Global Ag 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 * 2.4077 | + | 0.528 * 0.5125 | + | 0.404 * 1.0174 | + | 0.892 * 0.8312 | + | 0.115 * 0.9481 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1195 | + | 4.679 * 0.040341 | - | 0.327 * 0.9778 |
| = | -1.42 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was C$47 Mil.
Revenue was 287.395 + 378.6 + 292.27 + 273.229 = C$1,231 Mil.
Gross Profit was 10.517 + 10.544 + 19.186 + 6.563 = C$47 Mil.
Total Current Assets was C$197 Mil.
Total Assets was C$381 Mil.
Property, Plant and Equipment(Net PPE) was C$135 Mil.
Depreciation, Depletion and Amortization(DDA) was C$9 Mil.
Selling, General, & Admin. Expense(SGA) was C$28 Mil.
Total Current Liabilities was C$120 Mil.
Long-Term Debt & Capital Lease Obligation was C$55 Mil.
Net Income was 1.333 + 3.582 + 8.397 + -3.327 = C$10 Mil.
Non Operating Income was -0.277 + -0.549 + -0.07 + 0.027 = C$-1 Mil.
Cash Flow from Operations was 24.229 + 59.461 + -94.749 + 6.523 = C$-5 Mil.
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Total Receivables was C$24 Mil.
Revenue was 393.95 + 384.491 + 346.965 + 356.143 = C$1,482 Mil.
Gross Profit was 7.543 + 9.166 + 7.423 + 4.729 = C$29 Mil.
Total Current Assets was C$183 Mil.
Total Assets was C$375 Mil.
Property, Plant and Equipment(Net PPE) was C$144 Mil.
Depreciation, Depletion and Amortization(DDA) was C$9 Mil.
Selling, General, & Admin. Expense(SGA) was C$30 Mil.
Total Current Liabilities was C$117 Mil.
Long-Term Debt & Capital Lease Obligation was C$58 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) |
| = | (47.089 / 1231.494) | / | (23.528 / 1481.549) |
| = | 0.038237 | / | 0.015881 |
| | = | 2.4077 |
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) |
| = | (28.861 / 1481.549) | / | (46.81 / 1231.494) |
| = | 0.01948 | / | 0.038011 |
| | = | 0.5125 |
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 - (196.785 + 134.656) / 381.499) | / | (1 - (182.574 + 143.639) / 374.516) |
| = | 0.131214 | / | 0.128974 |
| | = | 1.0174 |
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 |
| = | 1231.494 | / | 1481.549 |
| | = | 0.8312 |
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)) |
| = | (8.952 / (8.952 + 143.639)) | / | (8.882 / (8.882 + 134.656)) |
| = | 0.058667 | / | 0.061879 |
| | = | 0.9481 |
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) |
| = | (28.289 / 1231.494) | / | (30.4 / 1481.549) |
| = | 0.022971 | / | 0.020519 |
| | = | 1.1195 |
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) |
| = | ((54.584 + 119.692) / 381.499) | / | ((58.175 + 116.795) / 374.516) |
| = | 0.456819 | / | 0.46719 |
| | = | 0.9778 |
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 |
| = | (9.985 - -0.869 | - | -4.536) | / | 381.499 |
| | = | 0.040341 |
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.
Ceres Global Ag has a M-score of -1.42 signals that the company is likely to be a manipulator.
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