Seprod Beneish M-Score Historical Data
The historical data trend for Seprod'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.
Seprod Beneish M-Score Chart
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Seprod Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-1.32 |
-2.36 |
-2.43 |
-2.39 |
-0.67 |
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Seprod Quarterly Data
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Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Dec22 |
Jun23 |
| Beneish M-Score |
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-2.39 |
-2.27 |
-1.36 |
-0.67 |
-0.50 |
Competitive Comparison of Seprod's Beneish M-Score
For the Packaged Foods subindustry, Seprod'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.
Seprod's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Seprod's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Seprod's Beneish M-Score falls into.
Seprod 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 Seprod 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 * 2.6434 | + | 0.528 * 0.9851 | + | 0.404 * 0.6984 | + | 0.892 * 1.2578 | + | 0.115 * 3.615 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * 0.033563 | - | 0.327 * 1.2872 |
| = | -0.50 |
* 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 (Jun23) TTM: | Last Year (Dec21) TTM: |
Total Receivables was JMD19,402 Mil.
Revenue was 27392.488 + 0 + 15997.124 + 11808.382 = JMD55,198 Mil.
Gross Profit was 6905.872 + 0 + 4090.754 + 2936.073 = JMD13,933 Mil.
Total Current Assets was JMD50,116 Mil.
Total Assets was JMD91,271 Mil.
Property, Plant and Equipment(Net PPE) was JMD22,588 Mil.
Depreciation, Depletion and Amortization(DDA) was JMD543 Mil.
Selling, General, & Admin. Expense(SGA) was JMD0 Mil.
Total Current Liabilities was JMD27,546 Mil.
Long-Term Debt & Capital Lease Obligation was JMD25,679 Mil.
Net Income was 904.79 + 0 + 883.625 + 595.208 = JMD2,384 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = JMD0 Mil.
Cash Flow from Operations was 0 + 0 + -60.301 + -619.377 = JMD-680 Mil.
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Total Receivables was JMD5,835 Mil.
Revenue was 12731.52 + 11322.276 + 10250.634 + 9578.975 = JMD43,883 Mil.
Gross Profit was 2792.528 + 2675.183 + 2761.483 + 2682.113 = JMD10,911 Mil.
Total Current Assets was JMD19,176 Mil.
Total Assets was JMD46,912 Mil.
Property, Plant and Equipment(Net PPE) was JMD14,072 Mil.
Depreciation, Depletion and Amortization(DDA) was JMD1,306 Mil.
Selling, General, & Admin. Expense(SGA) was JMD0 Mil.
Total Current Liabilities was JMD11,877 Mil.
Long-Term Debt & Capital Lease Obligation was JMD9,375 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) |
| = | (19401.938 / 55197.994) | / | (5835.34 / 43883.405) |
| = | 0.351497 | / | 0.132974 |
| | = | 2.6434 |
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) |
| = | (10911.307 / 43883.405) | / | (13932.699 / 55197.994) |
| = | 0.248643 | / | 0.252413 |
| | = | 0.9851 |
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 - (50115.654 + 22587.805) / 91271.121) | / | (1 - (19176.365 + 14071.555) / 46911.644) |
| = | 0.203434 | / | 0.291265 |
| | = | 0.6984 |
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 |
| = | 55197.994 | / | 43883.405 |
| | = | 1.2578 |
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)) |
| = | (1305.713 / (1305.713 + 14071.555)) | / | (543.318 / (543.318 + 22587.805)) |
| = | 0.084912 | / | 0.023489 |
| | = | 3.615 |
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) |
| = | (0 / 55197.994) | / | (0 / 43883.405) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((25679.021 + 27545.794) / 91271.121) | / | ((9375.372 + 11877.185) / 46911.644) |
| = | 0.583151 | / | 0.453034 |
| | = | 1.2872 |
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 |
| = | (2383.623 - 0 | - | -679.678) | / | 91271.121 |
| | = | 0.033563 |
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.
Seprod has a M-score of -0.50 signals that the company is likely to be a manipulator.
Seprod (XJAM:SEP) Business Description
Traded in Other Exchanges
N/A
Address
3 Felix Fox Boulevard, Kingston, JAM
Seprod Ltd manufactures and sells edible oils and fats, corn products, cereals, milk products, juices, sugar, and biscuits. The company's product portfolio includes oils and fats, cookies and crackers, milk products, milk beverages, juice beverages, canned meats and fish, sauces and seasonings, canned vegetables, jams and jellies, pasta, hot beverages, corn and cornmeal and sugar. Its products City under various brands including Betty, Chiffon, Gold Seal, Gourmet, Serge, Butterkist, Cool Fruit, Primrose, Dairy Maid, Swizzle, Chef, and Pronto, among others. The company is a merchandiser of consumer goods. Its operating segments are Manufacturing and Distribution, of which a majority of the revenue is derived from the Distribution segment.
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