Bhagwan Marine (ASX:BWN) Beneish M-Score : 0.00 (As of Apr. 03, 2025)

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What is Bhagwan Marine 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.

The historical rank and industry rank for Bhagwan Marine's Beneish M-Score or its related term are showing as below:

During the past 3 years, the highest Beneish M-Score of Bhagwan Marine was 0.00. The lowest was 0.00. And the median was 0.00.

Bhagwan Marine Beneish M-Score Historical Data

The historical data trend for Bhagwan Marine'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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Bhagwan Marine Beneish M-Score Chart

Bhagwan Marine Annual Data

Trend

Jun22

Jun23

Jun24

Beneish M-Score

Bhagwan Marine Semi-Annual Data
	Jun22	Jun23	Dec23	Jun24	Dec24
Beneish M-Score	-	-	-	-	-

Competitive Comparison of Bhagwan Marine's Beneish M-Score

For the Marine Shipping subindustry, Bhagwan Marine'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.

Bhagwan Marine's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, Bhagwan Marine's Beneish M-Score distribution charts can be found below:

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

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Bhagwan Marine 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 Bhagwan Marine 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 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Jun24) TTM:

Last Year (Jun23) TTM:

Total Receivables was A$83.0 Mil.
Revenue was A$269.8 Mil.
Gross Profit was A$247.0 Mil.
Total Current Assets was A$90.0 Mil.
Total Assets was A$254.2 Mil.
Property, Plant and Equipment(Net PPE) was A$150.6 Mil.
Depreciation, Depletion and Amortization(DDA) was A$23.6 Mil.
Selling, General, & Admin. Expense(SGA) was A$117.2 Mil.
Total Current Liabilities was A$136.0 Mil.
Long-Term Debt & Capital Lease Obligation was A$39.3 Mil.
Net Income was A$5.5 Mil.
Gross Profit was A$0.0 Mil.
Cash Flow from Operations was A$29.0 Mil.

Total Receivables was A$0.0 Mil.
Revenue was A$169.0 Mil.
Gross Profit was A$57.4 Mil.
Total Current Assets was A$0.0 Mil.
Total Assets was A$0.0 Mil.
Property, Plant and Equipment(Net PPE) was A$0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was A$21.0 Mil.
Selling, General, & Admin. Expense(SGA) was A$19.5 Mil.
Total Current Liabilities was A$0.0 Mil.
Long-Term Debt & Capital Lease Obligation was A$0.0 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)
	=	(82.957 / 269.839)	/	(0 / 169)
	=	0.307431	/	0
	=

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)
	=	(57.4 / 169)	/	(247.035 / 269.839)
	=	0.339645	/	0.91549
	=

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 - (89.988 + 150.615) / 254.154)	/	(1 - (0 + 0) / 0)
	=	0.053318	/
	=

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
	=	269.839	/	169
	=

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))
	=	(21 / (21 + 0))	/	(23.566 / (23.566 + 150.615))
	=	1	/	0.135296
	=

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)
	=	(117.184 / 269.839)	/	(19.5 / 169)
	=	0.434274	/	0.115385
	=

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)
	=	((39.276 + 135.963) / 254.154)	/	((0 + 0) / 0)
	=	0.689499	/
	=

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
	=	(5.547 - 0	-	29.037)	/	254.154
	=	-0.092424

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.

Bhagwan Marine Beneish M-Score Related Terms

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Bhagwan Marine Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » Bhagwan Marine Ltd (ASX:BWN) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

251 St Georges Terrace, Level 3, Perth, WA, AUS, 6000

Website

https://www.bhagwanmarine.com

Bhagwan Marine Ltd is a marine vessel operator and service provider in Australia. It provides a diverse range of marine solutions within Ports, Nearshore, Offshore, and Subsea locations to industries including Oil and Gas, Subsea, Port, Civil Construction, Renewables and Defence. The company has a fleet of inshore and offshore vessels that enables it to deliver a diversified service offering providing bespoke marine solutions. Bhagwan is managed based on a single segment.