Bonne Co Beneish M-Score Historical Data
The historical data trend for Bonne 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.
Bonne Co Beneish M-Score Chart
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Bonne 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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-3.93 |
-1.24 |
-1.61 |
-2.53 |
-3.31 |
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Bonne 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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-2.53 |
-1.99 |
-2.64 |
-3.24 |
-3.31 |
Competitive Comparison of Bonne Co's Beneish M-Score
For the Household & Personal Products subindustry, Bonne 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.
Bonne Co's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Bonne Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bonne Co's Beneish M-Score falls into.
Bonne 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 Bonne 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 * 0.8564 | + | 0.528 * 1.0025 | + | 0.404 * 0.6121 | + | 0.892 * 0.9424 | + | 0.115 * 2.4707 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2132 | + | 4.679 * -0.158907 | - | 0.327 * 0.643 |
| = | -3.31 |
* 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 ₩8,135 Mil.
Revenue was 13496.267 + 15434.573 + 19008.915 + 20773.296 = ₩68,713 Mil.
Gross Profit was 5541.796 + 7031.239 + 7632.716 + 8877.006 = ₩29,083 Mil.
Total Current Assets was ₩32,156 Mil.
Total Assets was ₩82,610 Mil.
Property, Plant and Equipment(Net PPE) was ₩22,655 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,351 Mil.
Selling, General, & Admin. Expense(SGA) was ₩20,294 Mil.
Total Current Liabilities was ₩20,119 Mil.
Long-Term Debt & Capital Lease Obligation was ₩8,238 Mil.
Net Income was -6184.461 + -913.193 + -4297.457 + 2566.631 = ₩-8,828 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -435.147 + 2453.82 + 2555.081 + -274.864 = ₩4,299 Mil.
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Total Receivables was ₩10,080 Mil.
Revenue was 19838.922 + 19157.181 + 19576.672 + 14337.494 = ₩72,910 Mil.
Gross Profit was 8703.136 + 8345.302 + 7789.329 + 6097.231 = ₩30,935 Mil.
Total Current Assets was ₩30,525 Mil.
Total Assets was ₩87,333 Mil.
Property, Plant and Equipment(Net PPE) was ₩8,798 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,420 Mil.
Selling, General, & Admin. Expense(SGA) was ₩17,749 Mil.
Total Current Liabilities was ₩46,524 Mil.
Long-Term Debt & Capital Lease Obligation was ₩97 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) |
| = | (8135.076 / 68713.051) | / | (10079.912 / 72910.269) |
| = | 0.118392 | / | 0.138251 |
| | = | 0.8564 |
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) |
| = | (30934.998 / 72910.269) | / | (29082.757 / 68713.051) |
| = | 0.424289 | / | 0.423249 |
| | = | 1.0025 |
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 - (32155.801 + 22654.897) / 82610.318) | / | (1 - (30525.013 + 8798.461) / 87332.535) |
| = | 0.336515 | / | 0.549727 |
| | = | 0.6121 |
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 |
| = | 68713.051 | / | 72910.269 |
| | = | 0.9424 |
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)) |
| = | (1420.449 / (1420.449 + 8798.461)) | / | (1350.539 / (1350.539 + 22654.897)) |
| = | 0.139002 | / | 0.05626 |
| | = | 2.4707 |
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) |
| = | (20293.767 / 68713.051) | / | (17748.943 / 72910.269) |
| = | 0.295341 | / | 0.243435 |
| | = | 1.2132 |
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) |
| = | ((8238.196 + 20118.522) / 82610.318) | / | ((97.025 + 46524.431) / 87332.535) |
| = | 0.343259 | / | 0.533838 |
| | = | 0.643 |
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 |
| = | (-8828.48 - 0 | - | 4298.89) | / | 82610.318 |
| | = | -0.158907 |
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.
Bonne Co has a M-score of -3.31 suggests that the company is unlikely to be a manipulator.
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