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Britvic (Britvic) Beneish M-Score

: -2.85 (As of Today)
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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 Britvic's Beneish M-Score or its related term are showing as below:

BTVCY' s Beneish M-Score Range Over the Past 10 Years
Min: -2.85   Med: -2.65   Max: -2.43
Current: -2.85

During the past 13 years, the highest Beneish M-Score of Britvic was -2.43. The lowest was -2.85. And the median was -2.65.


Britvic Beneish M-Score Historical Data

The historical data trend for Britvic'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.

* Premium members only.

Britvic Annual Data
Trend Sep14 Sep15 Sep16 Sep17 Sep18 Sep19 Sep20 Sep21 Sep22 Sep23
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.55 -2.67 -2.70 -2.61 -2.85

Britvic Semi-Annual Data
Mar14 Sep14 Mar15 Sep15 Mar16 Sep16 Mar17 Sep17 Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.70 - -2.61 - -2.85

Competitive Comparison

For the Beverages - Non-Alcoholic subindustry, Britvic'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.


Britvic Beneish M-Score Distribution

For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, Britvic's Beneish M-Score distribution charts can be found below:

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



Britvic 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 Britvic 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 * 0.8763+0.528 * 1.0286+0.404 * 0.915+0.892 * 1.1808+0.115 * 0.9809
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0125+4.679 * -0.060274-0.327 * 1.068
=-2.76

* 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 (Sep23) TTM:Last Year (Sep22) TTM:
Total Receivables was $490 Mil.
Revenue was $2,164 Mil.
Gross Profit was $866 Mil.
Total Current Assets was $947 Mil.
Total Assets was $2,349 Mil.
Property, Plant and Equipment(Net PPE) was $738 Mil.
Depreciation, Depletion and Amortization(DDA) was $87 Mil.
Selling, General, & Admin. Expense(SGA) was $641 Mil.
Total Current Liabilities was $967 Mil.
Long-Term Debt & Capital Lease Obligation was $756 Mil.
Net Income was $153 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $295 Mil.
Total Receivables was $473 Mil.
Revenue was $1,833 Mil.
Gross Profit was $754 Mil.
Total Current Assets was $889 Mil.
Total Assets was $2,241 Mil.
Property, Plant and Equipment(Net PPE) was $660 Mil.
Depreciation, Depletion and Amortization(DDA) was $76 Mil.
Selling, General, & Admin. Expense(SGA) was $536 Mil.
Total Current Liabilities was $828 Mil.
Long-Term Debt & Capital Lease Obligation was $712 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)
=(489.604 / 2164.109) / (473.16 / 1832.729)
=0.226238 / 0.258172
=0.8763

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)
=(754.134 / 1832.729) / (865.718 / 2164.109)
=0.411481 / 0.400034
=1.0286

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 - (946.782 + 738.119) / 2349.01) / (1 - (888.562 + 659.796) / 2240.657)
=0.282719 / 0.308971
=0.915

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
=2164.109 / 1832.729
=1.1808

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))
=(76.331 / (76.331 + 659.796)) / (87.252 / (87.252 + 738.119))
=0.103693 / 0.105712
=0.9809

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)
=(641.089 / 2164.109) / (536.24 / 1832.729)
=0.296237 / 0.292591
=1.0125

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)
=((755.941 + 967.45) / 2349.01) / ((711.665 + 827.633) / 2240.657)
=0.733667 / 0.686985
=1.068

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
=(153.465 - 0 - 295.05) / 2349.01
=-0.060274

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.

Britvic has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.


Britvic Beneish M-Score Related Terms

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Britvic (Britvic) Business Description

Traded in Other Exchanges
Address
Breakspear Way, Breakspear Park, Hemel Hempstead, Hertfordshire, GBR, HP2 4TZ
Britvic PLC manufactures and sells nonalcoholic beverages, predominantly in Great Britain, France, and Ireland. In Great Britain and Ireland, the company sells PepsiCo brands in addition to its own Britvic brands. Britvic brands include Robinsons, J2O, Tango, Fruit Shoot and others. In France, it sells its own brands, including Teisseire, as well as private-label juices and syrups. The company also has a small international business that sells in dozens of countries, including India, the United States, and Brazil, where Britvic bought the Ebba company and now owns the Maguary and Dafruta brands. Majority of the company's total revenue is from sales in Great Britain. Britvic predominantly distributes its products to supermarkets.

Britvic (Britvic) Headlines

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