Lookers Beneish M-Score Historical Data
The historical data trend for Lookers'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.
Lookers Beneish M-Score Chart
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Lookers Annual Data
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Dec13 |
Dec14 |
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Dec18 |
Dec19 |
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Dec21 |
Dec22 |
| Beneish M-Score |
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-3.16 |
-2.46 |
-2.89 |
-2.56 |
-2.38 |
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Lookers Quarterly Data
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Dec13 |
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Jun23 |
| Beneish M-Score |
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-2.56 |
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-2.38 |
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Competitive Comparison of Lookers's Beneish M-Score
For the Auto & Truck Dealerships subindustry, Lookers'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.
Lookers's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Lookers's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lookers's Beneish M-Score falls into.
Lookers 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 Lookers 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 * 0.9886 | + | 0.528 * 0.8732 | + | 0.404 * 0.8302 | + | 0.892 * 1.0699 | + | 0.115 * 1.0389 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * 0.023031 | - | 0.327 * 0.9632 |
| = | -2.44 |
* 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 (Jun23) TTM: | Last Year (Jun21) TTM: |
Total Receivables was £162 Mil.
Revenue was 2418.9 + 2061.1 + 2239.8 + 1897.5 = £8,617 Mil.
Gross Profit was 294.2 + 267.4 + 282.8 + 259 = £1,103 Mil.
Total Current Assets was £1,072 Mil.
Total Assets was £1,798 Mil.
Property, Plant and Equipment(Net PPE) was £542 Mil.
Depreciation, Depletion and Amortization(DDA) was £111 Mil.
Selling, General, & Admin. Expense(SGA) was £0 Mil.
Total Current Liabilities was £1,080 Mil.
Long-Term Debt & Capital Lease Obligation was £120 Mil.
Net Income was 30.4 + 33.5 + 40.4 + 36.8 = £141 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = £0 Mil.
Cash Flow from Operations was 62.8 + -23.1 + 80.2 + -20.2 = £100 Mil.
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Total Receivables was £153 Mil.
Revenue was 2153.2 + 2129.3 + 1570.6 + 2201.4 = £8,055 Mil.
Gross Profit was 257.6 + 248.6 + 162.4 + 232 = £901 Mil.
Total Current Assets was £824 Mil.
Total Assets was £1,525 Mil.
Property, Plant and Equipment(Net PPE) was £512 Mil.
Depreciation, Depletion and Amortization(DDA) was £110 Mil.
Selling, General, & Admin. Expense(SGA) was £0 Mil.
Total Current Liabilities was £886 Mil.
Long-Term Debt & Capital Lease Obligation was £171 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) |
| = | (161.5 / 8617.3) | / | (152.7 / 8054.5) |
| = | 0.018741 | / | 0.018958 |
| | = | 0.9886 |
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) |
| = | (900.6 / 8054.5) | / | (1103.4 / 8617.3) |
| = | 0.111813 | / | 0.128045 |
| | = | 0.8732 |
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 - (1071.9 + 541.5) / 1797.6) | / | (1 - (824.1 + 512.4) / 1524.7) |
| = | 0.10247 | / | 0.123434 |
| | = | 0.8302 |
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 |
| = | 8617.3 | / | 8054.5 |
| | = | 1.0699 |
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)) |
| = | (110.3 / (110.3 + 512.4)) | / | (111.3 / (111.3 + 541.5)) |
| = | 0.177132 | / | 0.170496 |
| | = | 1.0389 |
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 / 8617.3) | / | (0 / 8054.5) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((120.2 + 1080.1) / 1797.6) | / | ((171 + 886) / 1524.7) |
| = | 0.667724 | / | 0.693251 |
| | = | 0.9632 |
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 |
| = | (141.1 - 0 | - | 99.7) | / | 1797.6 |
| | = | 0.023031 |
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.
Lookers has a M-score of -2.44 suggests that the company is unlikely to be a manipulator.
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