Big Shopping Centers (XTAE:BIG) Beneish M-Score : -2.45 (As of Mar. 30, 2025)

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What is Big Shopping Centers 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 -2.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Big Shopping Centers's Beneish M-Score or its related term are showing as below:

XTAE:BIG' s Beneish M-Score Range Over the Past 10 Years
Min: -2.6 Med: -2.23 Max: -0.52
Current: -2.45

During the past 13 years, the highest Beneish M-Score of Big Shopping Centers was -0.52. The lowest was -2.60. And the median was -2.23.

Big Shopping Centers Beneish M-Score Historical Data

The historical data trend for Big Shopping Centers'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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Big Shopping Centers Beneish M-Score Chart

Big Shopping Centers Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-0.52

-0.88

-1.95

-2.32

-2.45

Big Shopping Centers 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															-2.32	-2.85	-2.85	-2.60	-2.45

Competitive Comparison of Big Shopping Centers's Beneish M-Score

For the Real Estate Services subindustry, Big Shopping Centers'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.

Big Shopping Centers's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Big Shopping Centers's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Big Shopping Centers's Beneish M-Score falls into.

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Big Shopping Centers 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 Big Shopping Centers 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 * 0.9923

0.528 * 0.8761

0.404 * 0.996

0.892 * 1.0733

0.115 * 0.7307

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0024

4.679 * 0.01589

0.327 * 1.0134

-2.45

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was ₪437 Mil.
Revenue was 664.532 + 654.375 + 614.857 + 574.707 = ₪2,508 Mil.
Gross Profit was 473.67 + 450.628 + 426.475 + 388.71 = ₪1,739 Mil.
Total Current Assets was ₪3,065 Mil.
Total Assets was ₪41,063 Mil.
Property, Plant and Equipment(Net PPE) was ₪79 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪10 Mil.
Selling, General, & Admin. Expense(SGA) was ₪128 Mil.
Total Current Liabilities was ₪6,361 Mil.
Long-Term Debt & Capital Lease Obligation was ₪18,921 Mil.
Net Income was 366.501 + 668.025 + 290.29 + 134.65 = ₪1,459 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₪0 Mil.
Cash Flow from Operations was 214.836 + 171.962 + 266.777 + 153.381 = ₪807 Mil.

Total Receivables was ₪410 Mil.
Revenue was 609.864 + 674.318 + 540.713 + 512.251 = ₪2,337 Mil.
Gross Profit was 384.846 + 343.403 + 359.08 + 332.515 = ₪1,420 Mil.
Total Current Assets was ₪2,568 Mil.
Total Assets was ₪36,631 Mil.
Property, Plant and Equipment(Net PPE) was ₪102 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪9 Mil.
Selling, General, & Admin. Expense(SGA) was ₪119 Mil.
Total Current Liabilities was ₪4,228 Mil.
Long-Term Debt & Capital Lease Obligation was ₪18,029 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)
	=	(436.883 / 2508.471)	/	(410.191 / 2337.146)
	=	0.174163	/	0.175509
	=	0.9923

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)
	=	(1419.844 / 2337.146)	/	(1739.483 / 2508.471)
	=	0.607512	/	0.693444
	=	0.8761

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 - (3064.543 + 78.91) / 41062.914)	/	(1 - (2567.846 + 102.175) / 36631.181)
	=	0.923448	/	0.927111
	=	0.996

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
	=	2508.471	/	2337.146
	=	1.0733

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))
	=	(8.717 / (8.717 + 102.175))	/	(9.513 / (9.513 + 78.91))
	=	0.078608	/	0.107585
	=	0.7307

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)
	=	(127.955 / 2508.471)	/	(118.935 / 2337.146)
	=	0.051009	/	0.050889
	=	1.0024

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)
	=	((18921.172 + 6361.296) / 41062.914)	/	((18028.714 + 4227.598) / 36631.181)
	=	0.615701	/	0.607578
	=	1.0134

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
	=	(1459.466 - 0	-	806.956)	/	41062.914
	=	0.01589

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.

Big Shopping Centers has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.

Big Shopping Centers Beneish M-Score Related Terms

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Big Shopping Centers Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Big Shopping Centers Ltd (XTAE:BIG) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

1 Sapir Street, 8th Floor, AMPA Building Industrial Zone, Herzliya Pituach, ISR, 46120

Website

http://www.bigcenters.co.il

Big Shopping Centers Ltd operates and manages shopping centers and malls in Israel. These shopping centers provide customers shopping experience with a range of local and international brands and also free parking spaces, easy access, and strategic attraction point. The company owns and manages shopping centers in US and Serbia. It will launch online brand mall in Israel under the name BIG+.

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