GB Beneish M-Score Historical Data
The historical data trend for GB'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.
GB Beneish M-Score Chart
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GB Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.12 |
-2.55 |
-1.71 |
-2.64 |
-1.68 |
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GB Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.64 |
-2.38 |
-2.54 |
-0.50 |
-1.68 |
Competitive Comparison of GB's Beneish M-Score
For the Auto Manufacturers subindustry, GB'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.
GB's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, GB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where GB's Beneish M-Score falls into.
GB 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 GB 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 * 1.6695 | + | 0.528 * 1.1202 | + | 0.404 * 1.0001 | + | 0.892 * 0.9506 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6975 | + | 4.679 * 0.025011 | - | 0.327 * 1.0175 |
| = | -1.68 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was E£7,388 Mil.
Revenue was 8794.815 + 8771.033 + 6009.902 + 4741.48 = E£28,317 Mil.
Gross Profit was 2555.621 + 1942.499 + 1336.97 + 1049.45 = E£6,885 Mil.
Total Current Assets was E£19,114 Mil.
Total Assets was E£42,585 Mil.
Property, Plant and Equipment(Net PPE) was E£6,496 Mil.
Depreciation, Depletion and Amortization(DDA) was E£0 Mil.
Selling, General, & Admin. Expense(SGA) was E£3,431 Mil.
Total Current Liabilities was E£15,620 Mil.
Long-Term Debt & Capital Lease Obligation was E£5,423 Mil.
Net Income was 620.017 + 662.458 + 499.55 + 107.693 = E£1,890 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = E£0 Mil.
Cash Flow from Operations was -2010.339 + 3667.459 + -49.25 + -783.239 = E£825 Mil.
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Total Receivables was E£4,655 Mil.
Revenue was 6901.554 + 7211.677 + 7833.763 + 7842.085 = E£29,789 Mil.
Gross Profit was 2003.929 + 2098.245 + 2177.22 + 1833.54 = E£8,113 Mil.
Total Current Assets was E£15,442 Mil.
Total Assets was E£34,618 Mil.
Property, Plant and Equipment(Net PPE) was E£5,377 Mil.
Depreciation, Depletion and Amortization(DDA) was E£155 Mil.
Selling, General, & Admin. Expense(SGA) was E£5,174 Mil.
Total Current Liabilities was E£12,866 Mil.
Long-Term Debt & Capital Lease Obligation was E£3,945 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) |
| = | (7388.295 / 28317.23) | / | (4655.388 / 29789.079) |
| = | 0.260912 | / | 0.156278 |
| | = | 1.6695 |
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) |
| = | (8112.934 / 29789.079) | / | (6884.54 / 28317.23) |
| = | 0.272346 | / | 0.243122 |
| | = | 1.1202 |
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 - (19113.605 + 6495.761) / 42585.218) | / | (1 - (15441.999 + 5376.71) / 34617.566) |
| = | 0.398633 | / | 0.398609 |
| | = | 1.0001 |
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 |
| = | 28317.23 | / | 29789.079 |
| | = | 0.9506 |
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)) |
| = | (154.649 / (154.649 + 5376.71)) | / | (0 / (0 + 6495.761)) |
| = | 0.027959 | / | 0 |
| | = | 1 |
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) |
| = | (3430.639 / 28317.23) | / | (5173.836 / 29789.079) |
| = | 0.12115 | / | 0.173682 |
| | = | 0.6975 |
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) |
| = | ((5423.081 + 15620.4) / 42585.218) | / | ((3944.973 + 12866.294) / 34617.566) |
| = | 0.49415 | / | 0.485628 |
| | = | 1.0175 |
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 |
| = | (1889.718 - 0 | - | 824.631) | / | 42585.218 |
| | = | 0.025011 |
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.
GB has a M-score of -1.68 signals that the company is likely to be a manipulator.
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