Bayit Bakfar Beneish M-Score Historical Data
The historical data trend for Bayit Bakfar'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.
Bayit Bakfar Beneish M-Score Chart
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Bayit Bakfar Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
1.07 |
-2.79 |
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Bayit Bakfar Quarterly Data
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Dec18 |
Dec19 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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1.07 |
-1.77 |
-1.99 |
-2.16 |
-2.79 |
Competitive Comparison of Bayit Bakfar's Beneish M-Score
For the Medical Care Facilities subindustry, Bayit Bakfar'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.
Bayit Bakfar's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Bayit Bakfar's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bayit Bakfar's Beneish M-Score falls into.
Bayit Bakfar 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 Bayit Bakfar 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 * 0.2947 | + | 0.528 * 0.9981 | + | 0.404 * 1.0478 | + | 0.892 * 1.0658 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9522 | + | 4.679 * 0.046262 | - | 0.327 * 0.8713 |
| = | -2.79 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was ₪6.78 Mil.
Revenue was 25.11 + 25.068 + 24.676 + 24.246 = ₪99.10 Mil.
Gross Profit was 17.304 + 17.062 + 17.467 + 16.27 = ₪68.10 Mil.
Total Current Assets was ₪106.70 Mil.
Total Assets was ₪1,827.91 Mil.
Property, Plant and Equipment(Net PPE) was ₪1.96 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪0.00 Mil.
Selling, General, & Admin. Expense(SGA) was ₪14.08 Mil.
Total Current Liabilities was ₪471.79 Mil.
Long-Term Debt & Capital Lease Obligation was ₪0.00 Mil.
Net Income was 92.893 + 6.987 + 19.021 + 6.763 = ₪125.66 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₪0.00 Mil.
Cash Flow from Operations was 3.531 + 12.449 + 17.96 + 7.162 = ₪41.10 Mil.
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Total Receivables was ₪21.59 Mil.
Revenue was 23.808 + 23.174 + 23.408 + 22.596 = ₪92.99 Mil.
Gross Profit was 16.632 + 15.908 + 16.26 + 14.978 = ₪63.78 Mil.
Total Current Assets was ₪175.57 Mil.
Total Assets was ₪1,737.55 Mil.
Property, Plant and Equipment(Net PPE) was ₪2.31 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪0.00 Mil.
Selling, General, & Admin. Expense(SGA) was ₪13.87 Mil.
Total Current Liabilities was ₪514.72 Mil.
Long-Term Debt & Capital Lease Obligation was ₪0.00 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) |
| = | (6.781 / 99.1) | / | (21.587 / 92.986) |
| = | 0.068426 | / | 0.232153 |
| | = | 0.2947 |
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) |
| = | (63.778 / 92.986) | / | (68.103 / 99.1) |
| = | 0.685888 | / | 0.687215 |
| | = | 0.9981 |
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 - (106.696 + 1.958) / 1827.906) | / | (1 - (175.568 + 2.306) / 1737.551) |
| = | 0.940558 | / | 0.897629 |
| | = | 1.0478 |
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 |
| = | 99.1 | / | 92.986 |
| | = | 1.0658 |
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 + 2.306)) | / | (0 / (0 + 1.958)) |
| = | 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) |
| = | (14.075 / 99.1) | / | (13.87 / 92.986) |
| = | 0.142028 | / | 0.149162 |
| | = | 0.9522 |
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 + 471.786) / 1827.906) | / | ((0 + 514.719) / 1737.551) |
| = | 0.258102 | / | 0.296232 |
| | = | 0.8713 |
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 |
| = | (125.664 - 0 | - | 41.102) | / | 1827.906 |
| | = | 0.046262 |
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.
Bayit Bakfar has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.
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