Bellway Beneish M-Score Historical Data
The historical data trend for Bellway'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.
Bellway Beneish M-Score Chart
|
Bellway Annual Data
|
|
Trend |
Jul14 |
Jul15 |
Jul16 |
Jul17 |
Jul18 |
Jul19 |
Jul20 |
Jul21 |
Jul22 |
Jul23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.03 |
-2.52 |
-2.25 |
-1.82 |
-2.69 |
|
Bellway Semi-Annual Data
|
|
Jul14 |
Jan15 |
Jul15 |
Jan16 |
Jul16 |
Jan17 |
Jul17 |
Jan18 |
Jul18 |
Jan19 |
Jul19 |
Jan20 |
Jul20 |
Jan21 |
Jul21 |
Jan22 |
Jul22 |
Jan23 |
Jul23 |
Jan24 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
-1.82 |
- |
-2.69 |
- |
Competitive Comparison of Bellway's Beneish M-Score
For the Residential Construction subindustry, Bellway'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.
Bellway's Beneish M-Score Distribution in the Homebuilding & Construction Industry
For the Homebuilding & Construction industry and Consumer Cyclical sector, Bellway's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bellway's Beneish M-Score falls into.
Bellway 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 Bellway 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 * 0.8 | + | 0.528 * 0.6575 | + | 0.404 * 1.2433 | + | 0.892 * 1.0352 | + | 0.115 * 0.9511 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1017 | + | 4.679 * 0.025185 | - | 0.327 * 1.0028 |
| = | -2.62 |
* 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 (Jul23) TTM: | Last Year (Jul22) TTM: |
Total Receivables was $114 Mil.
Revenue was $4,390 Mil.
Gross Profit was $836 Mil.
Total Current Assets was $6,488 Mil.
Total Assets was $6,590 Mil.
Property, Plant and Equipment(Net PPE) was $41 Mil.
Depreciation, Depletion and Amortization(DDA) was $8 Mil.
Selling, General, & Admin. Expense(SGA) was $183 Mil.
Total Current Liabilities was $1,296 Mil.
Long-Term Debt & Capital Lease Obligation was $183 Mil.
Net Income was $470 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $304 Mil.
|
Total Receivables was $137 Mil.
Revenue was $4,241 Mil.
Gross Profit was $531 Mil.
Total Current Assets was $5,891 Mil.
Total Assets was $5,977 Mil.
Property, Plant and Equipment(Net PPE) was $41 Mil.
Depreciation, Depletion and Amortization(DDA) was $7 Mil.
Selling, General, & Admin. Expense(SGA) was $161 Mil.
Total Current Liabilities was $1,164 Mil.
Long-Term Debt & Capital Lease Obligation was $173 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) |
| = | (113.789 / 4389.948) | / | (137.41 / 4240.767) |
| = | 0.02592 | / | 0.032402 |
| | = | 0.8 |
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) |
| = | (530.935 / 4240.767) | / | (835.954 / 4389.948) |
| = | 0.125198 | / | 0.190425 |
| | = | 0.6575 |
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 - (6488.015 + 40.851) / 6590.335) | / | (1 - (5891.487 + 41.007) / 5977.338) |
| = | 0.009327 | / | 0.007502 |
| | = | 1.2433 |
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 |
| = | 4389.948 | / | 4240.767 |
| | = | 1.0352 |
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)) |
| = | (7.314 / (7.314 + 41.007)) | / | (7.732 / (7.732 + 40.851)) |
| = | 0.151363 | / | 0.15915 |
| | = | 0.9511 |
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) |
| = | (183.247 / 4389.948) | / | (160.671 / 4240.767) |
| = | 0.041742 | / | 0.037887 |
| | = | 1.1017 |
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) |
| = | ((182.861 + 1295.747) / 6590.335) | / | ((173.022 + 1164.269) / 5977.338) |
| = | 0.22436 | / | 0.223727 |
| | = | 1.0028 |
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 |
| = | (470.361 - 0 | - | 304.381) | / | 6590.335 |
| | = | 0.025185 |
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.
Bellway has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
BLWYF has been successfully added to your