Lion Beneish M-Score Historical Data
The historical data trend for Lion'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.
Lion Beneish M-Score Chart
|
Lion Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.73 |
-2.62 |
-2.25 |
-2.66 |
-2.53 |
|
Lion Quarterly Data
|
|
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.62 |
-2.74 |
-2.58 |
-2.53 |
- |
Competitive Comparison of Lion's Beneish M-Score
For the Household & Personal Products subindustry, Lion'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.
Lion's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Lion's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lion's Beneish M-Score falls into.
Lion 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 Lion 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 * 1.0731 | + | 0.528 * 0.9778 | + | 0.404 * 1.0553 | + | 0.892 * 1.0284 | + | 0.115 * 0.9166 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0225 | + | 4.679 * -0.042318 | - | 0.327 * 0.962 |
| = | -2.58 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was 円69,682 Mil.
Revenue was 92965 + 106670 + 103210 + 102037 = 円404,882 Mil.
Gross Profit was 42232 + 49250 + 45493 + 46608 = 円183,583 Mil.
Total Current Assets was 円210,659 Mil.
Total Assets was 円462,902 Mil.
Property, Plant and Equipment(Net PPE) was 円168,377 Mil.
Depreciation, Depletion and Amortization(DDA) was 円20,501 Mil.
Selling, General, & Admin. Expense(SGA) was 円161,958 Mil.
Total Current Liabilities was 円127,424 Mil.
Long-Term Debt & Capital Lease Obligation was 円27,821 Mil.
Net Income was 3548 + 5774 + 4552 + 2720 = 円16,594 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was -5134 + 16951 + 9978 + 14388 = 円36,183 Mil.
|
Total Receivables was 円63,141 Mil.
Revenue was 90849 + 103728 + 100946 + 98165 = 円393,688 Mil.
Gross Profit was 39245 + 46941 + 44887 + 43479 = 円174,552 Mil.
Total Current Assets was 円211,550 Mil.
Total Assets was 円457,935 Mil.
Property, Plant and Equipment(Net PPE) was 円167,765 Mil.
Depreciation, Depletion and Amortization(DDA) was 円18,535 Mil.
Selling, General, & Admin. Expense(SGA) was 円154,012 Mil.
Total Current Liabilities was 円130,679 Mil.
Long-Term Debt & Capital Lease Obligation was 円28,967 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) |
| = | (69682 / 404882) | / | (63141 / 393688) |
| = | 0.172104 | / | 0.160383 |
| | = | 1.0731 |
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) |
| = | (174552 / 393688) | / | (183583 / 404882) |
| = | 0.443376 | / | 0.453423 |
| | = | 0.9778 |
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 - (210659 + 168377) / 462902) | / | (1 - (211550 + 167765) / 457935) |
| = | 0.181174 | / | 0.171684 |
| | = | 1.0553 |
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 |
| = | 404882 | / | 393688 |
| | = | 1.0284 |
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)) |
| = | (18535 / (18535 + 167765)) | / | (20501 / (20501 + 168377)) |
| = | 0.09949 | / | 0.108541 |
| | = | 0.9166 |
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) |
| = | (161958 / 404882) | / | (154012 / 393688) |
| = | 0.400013 | / | 0.391203 |
| | = | 1.0225 |
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) |
| = | ((27821 + 127424) / 462902) | / | ((28967 + 130679) / 457935) |
| = | 0.335373 | / | 0.348622 |
| | = | 0.962 |
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 |
| = | (16594 - 0 | - | 36183) | / | 462902 |
| | = | -0.042318 |
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.
Lion has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
TSE:4912 has been successfully added to your