ICL Group (XTAE:ICL) Beneish M-Score : -2.66 (As of May. 04, 2024)

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What is ICL Group 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 -2.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XTAE:ICL' s Beneish M-Score Range Over the Past 10 Years
Min: -3.01 Med: -2.66 Max: -2.07
Current: -2.66

During the past 13 years, the highest Beneish M-Score of ICL Group was -2.07. The lowest was -3.01. And the median was -2.66.

ICL Group Beneish M-Score Historical Data

The historical data trend for ICL 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.

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ICL Group Beneish M-Score Chart

ICL Group Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.01

-2.66

-2.27

-2.40

-2.66

ICL 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															-2.40	-2.75	-2.87	-2.72	-2.66

Competitive Comparison of ICL Group's Beneish M-Score

For the Agricultural Inputs subindustry, ICL 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.

ICL Group's Beneish M-Score Distribution in the Agriculture Industry

For the Agriculture industry and Basic Materials sector, ICL Group's Beneish M-Score distribution charts can be found below:

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

ICL 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 ICL Group 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 * 1.2099

0.528 * 1.4358

0.404 * 1.036

0.892 * 0.7473

0.115 * 0.9863

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.23

4.679 * -0.08162

0.327 * 0.9179

-2.66

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ₪6,137 Mil.
Revenue was 6281.784 + 6921.114 + 6817.037 + 7798.333 = ₪27,818 Mil.
Gross Profit was 2081.538 + 2178.181 + 2397.486 + 3077.702 = ₪9,735 Mil.
Total Current Assets was ₪14,995 Mil.
Total Assets was ₪43,218 Mil.
Property, Plant and Equipment(Net PPE) was ₪23,525 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪1,992 Mil.
Selling, General, & Admin. Expense(SGA) was ₪5,029 Mil.
Total Current Liabilities was ₪9,806 Mil.
Long-Term Debt & Capital Lease Obligation was ₪6,798 Mil.
Net Income was 249.041 + 509.233 + 605.876 + 1040.769 = ₪2,405 Mil.
Non Operating Income was 3.717 + 0 + 0 + 0 = ₪4 Mil.
Cash Flow from Operations was 1542.568 + 1512.832 + 1453.36 + 1419.906 = ₪5,929 Mil.

Total Receivables was ₪6,787 Mil.
Revenue was 7772.314 + 9363.204 + 10705.052 + 9385.506 = ₪37,226 Mil.
Gross Profit was 3467.991 + 4887.897 + 5720.512 + 4627.705 = ₪18,704 Mil.
Total Current Assets was ₪16,905 Mil.
Total Assets was ₪43,675 Mil.
Property, Plant and Equipment(Net PPE) was ₪22,187 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪1,851 Mil.
Selling, General, & Admin. Expense(SGA) was ₪5,471 Mil.
Total Current Liabilities was ₪9,687 Mil.
Long-Term Debt & Capital Lease Obligation was ₪8,594 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)
	=	(6136.82 / 27818.268)	/	(6787.3 / 37226.076)
	=	0.220604	/	0.182326
	=	1.2099

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)
	=	(18704.105 / 37226.076)	/	(9734.907 / 27818.268)
	=	0.502446	/	0.349947
	=	1.4358

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 - (14994.507 + 23525.096) / 43217.931)	/	(1 - (16905.062 + 22186.964) / 43675.126)
	=	0.108712	/	0.104936
	=	1.036

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
	=	27818.268	/	37226.076
	=	0.7473

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))
	=	(1851.082 / (1851.082 + 22186.964))	/	(1992.33 / (1992.33 + 23525.096))
	=	0.077006	/	0.078077
	=	0.9863

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)
	=	(5029.145 / 27818.268)	/	(5471.471 / 37226.076)
	=	0.180786	/	0.14698
	=	1.23

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)
	=	((6798.452 + 9805.53) / 43217.931)	/	((8593.778 + 9686.585) / 43675.126)
	=	0.384192	/	0.418553
	=	0.9179

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
	=	(2404.919 - 3.717	-	5928.666)	/	43217.931
	=	-0.08162

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.

ICL Group has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.

ICL Group Beneish M-Score Related Terms

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ICL Group (XTAE:ICL) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Agriculture » ICL Group Ltd (XTAE:ICL) » Definitions » Beneish M-Score

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ICL:USA

Address

23 Aranha Street, P.O. Box 20245, Millennium Tower, Tel-Aviv, ISR, 61202

Website

https://www.icl-group.com

ICL Group Ltd is a manufacturer of products based on minerals. The firm is comprised of four segments: phosphate solutions, potash, industrial products, and growing solutions. These segments all contribute to the company's development of agriculture, food, and engineered material products and services. The company mines and manufactures potash and phosphates to be used as ingredients in fertilizers and serve as a component in the pharmaceutical and food additives industries. It is also engaged in industrial additives and materials, including flame retardants, phosphate salts, specialty phosphate blends, purified phosphoric acid, electronic-grade specialty phosphoric acids. Its geographical segments are Europe, Asia, North and South America, and the Rest of the world.