Market Cap : 3.93 B | Enterprise Value : 12.46 B | PE Ratio : 10.92 | PB Ratio : 0.26 |
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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 -2.49 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
During the past 13 years, the highest Beneish M-Score of Banco BPM SpA was -1.71. The lowest was -3.77. And the median was -2.49.
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
* The bar in red indicates where Banco BPM SpA's Beneish M-Score falls into.
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 Banco BPM SpA 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 | + | 0.528 * 1 | + | 0.404 * 0.9603 | + | 0.892 * 0.9551 | + | 0.115 * 1 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.8597 | + | 4.679 * 0.0059 | - | 0.327 * 1.0714 | |||||||
= | -2.51 |
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
This Year (Dec19) TTM: | Last Year (Dec18) TTM: |
Accounts Receivable was $0 Mil. Revenue was $5,426 Mil. Gross Profit was $5,426 Mil. Total Current Assets was $9,545 Mil. Total Assets was $185,598 Mil. Property, Plant and Equipment(Net PPE) was $2,565 Mil. Depreciation, Depletion and Amortization(DDA) was $0 Mil. Selling, General, & Admin. Expense(SGA) was $1,164 Mil. Total Current Liabilities was $789 Mil. Long-Term Debt & Capital Lease Obligation was $20,188 Mil. Net Income was $886 Mil. Gross Profit was $0 Mil. Cash Flow from Operations was $-214 Mil. |
Accounts Receivable was $0 Mil. Revenue was $5,682 Mil. Gross Profit was $5,682 Mil. Total Current Assets was $3,290 Mil. Total Assets was $182,554 Mil. Property, Plant and Equipment(Net PPE) was $1,573 Mil. Depreciation, Depletion and Amortization(DDA) was $0 Mil. Selling, General, & Admin. Expense(SGA) was $1,418 Mil. Total Current Liabilities was $782 Mil. Long-Term Debt & Capital Lease Obligation was $18,476 Mil. |
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Accounts Receivable 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 / 5426.4866666667) | / | (0 / 5681.7406143345) | |
= | 0 | / | 0 | |
= | 1 |
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) | |
= | (5681.7406143345 / 5681.7406143345) | / | (5426.4866666667 / 5426.4866666667) | |
= | 1 | / | 1 | |
= | 1 |
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 - (9544.5511111111 + 2565.0455555556) / 185598.00111111) | / | (1 - (3289.960182025 + 1573.2650739477) / 182553.80091013) | |
= | 0.93475363 | / | 0.97336004 | |
= | 0.9603 |
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 | |
= | 5426.4866666667 | / | 5681.7406143345 | |
= | 0.9551 |
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 / (0 + 1573.2650739477)) | / | (0 / (0 + 2565.0455555556)) | |
= | 0 | / | 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) |
= | (1163.9588888889 / 5426.4866666667) | / | (1417.670079636 / 5681.7406143345) | |
= | 0.21449585 | / | 0.24951334 | |
= | 0.8597 |
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) |
= | ((20187.692222222 + 789.09) / 185598.00111111) | / | ((18475.742889647 + 782.36405005688) / 182553.80091013) | |
= | 0.11302267 | / | 0.10549277 | |
= | 1.0714 |
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 | |
= | (885.55666666667 - 0 | - | -214.18) | / | 185598.00111111 | |
= | 0.0059 |
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.
Banco BPM SpA has a M-score of -2.51 suggests that the company is unlikely to be a manipulator.
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