Bluegreen Vacations Beneish M-Score Historical Data
The historical data trend for Bluegreen Vacations'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.
Bluegreen Vacations Beneish M-Score Chart
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Bluegreen Vacations Annual Data
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Trend |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
| Beneish M-Score |
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-2.23 |
-1.97 |
-2.43 |
-2.61 |
-2.92 |
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Bluegreen Vacations Quarterly Data
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Dec12 |
Dec15 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
| Beneish M-Score |
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-2.61 |
-2.64 |
-2.77 |
-2.86 |
-2.92 |
Competitive Comparison of Bluegreen Vacations's Beneish M-Score
For the Resorts & Casinos subindustry, Bluegreen Vacations'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.
Bluegreen Vacations's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Bluegreen Vacations's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bluegreen Vacations's Beneish M-Score falls into.
Bluegreen Vacations 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 Bluegreen Vacations 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 * 1.148 | + | 0.528 * 1.1548 | + | 0.404 * 1.1111 | + | 0.892 * 0.6746 | + | 0.115 * 1.0195 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9766 | + | 4.679 * -0.056435 | - | 0.327 * 1.0654 |
| = | -2.79 |
* 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 (Dec20) TTM: | Last Year (Dec19) TTM: |
Total Receivables was $409.3 Mil.
Revenue was 131.812 + 124.899 + 48.452 + 134.927 = $440.1 Mil.
Gross Profit was 90.971 + 84.757 + 17.029 + 88.997 = $281.8 Mil.
Total Current Assets was $1,036.6 Mil.
Total Assets was $1,222.4 Mil.
Property, Plant and Equipment(Net PPE) was $124.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $19.2 Mil.
Selling, General, & Admin. Expense(SGA) was $310.6 Mil.
Total Current Liabilities was $109.1 Mil.
Long-Term Debt & Capital Lease Obligation was $641.4 Mil.
Net Income was 6.953 + 9.901 + -8.83 + 0.201 = $8.2 Mil.
Non Operating Income was -1.383 + -0.365 + 0.273 + 0.133 = $-1.3 Mil.
Cash Flow from Operations was 26.577 + 42.978 + 22.823 + -13.826 = $78.6 Mil.
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Total Receivables was $528.6 Mil.
Revenue was 162.008 + 178.423 + 168.355 + 143.555 = $652.3 Mil.
Gross Profit was 123.221 + 134.547 + 124.727 + 99.795 = $482.3 Mil.
Total Current Assets was $1,178.4 Mil.
Total Assets was $1,360.0 Mil.
Property, Plant and Equipment(Net PPE) was $120.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $19.0 Mil.
Selling, General, & Admin. Expense(SGA) was $471.5 Mil.
Total Current Liabilities was $120.6 Mil.
Long-Term Debt & Capital Lease Obligation was $663.2 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) |
| = | (409.349 / 440.09) | / | (528.568 / 652.341) |
| = | 0.930148 | / | 0.810263 |
| | = | 1.148 |
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) |
| = | (482.29 / 652.341) | / | (281.754 / 440.09) |
| = | 0.739322 | / | 0.640219 |
| | = | 1.1548 |
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 - (1036.565 + 124.374) / 1222.37) | / | (1 - (1178.383 + 120.12) / 1360.018) |
| = | 0.050256 | / | 0.045231 |
| | = | 1.1111 |
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 |
| = | 440.09 | / | 652.341 |
| | = | 0.6746 |
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)) |
| = | (18.992 / (18.992 + 120.12)) | / | (19.231 / (19.231 + 124.374)) |
| = | 0.136523 | / | 0.133916 |
| | = | 1.0195 |
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) |
| = | (310.625 / 440.09) | / | (471.48 / 652.341) |
| = | 0.705822 | / | 0.722751 |
| | = | 0.9766 |
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) |
| = | ((641.434 + 109.075) / 1222.37) | / | ((663.18 + 120.601) / 1360.018) |
| = | 0.613979 | / | 0.576302 |
| | = | 1.0654 |
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 |
| = | (8.225 - -1.342 | - | 78.552) | / | 1222.37 |
| | = | -0.056435 |
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.
Bluegreen Vacations has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.
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