GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » Lavena AD - Shumen (XBUL:LAV) » Definitions » Beneish M-Score

Lavena AD - Shumen (XBUL:LAV) Beneish M-Score : 0.00 (As of Mar. 15, 2025)


View and export this data going back to 1997. Start your Free Trial

What is Lavena AD - Shumen 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.

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

During the past 13 years, the highest Beneish M-Score of Lavena AD - Shumen was -1.23. The lowest was -3.64. And the median was -2.73.


Lavena AD - Shumen Beneish M-Score Historical Data

The historical data trend for Lavena AD - Shumen'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.

* Premium members only.

Lavena AD - Shumen Beneish M-Score Chart

Lavena AD - Shumen Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.71 -3.11 -1.23 -2.73 -

Lavena AD - Shumen Quarterly Data
Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.73 -2.67 -2.73 -2.90 -

Competitive Comparison of Lavena AD - Shumen's Beneish M-Score

For the Household & Personal Products subindustry, Lavena AD - Shumen'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.


Lavena AD - Shumen's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Lavena AD - Shumen's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Lavena AD - Shumen's Beneish M-Score falls into.



Lavena AD - Shumen 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 Lavena AD - Shumen 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 лв4.23 Mil.
Revenue was 6.188 + 5.016 + 8.509 + 6.025 = лв25.74 Mil.
Gross Profit was 2.949 + 3.465 + 3.773 + 3.246 = лв13.43 Mil.
Total Current Assets was лв15.54 Mil.
Total Assets was лв33.66 Mil.
Property, Plant and Equipment(Net PPE) was лв17.53 Mil.
Depreciation, Depletion and Amortization(DDA) was лв2.21 Mil.
Selling, General, & Admin. Expense(SGA) was лв0.29 Mil.
Total Current Liabilities was лв3.73 Mil.
Long-Term Debt & Capital Lease Obligation was лв0.15 Mil.
Net Income was 0.069 + 0.605 + 1.017 + 0.527 = лв2.22 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = лв0.00 Mil.
Cash Flow from Operations was 0.057 + 2.196 + 1.853 + -0.396 = лв3.71 Mil.
Total Receivables was лв0.00 Mil.
Revenue was 5.078 + 6.473 + 6.821 + 5.43 = лв23.80 Mil.
Gross Profit was 2.903 + 2.889 + 3.603 + 2.775 = лв12.17 Mil.
Total Current Assets was лв0.00 Mil.
Total Assets was лв0.00 Mil.
Property, Plant and Equipment(Net PPE) was лв0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was лв2.14 Mil.
Selling, General, & Admin. Expense(SGA) was лв0.24 Mil.
Total Current Liabilities was лв0.00 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)
=(4.232 / 25.738) / (0 / 23.802)
=0.164426 / 0
=

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)
=(12.17 / 23.802) / (13.433 / 25.738)
=0.511302 / 0.521913
=

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 - (15.535 + 17.527) / 33.662) / (1 - (0 + 0) / 0)
=0.017824 /
=

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
=25.738 / 23.802
=

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))
=(2.14 / (2.14 + 0)) / (2.207 / (2.207 + 17.527))
=1 / 0.111837
=

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)
=(0.289 / 25.738) / (0.235 / 23.802)
=0.011229 / 0.009873
=

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)
=((0.151 + 3.73) / 33.662) / ((0 + 0) / 0)
=0.115293 /
=

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
=(2.218 - 0 - 3.71) / 33.662
=-0.044323

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.


Lavena AD - Shumen Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Lavena AD - Shumen's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Lavena AD - Shumen Business Description

Traded in Other Exchanges
N/A
Address
Industrial area, p.o.box 114, Shumen, BGR, 9700
Lavena AD - Shumen is engaged in production and trade of essential oils, cosmetic and liquid herbal and syrup solutions. Its products are categorized as: Essential Oils, Hair Care, Children Care, Face And Body Care, Oral Care, and Aromatherapy.

Lavena AD - Shumen Headlines

No Headlines