Brickworks Beneish M-Score Historical Data
The historical data trend for Brickworks'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.
Brickworks Beneish M-Score Chart
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Brickworks Annual Data
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| Beneish M-Score |
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-2.79 |
-2.79 |
-2.73 |
-2.80 |
-2.67 |
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Brickworks Semi-Annual Data
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| Beneish M-Score |
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-2.80 |
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-2.67 |
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Competitive Comparison of Brickworks's Beneish M-Score
For the Building Materials subindustry, Brickworks'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.
Brickworks's Beneish M-Score Distribution in the Building Materials Industry
For the Building Materials industry and Basic Materials sector, Brickworks's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Brickworks's Beneish M-Score falls into.
Brickworks 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 Brickworks 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 * 0.8872 | + | 0.528 * 1.0427 | + | 0.404 * 1.0419 | + | 0.892 * 1.0704 | + | 0.115 * 1.0475 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9932 | + | 4.679 * -0.043793 | - | 0.327 * 1.0169 |
| = | -2.69 |
* 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 (Jul23) TTM: | Last Year (Jul22) TTM: |
Total Receivables was $99.4 Mil.
Revenue was $794.7 Mil.
Gross Profit was $232.8 Mil.
Total Current Assets was $381.1 Mil.
Total Assets was $4,138.7 Mil.
Property, Plant and Equipment(Net PPE) was $679.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $50.4 Mil.
Selling, General, & Admin. Expense(SGA) was $205.5 Mil.
Total Current Liabilities was $205.8 Mil.
Long-Term Debt & Capital Lease Obligation was $858.5 Mil.
Net Income was $266.1 Mil.
Gross Profit was $381.9 Mil.
Cash Flow from Operations was $65.5 Mil.
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Total Receivables was $104.7 Mil.
Revenue was $742.4 Mil.
Gross Profit was $226.8 Mil.
Total Current Assets was $429.2 Mil.
Total Assets was $3,819.5 Mil.
Property, Plant and Equipment(Net PPE) was $663.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $51.8 Mil.
Selling, General, & Admin. Expense(SGA) was $193.3 Mil.
Total Current Liabilities was $223.2 Mil.
Long-Term Debt & Capital Lease Obligation was $742.7 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) |
| = | (99.384 / 794.678) | / | (104.656 / 742.401) |
| = | 0.125062 | / | 0.14097 |
| | = | 0.8872 |
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) |
| = | (226.807 / 742.401) | / | (232.833 / 794.678) |
| = | 0.305505 | / | 0.29299 |
| | = | 1.0427 |
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 - (381.126 + 679.419) / 4138.697) | / | (1 - (429.238 + 663.831) / 3819.517) |
| = | 0.743749 | / | 0.71382 |
| | = | 1.0419 |
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 |
| = | 794.678 | / | 742.401 |
| | = | 1.0704 |
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)) |
| = | (51.765 / (51.765 + 663.831)) | / | (50.4 / (50.4 + 679.419)) |
| = | 0.072338 | / | 0.069058 |
| | = | 1.0475 |
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) |
| = | (205.47 / 794.678) | / | (193.271 / 742.401) |
| = | 0.258558 | / | 0.260332 |
| | = | 0.9932 |
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) |
| = | ((858.539 + 205.819) / 4138.697) | / | ((742.714 + 223.227) / 3819.517) |
| = | 0.257172 | / | 0.252896 |
| | = | 1.0169 |
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 |
| = | (266.146 - 381.891 | - | 65.503) | / | 4138.697 |
| | = | -0.043793 |
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.
Brickworks has a M-score of -2.69 suggests that the company is unlikely to be a manipulator.
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