Stevanato Group SPA (Stevanato Group SPA) Beneish M-Score : -2.01 (As of May. 11, 2024)

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What is Stevanato Group SPA 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 -2.01 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

STVN' s Beneish M-Score Range Over the Past 10 Years
Min: -2.22 Med: -2.16 Max: -2.01
Current: -2.01

During the past 6 years, the highest Beneish M-Score of Stevanato Group SPA was -2.01. The lowest was -2.22. And the median was -2.16.

Stevanato Group SPA Beneish M-Score Historical Data

The historical data trend for Stevanato Group SPA'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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Stevanato Group SPA Beneish M-Score Chart

Stevanato Group SPA Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.22

-2.16

-2.01

Stevanato Group SPA Quarterly Data
	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												-2.16	-2.22	-2.08	-2.28	-2.01

Competitive Comparison of Stevanato Group SPA's Beneish M-Score

For the Medical Instruments & Supplies subindustry, Stevanato Group SPA'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.

Stevanato Group SPA's Beneish M-Score Distribution in the Medical Devices & Instruments Industry

For the Medical Devices & Instruments industry and Healthcare sector, Stevanato Group SPA's Beneish M-Score distribution charts can be found below:

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

Stevanato Group SPA 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 Stevanato Group SPA 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 * 1.285

0.528 * 1.0384

0.404 * 0.852

0.892 * 1.1329

0.115 * 1.2854

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9223

4.679 * 0.023074

0.327 * 1.0879

-2.01

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $570 Mil.
Revenue was 349.661 + 289.667 + 276.603 + 254.809 = $1,171 Mil.
Gross Profit was 111.052 + 88.469 + 85.486 + 81.648 = $367 Mil.
Total Current Assets was $940 Mil.
Total Assets was $2,259 Mil.
Property, Plant and Equipment(Net PPE) was $1,141 Mil.
Depreciation, Depletion and Amortization(DDA) was $85 Mil.
Selling, General, & Admin. Expense(SGA) was $123 Mil.
Total Current Liabilities was $626 Mil.
Long-Term Debt & Capital Lease Obligation was $278 Mil.
Net Income was 49.325 + 40.442 + 37.098 + 30.262 = $157 Mil.
Non Operating Income was -4.243 + 0.371 + -0.112 + -4.058 = $-8 Mil.
Cash Flow from Operations was 11.113 + 35.763 + 26.407 + 39.759 = $113 Mil.

Total Receivables was $391 Mil.
Revenue was 309.426 + 242.833 + 247.618 + 233.562 = $1,033 Mil.
Gross Profit was 106.188 + 76.771 + 78.829 + 74.283 = $336 Mil.
Total Current Assets was $896 Mil.
Total Assets was $1,758 Mil.
Property, Plant and Equipment(Net PPE) was $700 Mil.
Depreciation, Depletion and Amortization(DDA) was $68 Mil.
Selling, General, & Admin. Expense(SGA) was $118 Mil.
Total Current Liabilities was $490 Mil.
Long-Term Debt & Capital Lease Obligation was $157 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)
	=	(569.771 / 1170.74)	/	(391.394 / 1033.439)
	=	0.486676	/	0.37873
	=	1.285

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)
	=	(336.071 / 1033.439)	/	(366.655 / 1170.74)
	=	0.325197	/	0.313182
	=	1.0384

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 - (939.904 + 1141.481) / 2259.081)	/	(1 - (895.948 + 699.885) / 1758.155)
	=	0.078659	/	0.092325
	=	0.852

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
	=	1170.74	/	1033.439
	=	1.1329

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))
	=	(68.12 / (68.12 + 699.885))	/	(84.603 / (84.603 + 1141.481))
	=	0.088697	/	0.069003
	=	1.2854

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)
	=	(122.874 / 1170.74)	/	(117.598 / 1033.439)
	=	0.104954	/	0.113793
	=	0.9223

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)
	=	((278.245 + 626.377) / 2259.081)	/	((157.211 + 489.939) / 1758.155)
	=	0.400438	/	0.368085
	=	1.0879

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
	=	(157.127 - -8.042	-	113.042)	/	2259.081
	=	0.023074

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.

Stevanato Group SPA has a M-score of -2.01 suggests that the company is unlikely to be a manipulator.

Stevanato Group SPA Beneish M-Score Related Terms

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Stevanato Group SPA (Stevanato Group SPA) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Medical Devices & Instruments » Stevanato Group SPA (NYSE:STVN) » Definitions » Beneish M-Score

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Traded in Other Exchanges

87N:Germany

Address

Via Molinella 17, Piombino Dese, Padua, ITA, 35017

Website

https://www.stevanatogroup.com

Stevanato Group SPA is a provider of drug containment, drug delivery and diagnostic solutions to the pharmaceutical, biotechnology and life sciences industries. It delivers an integrated, end-to-end portfolio of products, processes, and services that address customer needs across the entire drug life cycle including development, clinical, and commercial stages. Stevanato's revenue is geographically diversified, with 60% of sales from Europe, the Middle East and Africa (EMEA), 27% in North America, 10% in Asia-Pacific (APAC), and 3% from South America. It has two segments Biopharmaceutical and Diagnostic Solutions and Engineering.