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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 -2.85 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Koppers Holdings's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Koppers Holdings was -1.98. The lowest was -3.22. And the median was -2.55.
The historical data trend for Koppers Holdings'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.
Koppers Holdings Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.71 | -2.43 | -2.59 | -2.37 | -2.76 |
Koppers Holdings Quarterly Data | ||||||||||||||||||||
Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.38 | -2.54 | -2.76 | -2.82 | -2.85 |
For the Specialty Chemicals subindustry, Koppers Holdings'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.
For the Chemicals industry and Basic Materials sector, Koppers Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Koppers Holdings's Beneish M-Score falls into.
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 Koppers Holdings 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 * 0.8614 | + | 0.528 * 0.9206 | + | 0.404 * 1.027 | + | 0.892 * 1.0072 | + | 0.115 * 1.0119 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.126 | + | 4.679 * -0.043378 | - | 0.327 * 0.9898 | |||||||
= | -2.85 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was $224 Mil. Revenue was 563.2 + 497.6 + 513.2 + 550.4 = $2,124 Mil. Gross Profit was 121.6 + 96.2 + 96.5 + 111.4 = $426 Mil. Total Current Assets was $721 Mil. Total Assets was $1,948 Mil. Property, Plant and Equipment(Net PPE) was $760 Mil. Depreciation, Depletion and Amortization(DDA) was $63 Mil. Selling, General, & Admin. Expense(SGA) was $180 Mil. Total Current Liabilities was $285 Mil. Long-Term Debt & Capital Lease Obligation was $1,052 Mil. Net Income was 26.8 + 13 + 12.9 + 26.3 = $79 Mil. Non Operating Income was 0.1 + -0.1 + 0.2 + 0.2 = $0 Mil. Cash Flow from Operations was 27.2 + -12.3 + 66.6 + 81.6 = $163 Mil. |
Total Receivables was $258 Mil. Revenue was 577.2 + 513.4 + 482.6 + 536.1 = $2,109 Mil. Gross Profit was 112.5 + 104.1 + 76.1 + 96.4 = $389 Mil. Total Current Assets was $714 Mil. Total Assets was $1,816 Mil. Property, Plant and Equipment(Net PPE) was $679 Mil. Depreciation, Depletion and Amortization(DDA) was $57 Mil. Selling, General, & Admin. Expense(SGA) was $159 Mil. Total Current Liabilities was $294 Mil. Long-Term Debt & Capital Lease Obligation was $965 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) |
= | (224.1 / 2124.4) | / | (258.3 / 2109.3) | |
= | 0.105489 | / | 0.122458 | |
= | 0.8614 |
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) | |
= | (389.1 / 2109.3) | / | (425.7 / 2124.4) | |
= | 0.184469 | / | 0.200386 | |
= | 0.9206 |
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 - (721.4 + 760.3) / 1948) | / | (1 - (713.5 + 679) / 1815.7) | |
= | 0.239374 | / | 0.233078 | |
= | 1.027 |
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 | |
= | 2124.4 | / | 2109.3 | |
= | 1.0072 |
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)) |
= | (56.9 / (56.9 + 679)) | / | (62.9 / (62.9 + 760.3)) | |
= | 0.07732 | / | 0.076409 | |
= | 1.0119 |
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) |
= | (180.2 / 2124.4) | / | (158.9 / 2109.3) | |
= | 0.084824 | / | 0.075333 | |
= | 1.126 |
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) |
= | ((1051.9 + 284.9) / 1948) | / | ((964.7 + 294.1) / 1815.7) | |
= | 0.686242 | / | 0.693286 | |
= | 0.9898 |
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 | |
= | (79 - 0.4 | - | 163.1) | / | 1948 | |
= | -0.043378 |
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.
Koppers Holdings has a M-score of -2.85 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Koppers Holdings's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
M Leroy Ball | officer: VP and Chief Financial Officer | 436 SEVENTH AVENUE, PITTSBURGH PA 15219 |
Joseph P Dowd | officer: VP North American CM&C | 436 SEVENTH AVENUE, SUITE 1550, PITTSBURGH PA 15219 |
Leslie S Hyde | officer: VP Sfty Env.Aff.Koppers Inc. | C/O KOPPERS INC, 436 SEVENTH AVENUE, SUITE 1550, PITTSBURG PA 15219 |
Kevin Washington | officer: VP, External Affairs | 436 SEVENTH AVENUE, PITTSBURGH PA 15219 |
James A. Sullivan | officer: SVP Global CM&C | 400 CALGON CARBON DRIVE, PITTSBURGH PA 15205 |
Bradley A Pearce | officer: Chief Accounting Officer | 436 SEVENTH AVENUE, PITTSBURGH PA 15219 |
Daniel J Skrovanek | officer: VP, Growth & Innovation | 436 SEVENTH AVENUE, PITTSBURGH PA 15219 |
Traci L Jensen | director | 1200 WILLOW LAKE BOULEVARD, P.O. BOX 64683, ST. PAUL MN 55164-0683 |
Andrew D Sandifer | director | FMC CORPORATION, 2929 WALNUT STREET, PHILADELPHIA PA 19104 |
Xudong Feng | director | 436 SEVENTH AVENUE, SUITE 1550, PITTSBURGH PA 15219 |
Albert J Neupaver | director | |
Stephen R Tritch | director | 4171 ESSEN LANE, BATON ROUGE LA 70809 |
David L Motley | director | 517 AVONWORTH HEIGHTS DRIVE, PITTSBURGH PA 151237 |
Sonja Michelle Wilkerson | director | |
Louis L Testoni | director | 436 SEVENTH AVENUE, SUITE 1550, PITTSBURGH PA 15219 |
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