Beam Beneish M-Score Historical Data
The historical data trend for Beam'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.
Beam Beneish M-Score Chart
|
Beam Annual Data
|
|
Trend |
Dec04 |
Dec05 |
Dec06 |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.77 |
-1.65 |
-2.56 |
-2.36 |
-2.44 |
|
Beam Quarterly Data
|
|
Mar09 |
Jun09 |
Sep09 |
Dec09 |
Mar10 |
Jun10 |
Sep10 |
Dec10 |
Mar11 |
Jun11 |
Sep11 |
Dec11 |
Mar12 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.36 |
-1.91 |
1.63 |
1.58 |
-2.44 |
Competitive Comparison of Beam's Beneish M-Score
For the Beverages - Wineries & Distilleries subindustry, Beam'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.
Beam's Beneish M-Score Distribution in the Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Beam's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Beam's Beneish M-Score falls into.
Beam 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 Beam 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 * 0.8982 | + | 0.528 * 1.0049 | + | 0.404 * 0.989 | + | 0.892 * 1.0054 | + | 0.115 * 0.9397 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9279 | + | 4.679 * 0.000212 | - | 0.327 * 0.8426 |
| = | -2.51 |
* 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 (Dec13) TTM: | Last Year (Dec12) TTM: |
Total Receivables was €312 Mil.
Revenue was 539.835 + 447.828 + 483.301 + 445.984 = €1,917 Mil.
Gross Profit was 302.658 + 256.863 + 283.568 + 269.505 = €1,113 Mil.
Total Current Assets was €2,110 Mil.
Total Assets was €6,267 Mil.
Property, Plant and Equipment(Net PPE) was €595 Mil.
Depreciation, Depletion and Amortization(DDA) was €91 Mil.
Selling, General, & Admin. Expense(SGA) was €596 Mil.
Total Current Liabilities was €516 Mil.
Long-Term Debt & Capital Lease Obligation was €1,478 Mil.
Net Income was 65.919 + 63.43 + 56.319 + 88.394 = €274 Mil.
Non Operating Income was 3.504 + -10.098 + -32.063 + 1.081 = €-38 Mil.
Cash Flow from Operations was 226.081 + 106.59 + 23.574 + -45.934 = €310 Mil.
|
Total Receivables was €345 Mil.
Revenue was 540.41 + 486.319 + 475.809 + 404.087 = €1,907 Mil.
Gross Profit was 308.915 + 287.896 + 277.037 + 238.228 = €1,112 Mil.
Total Current Assets was €2,212 Mil.
Total Assets was €6,611 Mil.
Property, Plant and Equipment(Net PPE) was €600 Mil.
Depreciation, Depletion and Amortization(DDA) was €85 Mil.
Selling, General, & Admin. Expense(SGA) was €639 Mil.
Total Current Liabilities was €953 Mil.
Long-Term Debt & Capital Lease Obligation was €1,543 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) |
| = | (311.71 / 1916.948) | / | (345.186 / 1906.625) |
| = | 0.162607 | / | 0.181046 |
| | = | 0.8982 |
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) |
| = | (1112.076 / 1906.625) | / | (1112.594 / 1916.948) |
| = | 0.583269 | / | 0.580399 |
| | = | 1.0049 |
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 - (2109.773 + 595.461) / 6266.831) | / | (1 - (2211.781 + 600.38) / 6611.188) |
| = | 0.568325 | / | 0.574636 |
| | = | 0.989 |
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 |
| = | 1916.948 | / | 1906.625 |
| | = | 1.0054 |
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)) |
| = | (85.414 / (85.414 + 600.38)) | / | (90.981 / (90.981 + 595.461)) |
| = | 0.124548 | / | 0.13254 |
| | = | 0.9397 |
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) |
| = | (595.671 / 1916.948) | / | (638.5 / 1906.625) |
| = | 0.310739 | / | 0.334885 |
| | = | 0.9279 |
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) |
| = | ((1477.885 + 515.818) / 6266.831) | / | ((1542.974 + 953.033) / 6611.188) |
| = | 0.318136 | / | 0.377543 |
| | = | 0.8426 |
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 |
| = | (274.062 - -37.576 | - | 310.311) | / | 6266.831 |
| | = | 0.000212 |
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.
Beam has a M-score of -2.51 suggests that the company is unlikely to be a manipulator.
Beam (FRA:BJM) Business Description
Traded in Other Exchanges
N/A
Address
Beam Inc., is incorporated under the laws of Delaware in 1985. On May 30, 1997, the Company's name was changed from American Brands, Inc. to Fortune Brands, Inc. Following the spin-off on October 3, 2011, the Company became a standalone Spirits Company under the name Beam Inc. It is a premium spirits company that makes and sells branded distilled spirits products in major markets. The Company's three reportable segments are the geographic regions of North America, EMEA and APSA. Each segment is engaged in the manufacture and sale of distilled spirits products. Its principal products include bourbon whiskey, Scotch whisky, Canadian whisky, tequila, cognac, rum, cordials, and ready-to-drink pre-mixed cocktails. The Company's portfolio consists of brands it identifies as Power Brands, Rising Stars, Local Jewels and Value Creators. The Power Brands are the core brand equities, with its reach in premium categories and large annual sales volume. Rising Stars are smaller premium brands in priority markets. Brands identified as Local Jewels act as Power Brands in local markets. Value Creators include a variety of brands competing across multiple categories. The principal markets for its spirits products are the United States, Australia, Germany, Spain, the United Kingdom, and Canada, and continues to invest in emerging markets such as India, Brazil, Mexico, Russia, Central Europe, Asia, and other geographies. The Company operates its business on the basis of geographical regions, consisting of North America, Europe/Middle East/Africa, and Asia-Pacific/South America. Its peak season for business is the fourth calendar quarter due to holiday buying. Raw materials for the production, storage and aging of distilled products are corn and other grains for whiskies and other spirits, agave for tequila, molasses for rum, grapes for cognac and fortified wines, new or used oak barrels, and plastic and glass for bottles. These materials are generally readily available from a number of sources, except that new oak barrels are available from only a few sources. The Company uses different business models to market and distribute its products in different regions of the world. In the U.S., it sells products either to wholesale distributors for resale to retail outlets or, in those states that control alcohol sales, to state governments who then sell them to retail customers and consumers. It competes on the basis of product quality, brand image, innovation, price, and service in response to consumer preferences. The production, storage, transportation, distribution and sale of its products are subject to regulation by federal, state, local, and foreign authorities.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
FRA:BJM has been successfully added to your