East African Breweries Beneish M-Score Historical Data
The historical data trend for East African Breweries'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.
East African Breweries Beneish M-Score Chart
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East African Breweries Annual Data
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Trend |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-3.41 |
-2.57 |
-1.91 |
-3.21 |
-2.43 |
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East African Breweries Semi-Annual Data
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Jun08 |
Jun09 |
Jun10 |
Jun11 |
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Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-3.41 |
-2.57 |
-1.91 |
-3.21 |
-2.43 |
Competitive Comparison of East African Breweries's Beneish M-Score
For the Beverages - Brewers subindustry, East African Breweries'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.
East African Breweries's Beneish M-Score Distribution in the Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, East African Breweries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where East African Breweries's Beneish M-Score falls into.
East African Breweries 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 East African Breweries 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 * 1.104 | + | 0.528 * 1.1176 | + | 0.404 * 0.832 | + | 0.892 * 1.0022 | + | 0.115 * 0.9975 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0128 | + | 4.679 * -0.009026 | - | 0.327 * 0.992 |
| = | -2.43 |
* 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 (Jun22) TTM: |
Total Receivables was KES10,620 Mil.
Revenue was KES109,649 Mil.
Gross Profit was KES47,400 Mil.
Total Current Assets was KES43,438 Mil.
Total Assets was KES132,593 Mil.
Property, Plant and Equipment(Net PPE) was KES84,063 Mil.
Depreciation, Depletion and Amortization(DDA) was KES7,093 Mil.
Selling, General, & Admin. Expense(SGA) was KES11,036 Mil.
Total Current Liabilities was KES41,891 Mil.
Long-Term Debt & Capital Lease Obligation was KES51,018 Mil.
Net Income was KES9,857 Mil.
Gross Profit was KES0 Mil.
Cash Flow from Operations was KES11,054 Mil.
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Total Receivables was KES9,599 Mil.
Revenue was KES109,409 Mil.
Gross Profit was KES52,856 Mil.
Total Current Assets was KES35,411 Mil.
Total Assets was KES110,427 Mil.
Property, Plant and Equipment(Net PPE) was KES69,918 Mil.
Depreciation, Depletion and Amortization(DDA) was KES5,883 Mil.
Selling, General, & Admin. Expense(SGA) was KES10,872 Mil.
Total Current Liabilities was KES41,838 Mil.
Long-Term Debt & Capital Lease Obligation was KES36,162 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) |
| = | (10620.403 / 109649.413) | / | (9599.236 / 109409.027) |
| = | 0.096858 | / | 0.087737 |
| | = | 1.104 |
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) |
| = | (52855.998 / 109409.027) | / | (47399.974 / 109649.413) |
| = | 0.483105 | / | 0.432287 |
| | = | 1.1176 |
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 - (43437.797 + 84063.182) / 132593.187) | / | (1 - (35410.863 + 69918.466) / 110426.67) |
| = | 0.038405 | / | 0.04616 |
| | = | 0.832 |
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 |
| = | 109649.413 | / | 109409.027 |
| | = | 1.0022 |
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)) |
| = | (5883.394 / (5883.394 + 69918.466)) | / | (7092.833 / (7092.833 + 84063.182)) |
| = | 0.077615 | / | 0.07781 |
| | = | 0.9975 |
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) |
| = | (11035.537 / 109649.413) | / | (10872.008 / 109409.027) |
| = | 0.100644 | / | 0.09937 |
| | = | 1.0128 |
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) |
| = | ((51017.625 + 41890.816) / 132593.187) | / | ((36161.792 + 41838.42) / 110426.67) |
| = | 0.700703 | / | 0.706353 |
| | = | 0.992 |
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 |
| = | (9857.351 - 0 | - | 11054.161) | / | 132593.187 |
| | = | -0.009026 |
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.
East African Breweries has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.
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