EPL Beneish M-Score Historical Data
The historical data trend for EPL'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.
EPL Beneish M-Score Chart
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EPL Annual Data
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Mar15 |
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Mar20 |
Mar21 |
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Mar24 |
| Beneish M-Score |
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-3.08 |
-2.45 |
-2.59 |
-2.94 |
-2.87 |
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EPL Quarterly Data
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Mar20 |
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Dec24 |
| Beneish M-Score |
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-2.87 |
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Competitive Comparison of EPL's Beneish M-Score
For the Packaging & Containers subindustry, EPL'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.
EPL's Beneish M-Score Distribution in the Packaging & Containers Industry
For the Packaging & Containers industry and Consumer Cyclical sector, EPL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where EPL's Beneish M-Score falls into.
EPL 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 EPL 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 * 1.0143 | + | 0.528 * 0.9345 | + | 0.404 * 1.0966 | + | 0.892 * 1.0576 | + | 0.115 * 0.9123 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9774 | + | 4.679 * -0.098012 | - | 0.327 * 0.9955 |
| = | -2.87 |
* 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 ₹7,018 Mil.
Revenue was ₹38,762 Mil.
Gross Profit was ₹18,702 Mil.
Total Current Assets was ₹16,465 Mil.
Total Assets was ₹38,087 Mil.
Property, Plant and Equipment(Net PPE) was ₹18,868 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹3,328 Mil.
Selling, General, & Admin. Expense(SGA) was ₹1,871 Mil.
Total Current Liabilities was ₹10,841 Mil.
Long-Term Debt & Capital Lease Obligation was ₹5,268 Mil.
Net Income was ₹2,132 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹5,865 Mil.
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Total Receivables was ₹6,542 Mil.
Revenue was ₹36,650 Mil.
Gross Profit was ₹16,524 Mil.
Total Current Assets was ₹16,225 Mil.
Total Assets was ₹36,322 Mil.
Property, Plant and Equipment(Net PPE) was ₹17,702 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2,805 Mil.
Selling, General, & Admin. Expense(SGA) was ₹1,810 Mil.
Total Current Liabilities was ₹9,627 Mil.
Long-Term Debt & Capital Lease Obligation was ₹5,805 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) |
| = | (7018 / 38762) | / | (6542 / 36650) |
| = | 0.181054 | / | 0.178499 |
| | = | 1.0143 |
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) |
| = | (16524 / 36650) | / | (18702 / 38762) |
| = | 0.450859 | / | 0.482483 |
| | = | 0.9345 |
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 - (16465 + 18868) / 38087) | / | (1 - (16225 + 17702) / 36322) |
| = | 0.072308 | / | 0.065938 |
| | = | 1.0966 |
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 |
| = | 38762 | / | 36650 |
| | = | 1.0576 |
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)) |
| = | (2805 / (2805 + 17702)) | / | (3328 / (3328 + 18868)) |
| = | 0.136783 | / | 0.149937 |
| | = | 0.9123 |
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) |
| = | (1871 / 38762) | / | (1810 / 36650) |
| = | 0.048269 | / | 0.049386 |
| | = | 0.9774 |
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) |
| = | ((5268 + 10841) / 38087) | / | ((5805 + 9627) / 36322) |
| = | 0.422953 | / | 0.424866 |
| | = | 0.9955 |
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 |
| = | (2132 - 0 | - | 5865) | / | 38087 |
| | = | -0.098012 |
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.
EPL has a M-score of -2.87 suggests that the company is unlikely to be a manipulator.
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