Honeywell Flour Mills Beneish M-Score Historical Data
The historical data trend for Honeywell Flour Mills'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.
Honeywell Flour Mills Beneish M-Score Chart
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Honeywell Flour Mills Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.44 |
-2.04 |
-2.20 |
-2.83 |
-4.84 |
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Honeywell Flour Mills Semi-Annual Data
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Mar10 |
Mar11 |
Mar12 |
Mar13 |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.44 |
-2.04 |
-2.20 |
-2.83 |
-4.84 |
Competitive Comparison of Honeywell Flour Mills's Beneish M-Score
For the Packaged Foods subindustry, Honeywell Flour Mills'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.
Honeywell Flour Mills's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Honeywell Flour Mills's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Honeywell Flour Mills's Beneish M-Score falls into.
Honeywell Flour Mills 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 Honeywell Flour Mills 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 * 1.4929 | + | 0.528 * 0.3765 | + | 0.404 * 0.6284 | + | 0.892 * 1.278 | + | 0.115 * 0.9021 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0568 | + | 4.679 * -0.542787 | - | 0.327 * 1.0526 |
| = | -4.84 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₦2,401 Mil.
Revenue was ₦188,311 Mil.
Gross Profit was ₦32,344 Mil.
Total Current Assets was ₦67,135 Mil.
Total Assets was ₦148,966 Mil.
Property, Plant and Equipment(Net PPE) was ₦81,739 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦5,902 Mil.
Selling, General, & Admin. Expense(SGA) was ₦3,147 Mil.
Total Current Liabilities was ₦88,779 Mil.
Long-Term Debt & Capital Lease Obligation was ₦29,613 Mil.
Net Income was ₦-10,120 Mil.
Gross Profit was ₦0 Mil.
Cash Flow from Operations was ₦70,737 Mil.
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Total Receivables was ₦1,258 Mil.
Revenue was ₦147,351 Mil.
Gross Profit was ₦9,528 Mil.
Total Current Assets was ₦79,087 Mil.
Total Assets was ₦165,000 Mil.
Property, Plant and Equipment(Net PPE) was ₦85,750 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦5,546 Mil.
Selling, General, & Admin. Expense(SGA) was ₦2,331 Mil.
Total Current Liabilities was ₦90,146 Mil.
Long-Term Debt & Capital Lease Obligation was ₦34,436 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) |
| = | (2400.685 / 188311.035) | / | (1258.365 / 147350.739) |
| = | 0.012749 | / | 0.00854 |
| | = | 1.4929 |
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) |
| = | (9528.2 / 147350.739) | / | (32343.527 / 188311.035) |
| = | 0.064663 | / | 0.171756 |
| | = | 0.3765 |
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 - (67134.834 + 81738.952) / 148965.948) | / | (1 - (79087.358 + 85750.076) / 164999.977) |
| = | 0.000619 | / | 0.000985 |
| | = | 0.6284 |
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 |
| = | 188311.035 | / | 147350.739 |
| | = | 1.278 |
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)) |
| = | (5546.3 / (5546.3 + 85750.076)) | / | (5901.992 / (5901.992 + 81738.952)) |
| = | 0.06075 | / | 0.067343 |
| | = | 0.9021 |
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) |
| = | (3147.452 / 188311.035) | / | (2330.552 / 147350.739) |
| = | 0.016714 | / | 0.015816 |
| | = | 1.0568 |
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) |
| = | ((29613.027 + 88779.107) / 148965.948) | / | ((34435.721 + 90146.058) / 164999.977) |
| = | 0.79476 | / | 0.755041 |
| | = | 1.0526 |
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 |
| = | (-10119.778 - 0 | - | 70737.069) | / | 148965.948 |
| | = | -0.542787 |
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.
Honeywell Flour Mills has a M-score of -4.84 suggests that the company is unlikely to be a manipulator.
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