Bidvest Group Beneish M-Score Historical Data
The historical data trend for Bidvest 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.
Bidvest Group Beneish M-Score Chart
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Bidvest Group Annual Data
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Jun14 |
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Jun23 |
| Beneish M-Score |
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-2.40 |
-2.78 |
-2.57 |
-2.43 |
-2.29 |
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Bidvest Group Semi-Annual Data
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Dec23 |
| Beneish M-Score |
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-2.43 |
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-2.29 |
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Competitive Comparison of Bidvest Group's Beneish M-Score
For the Conglomerates subindustry, Bidvest 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.
Bidvest Group's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, Bidvest Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bidvest Group's Beneish M-Score falls into.
Bidvest 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 Bidvest 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 * 0.9776 | + | 0.528 * 1.0334 | + | 0.404 * 1.0484 | + | 0.892 * 0.9702 | + | 0.115 * 0.9947 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * 0.008536 | - | 0.327 * 0.9973 |
| = | -2.45 |
* 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 $947 Mil.
Revenue was $6,130 Mil.
Gross Profit was $1,779 Mil.
Total Current Assets was $2,348 Mil.
Total Assets was $5,735 Mil.
Property, Plant and Equipment(Net PPE) was $1,116 Mil.
Depreciation, Depletion and Amortization(DDA) was $208 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $2,074 Mil.
Long-Term Debt & Capital Lease Obligation was $1,442 Mil.
Net Income was $319 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $270 Mil.
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Total Receivables was $999 Mil.
Revenue was $6,319 Mil.
Gross Profit was $1,895 Mil.
Total Current Assets was $2,550 Mil.
Total Assets was $6,071 Mil.
Property, Plant and Equipment(Net PPE) was $1,227 Mil.
Depreciation, Depletion and Amortization(DDA) was $227 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $2,121 Mil.
Long-Term Debt & Capital Lease Obligation was $1,611 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) |
| = | (947.393 / 6130.314) | / | (998.925 / 6318.866) |
| = | 0.154542 | / | 0.158086 |
| | = | 0.9776 |
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) |
| = | (1894.654 / 6318.866) | / | (1778.692 / 6130.314) |
| = | 0.299841 | / | 0.290147 |
| | = | 1.0334 |
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 - (2347.569 + 1115.773) / 5735.378) | / | (1 - (2550.114 + 1227.274) / 6071.439) |
| = | 0.396144 | / | 0.377843 |
| | = | 1.0484 |
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 |
| = | 6130.314 | / | 6318.866 |
| | = | 0.9702 |
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)) |
| = | (227.062 / (227.062 + 1227.274)) | / | (207.745 / (207.745 + 1115.773)) |
| = | 0.156128 | / | 0.156964 |
| | = | 0.9947 |
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) |
| = | (0 / 6130.314) | / | (0 / 6318.866) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((1441.782 + 2074.48) / 5735.378) | / | ((1611.082 + 2121.441) / 6071.439) |
| = | 0.613083 | / | 0.614767 |
| | = | 0.9973 |
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 |
| = | (318.632 - 0 | - | 269.677) | / | 5735.378 |
| | = | 0.008536 |
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.
Bidvest Group has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.
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