Casa de Bucovina-Club de Munte (BSE:BCM) Beneish M-Score : -3.17 (As of Apr. 26, 2024)

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What is Casa de Bucovina-Club de Munte 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.

Good Sign:

Beneish M-Score -3.17 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Casa de Bucovina-Club de Munte's Beneish M-Score or its related term are showing as below:

BSE:BCM' s Beneish M-Score Range Over the Past 10 Years
Min: -5.74 Med: -2.38 Max: 911.19
Current: -3.17

During the past 13 years, the highest Beneish M-Score of Casa de Bucovina-Club de Munte was 911.19. The lowest was -5.74. And the median was -2.38.

Casa de Bucovina-Club de Munte Beneish M-Score Historical Data

The historical data trend for Casa de Bucovina-Club de Munte'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.

Casa de Bucovina-Club de Munte Beneish M-Score Chart

Casa de Bucovina-Club de Munte Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.34

-5.74

-2.28

-2.42

-3.17

Casa de Bucovina-Club de Munte Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.42	-2.07	-2.73	-2.96	-3.17

Competitive Comparison of Casa de Bucovina-Club de Munte's Beneish M-Score

For the Lodging subindustry, Casa de Bucovina-Club de Munte'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.

Casa de Bucovina-Club de Munte's Beneish M-Score Distribution in the Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Casa de Bucovina-Club de Munte's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Casa de Bucovina-Club de Munte's Beneish M-Score falls into.

Casa de Bucovina-Club de Munte 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 Casa de Bucovina-Club de Munte 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 * 0.2601

0.528 * 0.4767

0.404 * 1.0025

0.892 * 1.8411

0.115 * 0.7049

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.4894

4.679 * -0.049713

0.327 * 1.9346

-3.17

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was lei0.43 Mil.
Revenue was 8.443 + 3.397 + 2.263 + 1.09 = lei15.19 Mil.
Gross Profit was 6.354 + 1.545 + 0.753 + -0.286 = lei8.37 Mil.
Total Current Assets was lei12.70 Mil.
Total Assets was lei40.13 Mil.
Property, Plant and Equipment(Net PPE) was lei19.93 Mil.
Depreciation, Depletion and Amortization(DDA) was lei0.72 Mil.
Selling, General, & Admin. Expense(SGA) was lei0.08 Mil.
Total Current Liabilities was lei1.87 Mil.
Long-Term Debt & Capital Lease Obligation was lei0.00 Mil.
Net Income was -1.858 + 1.36 + 0.46 + -0.748 = lei-0.79 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = lei0.00 Mil.
Cash Flow from Operations was 0.256 + 1.302 + 0.556 + -0.905 = lei1.21 Mil.

Total Receivables was lei0.90 Mil.
Revenue was 2.499 + 2.896 + 1.643 + 1.214 = lei8.25 Mil.
Gross Profit was 0.835 + 1.153 + 0.134 + 0.044 = lei2.17 Mil.
Total Current Assets was lei7.95 Mil.
Total Assets was lei39.42 Mil.
Property, Plant and Equipment(Net PPE) was lei24.13 Mil.
Depreciation, Depletion and Amortization(DDA) was lei0.61 Mil.
Selling, General, & Admin. Expense(SGA) was lei0.09 Mil.
Total Current Liabilities was lei0.95 Mil.
Long-Term Debt & Capital Lease Obligation was lei0.00 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)
	=	(0.429 / 15.193)	/	(0.896 / 8.252)
	=	0.028237	/	0.10858
	=	0.2601

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)
	=	(2.166 / 8.252)	/	(8.366 / 15.193)
	=	0.262482	/	0.550648
	=	0.4767

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 - (12.702 + 19.934) / 40.13)	/	(1 - (7.948 + 24.128) / 39.419)
	=	0.186743	/	0.186281
	=	1.0025

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
	=	15.193	/	8.252
	=	1.8411

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))
	=	(0.607 / (0.607 + 24.128))	/	(0.719 / (0.719 + 19.934))
	=	0.02454	/	0.034813
	=	0.7049

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)
	=	(0.082 / 15.193)	/	(0.091 / 8.252)
	=	0.005397	/	0.011028
	=	0.4894

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)
	=	((0 + 1.871) / 40.13)	/	((0 + 0.95) / 39.419)
	=	0.046623	/	0.0241
	=	1.9346

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
	=	(-0.786 - 0	-	1.209)	/	40.13
	=	-0.049713

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.

Casa de Bucovina-Club de Munte has a M-score of -3.17 suggests that the company is unlikely to be a manipulator.

Casa de Bucovina-Club de Munte Beneish M-Score Related Terms

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Casa de Bucovina-Club de Munte (BSE:BCM) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Travel & Leisure » Casa de Bucovina-Club de Munte SA (BSE:BCM) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

18 Republic Square, Gura Humorului, Suceava County, Suceava, ROU, 725300

Website

https://www.bestwesternbucovina.ro

Casa de Bucovina-Club de Munte SA offers lodging services. The firm provides conference meeting rooms, holiday packages, family camps, and other related services. It generates its revenue from hotel services, catering services, revenue from SPA, playgrounds and rental of conference rooms and among others.