BlueScope Steel Beneish M-Score Historical Data
The historical data trend for BlueScope Steel'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.
|
BlueScope Steel Annual Data
|
|
Trend |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
|
|
|
|
|
|
-2.92 |
-2.85 |
-2.39 |
-2.03 |
-2.82 |
|
BlueScope Steel Semi-Annual Data
|
|
Jun14 |
Dec14 |
Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
-2.03 |
- |
-2.82 |
- |
Competitive Comparison
For the Steel subindustry, BlueScope Steel'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.
BlueScope Steel Beneish M-Score Distribution
For the Steel industry and Basic Materials sector, BlueScope Steel's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where BlueScope Steel's Beneish M-Score falls into.
BlueScope Steel 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 BlueScope Steel 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 * 0.9077 | + | 0.528 * 1.1941 | + | 0.404 * 1.0636 | + | 0.892 * 0.957 | + | 0.115 * 0.9017 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.141 | + | 4.679 * -0.079717 | - | 0.327 * 0.7973 |
| = | -2.82 |
* 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 (Jun23) TTM: | Last Year (Jun22) TTM: |
Total Receivables was A$1,854 Mil.
Revenue was A$18,174 Mil.
Gross Profit was A$6,623 Mil.
Total Current Assets was A$6,758 Mil.
Total Assets was A$15,935 Mil.
Property, Plant and Equipment(Net PPE) was A$6,029 Mil.
Depreciation, Depletion and Amortization(DDA) was A$658 Mil.
Selling, General, & Admin. Expense(SGA) was A$3,150 Mil.
Total Current Liabilities was A$3,474 Mil.
Long-Term Debt & Capital Lease Obligation was A$614 Mil.
Net Income was A$1,009 Mil.
Gross Profit was A$129 Mil.
Cash Flow from Operations was A$2,151 Mil.
|
Total Receivables was A$2,134 Mil.
Revenue was A$18,991 Mil.
Gross Profit was A$8,264 Mil.
Total Current Assets was A$7,884 Mil.
Total Assets was A$16,611 Mil.
Property, Plant and Equipment(Net PPE) was A$5,641 Mil.
Depreciation, Depletion and Amortization(DDA) was A$550 Mil.
Selling, General, & Admin. Expense(SGA) was A$2,885 Mil.
Total Current Liabilities was A$4,743 Mil.
Long-Term Debt & Capital Lease Obligation was A$603 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) |
| = | (1854 / 18174.2) | / | (2134.4 / 18990.9) |
| = | 0.102013 | / | 0.112391 |
| | = | 0.9077 |
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) |
| = | (8263.8 / 18990.9) | / | (6623.1 / 18174.2) |
| = | 0.435145 | / | 0.364423 |
| | = | 1.1941 |
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 - (6757.8 + 6029.1) / 15935.1) | / | (1 - (7883.8 + 5641.2) / 16610.5) |
| = | 0.197564 | / | 0.185756 |
| | = | 1.0636 |
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 |
| = | 18174.2 | / | 18990.9 |
| | = | 0.957 |
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)) |
| = | (549.5 / (549.5 + 5641.2)) | / | (658.3 / (658.3 + 6029.1)) |
| = | 0.088762 | / | 0.098439 |
| | = | 0.9017 |
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) |
| = | (3150 / 18174.2) | / | (2884.8 / 18990.9) |
| = | 0.173323 | / | 0.151904 |
| | = | 1.141 |
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) |
| = | ((614.2 + 3474.4) / 15935.1) | / | ((602.5 + 4743.1) / 16610.5) |
| = | 0.256578 | / | 0.321821 |
| | = | 0.7973 |
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 |
| = | (1009.2 - 128.6 | - | 2150.9) | / | 15935.1 |
| | = | -0.079717 |
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.
BlueScope Steel has a M-score of -2.82 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
ASX:BSL has been successfully added to your