B&M European Value Retail Beneish M-Score Historical Data
The historical data trend for B&M European Value Retail'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.
B&M European Value Retail Beneish M-Score Chart
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B&M European Value Retail Annual Data
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Trend |
Mar14 |
Mar15 |
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Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.23 |
-2.86 |
-3.37 |
-2.14 |
-3.29 |
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B&M European Value Retail Semi-Annual Data
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Sep13 |
Sep14 |
Mar15 |
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Mar17 |
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Mar18 |
Sep18 |
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Mar21 |
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Mar22 |
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Mar23 |
| Beneish M-Score |
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-3.37 |
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-2.14 |
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-3.29 |
Competitive Comparison of B&M European Value Retail's Beneish M-Score
For the Discount Stores subindustry, B&M European Value Retail'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.
B&M European Value Retail's Beneish M-Score Distribution in the Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, B&M European Value Retail's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where B&M European Value Retail's Beneish M-Score falls into.
B&M European Value Retail 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 B&M European Value Retail 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 * 0.6564 | + | 0.528 * 1.0373 | + | 0.404 * 1.0133 | + | 0.892 * 0.9822 | + | 0.115 * 0.9505 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0388 | + | 4.679 * -0.120992 | - | 0.327 * 1.0057 |
| = | -3.37 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was $25 Mil.
Revenue was $6,047 Mil.
Gross Profit was $2,186 Mil.
Total Current Assets was $1,294 Mil.
Total Assets was $4,353 Mil.
Property, Plant and Equipment(Net PPE) was $1,743 Mil.
Depreciation, Depletion and Amortization(DDA) was $294 Mil.
Selling, General, & Admin. Expense(SGA) was $1,535 Mil.
Total Current Liabilities was $1,000 Mil.
Long-Term Debt & Capital Lease Obligation was $2,424 Mil.
Net Income was $422 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $949 Mil.
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Total Receivables was $40 Mil.
Revenue was $6,157 Mil.
Gross Profit was $2,308 Mil.
Total Current Assets was $1,480 Mil.
Total Assets was $4,793 Mil.
Property, Plant and Equipment(Net PPE) was $1,883 Mil.
Depreciation, Depletion and Amortization(DDA) was $299 Mil.
Selling, General, & Admin. Expense(SGA) was $1,505 Mil.
Total Current Liabilities was $995 Mil.
Long-Term Debt & Capital Lease Obligation was $2,754 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) |
| = | (25.485 / 6047.33) | / | (39.526 / 6156.785) |
| = | 0.004214 | / | 0.00642 |
| | = | 0.6564 |
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) |
| = | (2308.3 / 6156.785) | / | (2185.68 / 6047.33) |
| = | 0.37492 | / | 0.361429 |
| | = | 1.0373 |
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 - (1293.689 + 1742.718) / 4353.155) | / | (1 - (1479.578 + 1882.74) / 4793.149) |
| = | 0.302481 | / | 0.298516 |
| | = | 1.0133 |
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 |
| = | 6047.33 | / | 6156.785 |
| | = | 0.9822 |
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)) |
| = | (299.078 / (299.078 + 1882.74)) | / | (293.689 / (293.689 + 1742.718)) |
| = | 0.137077 | / | 0.144219 |
| | = | 0.9505 |
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) |
| = | (1535.194 / 6047.33) | / | (1504.611 / 6156.785) |
| = | 0.253863 | / | 0.244383 |
| | = | 1.0388 |
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) |
| = | ((2423.544 + 1000) / 4353.155) | / | ((2753.623 + 994.73) / 4793.149) |
| = | 0.786451 | / | 0.782023 |
| | = | 1.0057 |
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 |
| = | (422.33 - 0 | - | 949.029) | / | 4353.155 |
| | = | -0.120992 |
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.
B&M European Value Retail has a M-score of -3.37 suggests that the company is unlikely to be a manipulator.
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