John Lewis of Hungerford (LSE:JLH) Beneish M-Score : 0.00 (As of Jun. 14, 2024)

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What is John Lewis of Hungerford Beneish M-Score?

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.

The historical rank and industry rank for John Lewis of Hungerford's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of John Lewis of Hungerford was 0.00. The lowest was 0.00. And the median was 0.00.

John Lewis of Hungerford Beneish M-Score Historical Data

The historical data trend for John Lewis of Hungerford'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.

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John Lewis of Hungerford Beneish M-Score Chart

John Lewis of Hungerford Annual Data

Trend

Aug12

Aug13

Aug14

Aug15

Aug16

Aug17

Jun19

Jun20

Jun21

Jun22

Beneish M-Score

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-2.99

-2.15

-3.53

-2.86

-2.07

John Lewis of Hungerford Semi-Annual Data
	Feb13	Aug13	Feb14	Aug14	Feb15	Aug15	Feb16	Aug16	Feb17	Aug17	Feb18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22
Beneish M-Score	Get a 7-Day Free Trial															-	-2.86	-	-2.07	-

Competitive Comparison of John Lewis of Hungerford's Beneish M-Score

For the Furnishings, Fixtures & Appliances subindustry, John Lewis of Hungerford'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.

John Lewis of Hungerford's Beneish M-Score Distribution in the Furnishings, Fixtures & Appliances Industry

For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, John Lewis of Hungerford's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where John Lewis of Hungerford's Beneish M-Score falls into.

John Lewis of Hungerford 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 John Lewis of Hungerford for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.6364

0.528 * 1.0254

0.404 * 0.8052

0.892 * 1.3108

0.115 * 1.1842

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9649

4.679 * -0.092928

0.327 * 0.9534

-2.07

This Year (Jun22) TTM:

Last Year (Jun21) TTM:

Total Receivables was £1.86 Mil.
Revenue was £10.33 Mil.
Gross Profit was £4.75 Mil.
Total Current Assets was £3.67 Mil.
Total Assets was £8.56 Mil.
Property, Plant and Equipment(Net PPE) was £4.71 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.47 Mil.
Selling, General, & Admin. Expense(SGA) was £4.51 Mil.
Total Current Liabilities was £4.47 Mil.
Long-Term Debt & Capital Lease Obligation was £2.64 Mil.
Net Income was £0.01 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £0.81 Mil.

Total Receivables was £0.87 Mil.
Revenue was £7.88 Mil.
Gross Profit was £3.71 Mil.
Total Current Assets was £2.45 Mil.
Total Assets was £6.62 Mil.
Property, Plant and Equipment(Net PPE) was £4.00 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.48 Mil.
Selling, General, & Admin. Expense(SGA) was £3.57 Mil.
Total Current Liabilities was £3.29 Mil.
Long-Term Debt & Capital Lease Obligation was £2.47 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)
	=	(1.864 / 10.325)	/	(0.869 / 7.877)
	=	0.180533	/	0.110321
	=	1.6364

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)
	=	(3.712 / 7.877)	/	(4.745 / 10.325)
	=	0.471245	/	0.459564
	=	1.0254

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 - (3.671 + 4.705) / 8.555)	/	(1 - (2.446 + 4.001) / 6.619)
	=	0.020923	/	0.025986
	=	0.8052

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
	=	10.325	/	7.877
	=	1.3108

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))
	=	(0.478 / (0.478 + 4.001))	/	(0.466 / (0.466 + 4.705))
	=	0.10672	/	0.090118
	=	1.1842

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)
	=	(4.514 / 10.325)	/	(3.569 / 7.877)
	=	0.437191	/	0.453091
	=	0.9649

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)
	=	((2.635 + 4.468) / 8.555)	/	((2.473 + 3.291) / 6.619)
	=	0.830275	/	0.870826
	=	0.9534

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
	=	(0.014 - 0	-	0.809)	/	8.555
	=	-0.092928

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.

John Lewis of Hungerford has a M-score of -2.07 suggests that the company is unlikely to be a manipulator.

John Lewis of Hungerford Beneish M-Score Related Terms

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John Lewis of Hungerford (LSE:JLH) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Furnishings, Fixtures & Appliances » John Lewis of Hungerford PLC (LSE:JLH) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Downsview Road, Grove Business Park, Wantage, Oxfordshire, GBR, OX12 9FA

Website

https://www.john-lewis.co.uk

John Lewis of Hungerford PLC is a UK-based company that designs, manufactures, retails, and installs kitchens, bedrooms, freestanding furniture, and architectural components for its customers through its showrooms across the United Kingdom. It also operates an online business under the name of Just Doors for replacement kitchen cabinet doors. The company offers furniture such as Dressers, Tables, Chairs, and others, as well as painted kitchen collections and fitted bedroom collections. It operates its business in single-segment, being Manufacture, supplying, and installation of kitchen units, bedrooms, and furniture. The group's revenue is derived from the UK.

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