Bawan Co Beneish M-Score Historical Data
The historical data trend for Bawan Co'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.
Bawan Co Beneish M-Score Chart
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Bawan Co Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.96 |
-2.22 |
-2.84 |
-2.31 |
-2.79 |
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Bawan Co Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.31 |
-2.44 |
-2.46 |
-2.96 |
-2.79 |
Competitive Comparison of Bawan Co's Beneish M-Score
For the Building Products & Equipment subindustry, Bawan Co'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.
Bawan Co's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Bawan Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bawan Co's Beneish M-Score falls into.
Bawan Co 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 Bawan Co 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 * 1.1896 | + | 0.528 * 0.9417 | + | 0.404 * 0.3817 | + | 0.892 * 0.9011 | + | 0.115 * 1.1751 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2077 | + | 4.679 * -0.011135 | - | 0.327 * 1.1497 |
| = | -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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was ﷼582 Mil.
Revenue was 821.17 + 682.596 + 632.567 + 883.871 = ﷼3,020 Mil.
Gross Profit was 119.52 + 81.554 + 75.833 + 92.064 = ﷼369 Mil.
Total Current Assets was ﷼1,861 Mil.
Total Assets was ﷼2,598 Mil.
Property, Plant and Equipment(Net PPE) was ﷼725 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼64 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼79 Mil.
Total Current Liabilities was ﷼1,070 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼495 Mil.
Net Income was 30.313 + 23.447 + 23.12 + 29.152 = ﷼106 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ﷼0 Mil.
Cash Flow from Operations was 17.781 + 9.713 + 64.418 + 43.048 = ﷼135 Mil.
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Total Receivables was ﷼543 Mil.
Revenue was 859.275 + 832.011 + 768.076 + 892.451 = ﷼3,352 Mil.
Gross Profit was 107.178 + 99.015 + 83.958 + 95.442 = ﷼386 Mil.
Total Current Assets was ﷼1,438 Mil.
Total Assets was ﷼2,164 Mil.
Property, Plant and Equipment(Net PPE) was ﷼701 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼73 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼72 Mil.
Total Current Liabilities was ﷼1,003 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼132 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) |
| = | (582.278 / 3020.204) | / | (543.238 / 3351.813) |
| = | 0.192794 | / | 0.162073 |
| | = | 1.1896 |
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) |
| = | (385.593 / 3351.813) | / | (368.971 / 3020.204) |
| = | 0.11504 | / | 0.122168 |
| | = | 0.9417 |
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 - (1861.331 + 724.82) / 2597.898) | / | (1 - (1437.535 + 700.837) / 2164.01) |
| = | 0.004522 | / | 0.011847 |
| | = | 0.3817 |
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 |
| = | 3020.204 | / | 3351.813 |
| | = | 0.9011 |
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)) |
| = | (73.324 / (73.324 + 700.837)) | / | (63.543 / (63.543 + 724.82)) |
| = | 0.094714 | / | 0.080601 |
| | = | 1.1751 |
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) |
| = | (78.791 / 3020.204) | / | (72.402 / 3351.813) |
| = | 0.026088 | / | 0.021601 |
| | = | 1.2077 |
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) |
| = | ((495.243 + 1070.301) / 2597.898) | / | ((131.731 + 1002.521) / 2164.01) |
| = | 0.60262 | / | 0.524144 |
| | = | 1.1497 |
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 |
| = | (106.032 - 0 | - | 134.96) | / | 2597.898 |
| | = | -0.011135 |
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.
Bawan Co has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.
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