Bulgarian River Shipping AD (XBUL:BRP) Beneish M-Score : -2.53 (As of Apr. 12, 2025)

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What is Bulgarian River Shipping AD Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.53 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Bulgarian River Shipping AD's Beneish M-Score or its related term are showing as below:

XBUL:BRP' s Beneish M-Score Range Over the Past 10 Years
Min: -3.05 Med: -2.37 Max: -1.11
Current: -2.53

During the past 13 years, the highest Beneish M-Score of Bulgarian River Shipping AD was -1.11. The lowest was -3.05. And the median was -2.37.

Bulgarian River Shipping AD Beneish M-Score Historical Data

The historical data trend for Bulgarian River Shipping AD'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.

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Bulgarian River Shipping AD Beneish M-Score Chart

Bulgarian River Shipping AD Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

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-2.43

-2.63

-2.56

-2.43

-2.53

Bulgarian River Shipping AD Quarterly Data
	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.69	-2.54	-2.02	-2.17	-2.31

Competitive Comparison of Bulgarian River Shipping AD's Beneish M-Score

For the Marine Shipping subindustry, Bulgarian River Shipping AD'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.

Bulgarian River Shipping AD's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, Bulgarian River Shipping AD's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Bulgarian River Shipping AD's Beneish M-Score falls into.

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Bulgarian River Shipping AD 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 Bulgarian River Shipping AD for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.4124

0.528 * 0.7142

0.404 * 1.0104

0.892 * 1.6959

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.5728

4.679 * -0.033074

0.327 * 0.7091

-2.53

This Year (Dec22) TTM:

Last Year (Dec21) TTM:

Total Receivables was лв5.55 Mil.
Revenue was лв28.53 Mil.
Gross Profit was лв11.14 Mil.
Total Current Assets was лв17.12 Mil.
Total Assets was лв90.74 Mil.
Property, Plant and Equipment(Net PPE) was лв47.90 Mil.
Depreciation, Depletion and Amortization(DDA) was лв0.00 Mil.
Selling, General, & Admin. Expense(SGA) was лв3.06 Mil.
Total Current Liabilities was лв7.66 Mil.
Long-Term Debt & Capital Lease Obligation was лв0.00 Mil.
Net Income was лв4.78 Mil.
Gross Profit was лв0.00 Mil.
Cash Flow from Operations was лв7.78 Mil.

Total Receivables was лв7.94 Mil.
Revenue was лв16.83 Mil.
Gross Profit was лв4.69 Mil.
Total Current Assets was лв14.81 Mil.
Total Assets was лв88.78 Mil.
Property, Plant and Equipment(Net PPE) was лв49.08 Mil.
Depreciation, Depletion and Amortization(DDA) was лв0.00 Mil.
Selling, General, & Admin. Expense(SGA) was лв3.15 Mil.
Total Current Liabilities was лв10.57 Mil.
Long-Term Debt & Capital Lease Obligation was лв0.00 Mil.

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)
	=	(5.551 / 28.534)	/	(7.937 / 16.825)
	=	0.19454	/	0.471738
	=	0.4124

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)
	=	(4.693 / 16.825)	/	(11.144 / 28.534)
	=	0.27893	/	0.390552
	=	0.7142

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 - (17.124 + 47.9) / 90.735)	/	(1 - (14.806 + 49.076) / 88.779)
	=	0.283364	/	0.280438
	=	1.0104

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
	=	28.534	/	16.825
	=	1.6959

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))
	=	(0 / (0 + 49.076))	/	(0 / (0 + 47.9))
	=	0	/	0
	=	1

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)
	=	(3.057 / 28.534)	/	(3.147 / 16.825)
	=	0.107135	/	0.187043
	=	0.5728

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)
	=	((0 + 7.659) / 90.735)	/	((0 + 10.569) / 88.779)
	=	0.084411	/	0.119048
	=	0.7091

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
	=	(4.775 - 0	-	7.776)	/	90.735
	=	-0.033074

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.

Bulgarian River Shipping AD has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.

Bulgarian River Shipping AD Beneish M-Score Related Terms

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Bulgarian River Shipping AD Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » Bulgarian River Shipping AD (XBUL:BRP) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Otetz Paisii Square 2, Ruse, BGR, 7000

Website

http://www.brp.bg

Bulgarian River Shipping AD operates in the transportation industry. The company provides ferry services for passengers, transport of mass and general cargos, transport non-dangerous goods and fuels, and transport of large-scale and concentrated loads.

Bulgarian River Shipping AD Headlines

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