Burberry Group Beneish M-Score Historical Data
The historical data trend for Burberry Group'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.
Burberry Group Beneish M-Score Chart
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Burberry Group Annual Data
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Trend |
Mar14 |
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Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.42 |
-3.27 |
-2.72 |
-2.79 |
-2.69 |
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Burberry Group Semi-Annual Data
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Sep14 |
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Sep23 |
| Beneish M-Score |
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-2.79 |
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-2.69 |
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Competitive Comparison of Burberry Group's Beneish M-Score
For the Luxury Goods subindustry, Burberry Group'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.
Burberry Group's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Burberry Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Burberry Group's Beneish M-Score falls into.
Burberry Group 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 Burberry Group 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 * 1.0007 | + | 0.528 * 1.0086 | + | 0.404 * 1.0837 | + | 0.892 * 1.0085 | + | 0.115 * 1.003 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9615 | + | 4.679 * -0.070537 | - | 0.327 * 1.0431 |
| = | -2.77 |
* 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 $334 Mil.
Revenue was $3,755 Mil.
Gross Profit was $2,649 Mil.
Total Current Assets was $2,261 Mil.
Total Assets was $4,473 Mil.
Property, Plant and Equipment(Net PPE) was $1,609 Mil.
Depreciation, Depletion and Amortization(DDA) was $417 Mil.
Selling, General, & Admin. Expense(SGA) was $1,893 Mil.
Total Current Liabilities was $1,006 Mil.
Long-Term Debt & Capital Lease Obligation was $1,456 Mil.
Net Income was $595 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $910 Mil.
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Total Receivables was $331 Mil.
Revenue was $3,723 Mil.
Gross Profit was $2,650 Mil.
Total Current Assets was $2,681 Mil.
Total Assets was $4,871 Mil.
Property, Plant and Equipment(Net PPE) was $1,584 Mil.
Depreciation, Depletion and Amortization(DDA) was $412 Mil.
Selling, General, & Admin. Expense(SGA) was $1,953 Mil.
Total Current Liabilities was $1,059 Mil.
Long-Term Debt & Capital Lease Obligation was $1,511 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) |
| = | (333.738 / 3754.854) | / | (330.698 / 3723.32) |
| = | 0.088882 | / | 0.088818 |
| | = | 1.0007 |
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) |
| = | (2649.539 / 3723.32) | / | (2649.272 / 3754.854) |
| = | 0.711607 | / | 0.705559 |
| | = | 1.0086 |
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 - (2260.922 + 1609.223) / 4473.301) | / | (1 - (2681.159 + 1583.663) / 4870.883) |
| = | 0.134835 | / | 0.124425 |
| | = | 1.0837 |
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 |
| = | 3754.854 | / | 3723.32 |
| | = | 1.0085 |
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)) |
| = | (412.385 / (412.385 + 1583.663)) | / | (417.476 / (417.476 + 1609.223)) |
| = | 0.206601 | / | 0.205988 |
| | = | 1.003 |
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) |
| = | (1893.204 / 3754.854) | / | (1952.569 / 3723.32) |
| = | 0.504202 | / | 0.524416 |
| | = | 0.9615 |
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) |
| = | ((1456.311 + 1006.068) / 4473.301) | / | ((1511.199 + 1059.289) / 4870.883) |
| = | 0.550461 | / | 0.527725 |
| | = | 1.0431 |
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 |
| = | (594.66 - 0 | - | 910.194) | / | 4473.301 |
| | = | -0.070537 |
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.
Burberry Group has a M-score of -2.77 suggests that the company is unlikely to be a manipulator.
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