BW Epic Kosan Beneish M-Score Historical Data
The historical data trend for BW Epic Kosan'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.
BW Epic Kosan Beneish M-Score Chart
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BW Epic Kosan Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-2.95 |
-2.61 |
-2.01 |
-1.33 |
-2.57 |
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BW Epic Kosan Quarterly Data
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Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
| Beneish M-Score |
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-2.08 |
-2.13 |
-2.57 |
-3.04 |
-2.62 |
Competitive Comparison of BW Epic Kosan's Beneish M-Score
For the Marine Shipping subindustry, BW Epic Kosan'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.
BW Epic Kosan's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, BW Epic Kosan's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where BW Epic Kosan's Beneish M-Score falls into.
BW Epic Kosan 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 BW Epic Kosan 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 * 0.9657 | + | 0.528 * 0.9089 | + | 0.404 * 1.7265 | + | 0.892 * 1.1235 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1907 | + | 4.679 * -0.098099 | - | 0.327 * 0.9105 |
| = | -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 (Jun23) TTM: | Last Year (Jun22) TTM: |
Total Receivables was kr414 Mil.
Revenue was 939.157 + 905.778 + 886.887 + 975.249 = kr3,707 Mil.
Gross Profit was 543.145 + 542.413 + -850.084 + 507.706 = kr743 Mil.
Total Current Assets was kr1,405 Mil.
Total Assets was kr10,225 Mil.
Property, Plant and Equipment(Net PPE) was kr8,525 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0 Mil.
Selling, General, & Admin. Expense(SGA) was kr103 Mil.
Total Current Liabilities was kr1,242 Mil.
Long-Term Debt & Capital Lease Obligation was kr3,525 Mil.
Net Income was 123.478 + 126.388 + 1.66 + 92.685 = kr344 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 236.992 + 382.322 + 505.268 + 222.649 = kr1,347 Mil.
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Total Receivables was kr381 Mil.
Revenue was 842.093 + 800.36 + 857.92 + 799.161 = kr3,300 Mil.
Gross Profit was 446.401 + 448.767 + -727.748 + 433.781 = kr601 Mil.
Total Current Assets was kr1,064 Mil.
Total Assets was kr9,528 Mil.
Property, Plant and Equipment(Net PPE) was kr8,305 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0 Mil.
Selling, General, & Admin. Expense(SGA) was kr77 Mil.
Total Current Liabilities was kr1,179 Mil.
Long-Term Debt & Capital Lease Obligation was kr3,700 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) |
| = | (413.545 / 3707.071) | / | (381.139 / 3299.534) |
| = | 0.111556 | / | 0.115513 |
| | = | 0.9657 |
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) |
| = | (601.201 / 3299.534) | / | (743.18 / 3707.071) |
| = | 0.182208 | / | 0.200476 |
| | = | 0.9089 |
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 - (1404.698 + 8525.496) / 10224.547) | / | (1 - (1064.46 + 8305.126) / 9528.474) |
| = | 0.028789 | / | 0.016675 |
| | = | 1.7265 |
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 |
| = | 3707.071 | / | 3299.534 |
| | = | 1.1235 |
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 + 8305.126)) | / | (0 / (0 + 8525.496)) |
| = | 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) |
| = | (103.339 / 3707.071) | / | (77.244 / 3299.534) |
| = | 0.027876 | / | 0.023411 |
| | = | 1.1907 |
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) |
| = | ((3525.413 + 1242.191) / 10224.547) | / | ((3700.265 + 1179.484) / 9528.474) |
| = | 0.46629 | / | 0.512123 |
| | = | 0.9105 |
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 |
| = | (344.211 - 0 | - | 1347.231) | / | 10224.547 |
| | = | -0.098099 |
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.
BW Epic Kosan has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.
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