Bewi ASA Beneish M-Score Historical Data
The historical data trend for Bewi ASA'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.
Bewi ASA Beneish M-Score Chart
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Bewi ASA Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
-2.11 |
-1.89 |
-2.89 |
-3.15 |
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Bewi ASA 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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-2.89 |
-2.74 |
-2.64 |
-2.94 |
-3.15 |
Competitive Comparison of Bewi ASA's Beneish M-Score
For the Packaging & Containers subindustry, Bewi ASA'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.
Bewi ASA's Beneish M-Score Distribution in the Packaging & Containers Industry
For the Packaging & Containers industry and Consumer Cyclical sector, Bewi ASA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bewi ASA's Beneish M-Score falls into.
Bewi ASA 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 Bewi ASA 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 * 0.6903 | + | 0.528 * 0.9989 | + | 0.404 * 0.9188 | + | 0.892 * 0.929 | + | 0.115 * 0.8481 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.097208 | - | 0.327 * 1.0188 |
| = | -3.17 |
* 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 €99.2 Mil.
Revenue was 190.7 + 252.1 + 277.2 + 244 = €964.0 Mil.
Gross Profit was 106.7 + 125.6 + 132.6 + 126.8 = €491.7 Mil.
Total Current Assets was €405.7 Mil.
Total Assets was €1,182.0 Mil.
Property, Plant and Equipment(Net PPE) was €419.4 Mil.
Depreciation, Depletion and Amortization(DDA) was €62.1 Mil.
Selling, General, & Admin. Expense(SGA) was €0.0 Mil.
Total Current Liabilities was €207.2 Mil.
Long-Term Debt & Capital Lease Obligation was €541.3 Mil.
Net Income was -12.5 + -8.3 + 0.3 + -9.1 = €-29.6 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0.0 Mil.
Cash Flow from Operations was 33.4 + 49.1 + 23 + -20.2 = €85.3 Mil.
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Total Receivables was €154.7 Mil.
Revenue was 185.1 + 266.6 + 289.6 + 296.4 = €1,037.7 Mil.
Gross Profit was 100.6 + 132.8 + 145.2 + 150.1 = €528.7 Mil.
Total Current Assets was €356.2 Mil.
Total Assets was €1,253.4 Mil.
Property, Plant and Equipment(Net PPE) was €485.3 Mil.
Depreciation, Depletion and Amortization(DDA) was €59.6 Mil.
Selling, General, & Admin. Expense(SGA) was €135.9 Mil.
Total Current Liabilities was €204.9 Mil.
Long-Term Debt & Capital Lease Obligation was €574.2 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) |
| = | (99.2 / 964) | / | (154.7 / 1037.7) |
| = | 0.102905 | / | 0.14908 |
| | = | 0.6903 |
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) |
| = | (528.7 / 1037.7) | / | (491.7 / 964) |
| = | 0.509492 | / | 0.510062 |
| | = | 0.9989 |
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 - (405.7 + 419.4) / 1182) | / | (1 - (356.2 + 485.3) / 1253.4) |
| = | 0.301946 | / | 0.328626 |
| | = | 0.9188 |
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 |
| = | 964 | / | 1037.7 |
| | = | 0.929 |
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)) |
| = | (59.6 / (59.6 + 485.3)) | / | (62.1 / (62.1 + 419.4)) |
| = | 0.109378 | / | 0.128972 |
| | = | 0.8481 |
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 / 964) | / | (135.9 / 1037.7) |
| = | 0 | / | 0.130963 |
| | = | 0 |
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) |
| = | ((541.3 + 207.2) / 1182) | / | ((574.2 + 204.9) / 1253.4) |
| = | 0.633249 | / | 0.621589 |
| | = | 1.0188 |
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 |
| = | (-29.6 - 0 | - | 85.3) | / | 1182 |
| | = | -0.097208 |
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.
Bewi ASA has a M-score of -3.17 suggests that the company is unlikely to be a manipulator.
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