Bouygues Beneish M-Score Historical Data
The historical data trend for Bouygues'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.
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Bouygues Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.73 |
-2.82 |
-2.67 |
-2.12 |
-2.67 |
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Bouygues Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.12 |
-2.20 |
-2.25 |
-2.24 |
-2.67 |
Competitive Comparison
For the Engineering & Construction subindustry, Bouygues'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.
Bouygues Beneish M-Score Distribution
For the Construction industry and Industrials sector, Bouygues's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bouygues's Beneish M-Score falls into.
Bouygues 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 Bouygues 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 * 0.7573 | + | 0.528 * 1.0469 | + | 0.404 * 1.0096 | + | 0.892 * 1.2977 | + | 0.115 * 0.9712 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.4016 | + | 4.679 * -0.071121 | - | 0.327 * 0.993 |
| = | -2.64 |
* 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 $20,448 Mil.
Revenue was 16510.36 + 15750.267 + 15320.693 + 12866.167 = $60,447 Mil.
Gross Profit was 8711.014 + 8224.12 + 8288.191 + 7172.377 = $32,396 Mil.
Total Current Assets was $31,578 Mil.
Total Assets was $66,244 Mil.
Property, Plant and Equipment(Net PPE) was $13,304 Mil.
Depreciation, Depletion and Amortization(DDA) was $3,144 Mil.
Selling, General, & Admin. Expense(SGA) was $5,767 Mil.
Total Current Liabilities was $33,105 Mil.
Long-Term Debt & Capital Lease Obligation was $14,284 Mil.
Net Income was 408.942 + 469.584 + 388.949 + -143.469 = $1,124 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 4679.389 + 1544.29 + -61.755 + -326.552 = $5,835 Mil.
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Total Receivables was $20,808 Mil.
Revenue was 15525.424 + 11067.327 + 10934.461 + 9052.863 = $46,580 Mil.
Gross Profit was 9024.364 + 6009.901 + 5894.292 + 5204.846 = $26,133 Mil.
Total Current Assets was $31,337 Mil.
Total Assets was $64,190 Mil.
Property, Plant and Equipment(Net PPE) was $12,351 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,815 Mil.
Selling, General, & Admin. Expense(SGA) was $11,066 Mil.
Total Current Liabilities was $31,738 Mil.
Long-Term Debt & Capital Lease Obligation was $14,505 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) |
| = | (20448.201 / 60447.487) | / | (20808.263 / 46580.075) |
| = | 0.33828 | / | 0.44672 |
| | = | 0.7573 |
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) |
| = | (26133.403 / 46580.075) | / | (32395.702 / 60447.487) |
| = | 0.561043 | / | 0.535931 |
| | = | 1.0469 |
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 - (31577.972 + 13304.253) / 66244.275) | / | (1 - (31336.864 + 12350.636) / 64189.619) |
| = | 0.322474 | / | 0.319399 |
| | = | 1.0096 |
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 |
| = | 60447.487 | / | 46580.075 |
| | = | 1.2977 |
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)) |
| = | (2815.226 / (2815.226 + 12350.636)) | / | (3143.75 / (3143.75 + 13304.253)) |
| = | 0.185629 | / | 0.191133 |
| | = | 0.9712 |
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) |
| = | (5766.569 / 60447.487) | / | (11065.876 / 46580.075) |
| = | 0.095398 | / | 0.237567 |
| | = | 0.4016 |
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) |
| = | ((14283.533 + 33104.689) / 66244.275) | / | ((14505.297 + 31738.347) / 64189.619) |
| = | 0.715356 | / | 0.720422 |
| | = | 0.993 |
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 |
| = | (1124.006 - 0 | - | 5835.372) | / | 66244.275 |
| | = | -0.071121 |
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.
Bouygues has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.
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