Semapa (XLIS:SEM) Beneish M-Score : -2.83 (As of May. 04, 2024)

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What is Semapa 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 -2.83 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XLIS:SEM' s Beneish M-Score Range Over the Past 10 Years
Min: -3.91 Med: -2.75 Max: -1.5
Current: -2.83

During the past 13 years, the highest Beneish M-Score of Semapa was -1.50. The lowest was -3.91. And the median was -2.75.

Semapa Beneish M-Score Historical Data

The historical data trend for Semapa'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.

* Premium members only.

Semapa Beneish M-Score Chart

Semapa Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

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-2.47

-3.53

-3.19

-2.46

-2.55

Semapa Quarterly Data
	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23
Beneish M-Score	Get a 7-Day Free Trial															-2.16	-2.55	-2.61	-2.73	-2.83

Competitive Comparison of Semapa's Beneish M-Score

For the Paper & Paper Products subindustry, Semapa'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.

Semapa's Beneish M-Score Distribution in the Forest Products Industry

For the Forest Products industry and Basic Materials sector, Semapa's Beneish M-Score distribution charts can be found below:

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

Semapa 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 Semapa 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 * 0.9515

0.528 * 1.0988

0.404 * 1.2561

0.892 * 0.967

0.115 * 0.8472

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1249

4.679 * -0.0849

0.327 * 0.977

-2.83

This Year (Sep23) TTM:

Last Year (Sep22) TTM:

Total Receivables was €470 Mil.
Revenue was 677.661 + 669.058 + 675.163 + 809.736 = €2,832 Mil.
Gross Profit was 397.083 + 386.452 + 385.3 + 491.801 = €1,661 Mil.
Total Current Assets was €1,269 Mil.
Total Assets was €4,524 Mil.
Property, Plant and Equipment(Net PPE) was €1,891 Mil.
Depreciation, Depletion and Amortization(DDA) was €247 Mil.
Selling, General, & Admin. Expense(SGA) was €15 Mil.
Total Current Liabilities was €1,250 Mil.
Long-Term Debt & Capital Lease Obligation was €1,214 Mil.
Net Income was 59.576 + 50.616 + 57.016 + 75.693 = €243 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 119.334 + 93.973 + 180.187 + 233.465 = €627 Mil.

Total Receivables was €510 Mil.
Revenue was 846.556 + 823.916 + 641.811 + 616.076 = €2,928 Mil.
Gross Profit was 532.399 + 554.115 + 408.872 + 391.734 = €1,887 Mil.
Total Current Assets was €1,596 Mil.
Total Assets was €4,471 Mil.
Property, Plant and Equipment(Net PPE) was €1,802 Mil.
Depreciation, Depletion and Amortization(DDA) was €195 Mil.
Selling, General, & Admin. Expense(SGA) was €14 Mil.
Total Current Liabilities was €1,430 Mil.
Long-Term Debt & Capital Lease Obligation was €1,063 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)
	=	(469.505 / 2831.618)	/	(510.307 / 2928.359)
	=	0.165808	/	0.174264
	=	0.9515

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)
	=	(1887.12 / 2928.359)	/	(1660.636 / 2831.618)
	=	0.644429	/	0.586462
	=	1.0988

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 - (1269.146 + 1890.755) / 4523.651)	/	(1 - (1596.121 + 1801.587) / 4470.67)
	=	0.301471	/	0.24
	=	1.2561

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
	=	2831.618	/	2928.359
	=	0.967

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))
	=	(195.451 / (195.451 + 1801.587))	/	(246.952 / (246.952 + 1890.755))
	=	0.09787	/	0.115522
	=	0.8472

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)
	=	(15.253 / 2831.618)	/	(14.023 / 2928.359)
	=	0.005387	/	0.004789
	=	1.1249

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)
	=	((1213.873 + 1250.489) / 4523.651)	/	((1062.584 + 1430.178) / 4470.67)
	=	0.544773	/	0.557581
	=	0.977

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
	=	(242.901 - 0	-	626.959)	/	4523.651
	=	-0.0849

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.

Semapa has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.

Semapa Beneish M-Score Related Terms

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Semapa (XLIS:SEM) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Forest Products » Semapa SA (XLIS:SEM) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

0IE9:UK SQQ1:Germany

Address

Avenue Fontes Pereira de Melo, 14 - 10th Floor, Lisboa, PRT, 1050-121

Website

https://www.semapa.pt

Semapa SA makes and sells a variety of paper products as well as cement. The segments of the company are, paper and pulp segment is the production and sale of writing and printing thin paper (UWF) and domestic consumption paper (Tissue), and it is present in the whole value-added chain, from research and development of forestry and agricultural production to the purchase and sale of wood and the production and sale of bleached eucalyptus kraft pulp and electric and thermal energy, as well as its commercialization. The cement and derivatives segment sells cement, ready-mix concrete, and aggregates to the construction and building industries. The environment segment collects animal waste and sells animal fats, food oil, and meal. The majority of revenue comes from the Rest of Europe.