STVN (Stevanato Group SpA) Beneish M-Score : -2.34 (As of Oct. 08, 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 -2.34 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: -2.34 Med: -2.24 Max: -2.01
Current: -2.34

During the past 6 years, the highest Beneish M-Score of Stevanato Group SpA was -2.01. The lowest was -2.34. And the median was -2.24.

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	Mar24	Jun24
Beneish M-Score	Get a 7-Day Free Trial														-2.08	-2.28	-2.01	-2.30	-2.34

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 * 1.0271

0.528 * 1.1173

0.404 * 0.8773

0.892 * 1.0845

0.115 * 1.0903

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9315

4.679 * -0.006563

0.327 * 0.9011

-2.34

This Year (Jun24) TTM:

Last Year (Jun23) TTM:

Total Receivables was $524 Mil.
Revenue was 279.418 + 256.515 + 349.661 + 289.667 = $1,175 Mil.
Gross Profit was 72.684 + 67.605 + 111.052 + 88.469 = $340 Mil.
Total Current Assets was $936 Mil.
Total Assets was $2,365 Mil.
Property, Plant and Equipment(Net PPE) was $1,245 Mil.
Depreciation, Depletion and Amortization(DDA) was $90 Mil.
Selling, General, & Admin. Expense(SGA) was $124 Mil.
Total Current Liabilities was $538 Mil.
Long-Term Debt & Capital Lease Obligation was $272 Mil.
Net Income was 22.201 + 20.45 + 49.325 + 40.442 = $132 Mil.
Non Operating Income was 1.236 + 1.929 + -4.243 + 0.371 = $-1 Mil.
Cash Flow from Operations was 23.954 + 77.817 + 11.113 + 35.763 = $149 Mil.

Total Receivables was $470 Mil.
Revenue was 276.603 + 254.809 + 309.426 + 242.833 = $1,084 Mil.
Gross Profit was 85.486 + 81.648 + 106.188 + 76.771 = $350 Mil.
Total Current Assets was $834 Mil.
Total Assets was $1,960 Mil.
Property, Plant and Equipment(Net PPE) was $952 Mil.
Depreciation, Depletion and Amortization(DDA) was $75 Mil.
Selling, General, & Admin. Expense(SGA) was $123 Mil.
Total Current Liabilities was $613 Mil.
Long-Term Debt & Capital Lease Obligation was $131 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)
	=	(523.621 / 1175.261)	/	(470.091 / 1083.671)
	=	0.445536	/	0.433795
	=	1.0271

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)
	=	(350.093 / 1083.671)	/	(339.81 / 1175.261)
	=	0.323062	/	0.289136
	=	1.1173

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 - (936.156 + 1244.712) / 2364.966)	/	(1 - (833.709 + 951.99) / 1959.574)
	=	0.077844	/	0.088731
	=	0.8773

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
	=	1175.261	/	1083.671
	=	1.0845

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))
	=	(75.358 / (75.358 + 951.99))	/	(89.784 / (89.784 + 1244.712))
	=	0.073352	/	0.067279
	=	1.0903

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)
	=	(124.498 / 1175.261)	/	(123.233 / 1083.671)
	=	0.105932	/	0.113718
	=	0.9315

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)
	=	((271.661 + 537.742) / 2364.966)	/	((130.959 + 613.273) / 1959.574)
	=	0.342247	/	0.379793
	=	0.9011

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
	=	(132.418 - -0.707	-	148.647)	/	2364.966
	=	-0.006563

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 -2.34 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 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. It has two segments; Biopharmaceutical and Diagnostic Solutions which generates key revenue, includes all the products, processes and services developed and provided for the containment and delivery of pharmaceutical and biotechnology drugs and reagents, as well as the production of diagnostic consumables. and its other segment is Engineering. Geographically, the company derives majority revenue from Europe, Middle East and Africa.