Lendlease Group Beneish M-Score Historical Data
The historical data trend for Lendlease 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.
Lendlease Group Beneish M-Score Chart
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Lendlease Group Annual Data
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Jun14 |
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Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-2.57 |
-2.06 |
-2.96 |
-2.23 |
-2.04 |
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Lendlease Group Semi-Annual Data
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Dec14 |
Jun15 |
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Dec22 |
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Dec23 |
| Beneish M-Score |
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-2.23 |
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-2.04 |
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Competitive Comparison of Lendlease Group's Beneish M-Score
For the Real Estate - Diversified subindustry, Lendlease 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.
Lendlease Group's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Lendlease Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lendlease Group's Beneish M-Score falls into.
Lendlease 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 Lendlease 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 * 0.9753 | + | 0.528 * 1.357 | + | 0.404 * 1.0293 | + | 0.892 * 1.1073 | + | 0.115 * 0.9941 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.5354 | + | 4.679 * 0.012957 | - | 0.327 * 1.0582 |
| = | -2.09 |
* 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 (Jun23) TTM: | Last Year (Jun22) TTM: |
Total Receivables was $1,543 Mil.
Revenue was $6,865 Mil.
Gross Profit was $394 Mil.
Total Current Assets was $3,255 Mil.
Total Assets was $12,224 Mil.
Property, Plant and Equipment(Net PPE) was $166 Mil.
Depreciation, Depletion and Amortization(DDA) was $96 Mil.
Selling, General, & Admin. Expense(SGA) was $276 Mil.
Total Current Liabilities was $3,644 Mil.
Long-Term Debt & Capital Lease Obligation was $2,189 Mil.
Net Income was $-156 Mil.
Gross Profit was $12 Mil.
Cash Flow from Operations was $-326 Mil.
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Total Receivables was $1,429 Mil.
Revenue was $6,200 Mil.
Gross Profit was $483 Mil.
Total Current Assets was $3,418 Mil.
Total Assets was $12,018 Mil.
Property, Plant and Equipment(Net PPE) was $191 Mil.
Depreciation, Depletion and Amortization(DDA) was $110 Mil.
Selling, General, & Admin. Expense(SGA) was $465 Mil.
Total Current Liabilities was $3,762 Mil.
Long-Term Debt & Capital Lease Obligation was $1,656 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) |
| = | (1542.953 / 6865.101) | / | (1428.672 / 6199.578) |
| = | 0.224753 | / | 0.230447 |
| | = | 0.9753 |
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) |
| = | (482.783 / 6199.578) | / | (393.96 / 6865.101) |
| = | 0.077874 | / | 0.057386 |
| | = | 1.357 |
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 - (3255.034 + 165.772) / 12224.161) | / | (1 - (3418.131 + 191.145) / 12017.569) |
| = | 0.72016 | / | 0.699667 |
| | = | 1.0293 |
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 |
| = | 6865.101 | / | 6199.578 |
| | = | 1.1073 |
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)) |
| = | (109.628 / (109.628 + 191.145)) | / | (95.973 / (95.973 + 165.772)) |
| = | 0.364488 | / | 0.366666 |
| | = | 0.9941 |
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) |
| = | (275.839 / 6865.101) | / | (465.214 / 6199.578) |
| = | 0.04018 | / | 0.07504 |
| | = | 0.5354 |
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) |
| = | ((2189.262 + 3643.624) / 12224.161) | / | ((1656.36 + 3762.474) / 12017.569) |
| = | 0.47716 | / | 0.450909 |
| | = | 1.0582 |
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 |
| = | (-155.705 - 12.081 | - | -326.174) | / | 12224.161 |
| | = | 0.012957 |
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.
Lendlease Group has a M-score of -2.09 suggests that the company is unlikely to be a manipulator.
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