Great Portland Estates Beneish M-Score Historical Data
The historical data trend for Great Portland Estates'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.
Great Portland Estates Beneish M-Score Chart
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Great Portland Estates Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.11 |
-2.36 |
-2.65 |
-2.38 |
-3.09 |
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Great Portland Estates Semi-Annual Data
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Mar14 |
Sep14 |
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Sep18 |
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Mar22 |
Sep22 |
Mar23 |
Sep23 |
| Beneish M-Score |
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-2.38 |
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-3.09 |
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Competitive Comparison of Great Portland Estates's Beneish M-Score
For the REIT - Office subindustry, Great Portland Estates'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.
Great Portland Estates's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Great Portland Estates's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Great Portland Estates's Beneish M-Score falls into.
Great Portland Estates 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 Great Portland Estates 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 * 0.634 | + | 0.528 * 0.9875 | + | 0.404 * 1 | + | 0.892 * 1.0831 | + | 0.115 * 0.7415 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0685 | + | 4.679 * -0.064735 | - | 0.327 * 0.9774 |
| = | -3.09 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was £11.40 Mil.
Revenue was £91.20 Mil.
Gross Profit was £58.90 Mil.
Total Current Assets was £35.20 Mil.
Total Assets was £2,505.60 Mil.
Property, Plant and Equipment(Net PPE) was £3.50 Mil.
Depreciation, Depletion and Amortization(DDA) was £1.70 Mil.
Selling, General, & Admin. Expense(SGA) was £10.30 Mil.
Total Current Liabilities was £56.80 Mil.
Long-Term Debt & Capital Lease Obligation was £527.20 Mil.
Net Income was £-163.90 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £-1.70 Mil.
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Total Receivables was £16.60 Mil.
Revenue was £84.20 Mil.
Gross Profit was £53.70 Mil.
Total Current Assets was £37.80 Mil.
Total Assets was £2,774.50 Mil.
Property, Plant and Equipment(Net PPE) was £5.00 Mil.
Depreciation, Depletion and Amortization(DDA) was £1.60 Mil.
Selling, General, & Admin. Expense(SGA) was £8.90 Mil.
Total Current Liabilities was £72.10 Mil.
Long-Term Debt & Capital Lease Obligation was £589.50 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) |
| = | (11.4 / 91.2) | / | (16.6 / 84.2) |
| = | 0.125 | / | 0.19715 |
| | = | 0.634 |
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) |
| = | (53.7 / 84.2) | / | (58.9 / 91.2) |
| = | 0.637767 | / | 0.645833 |
| | = | 0.9875 |
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 - (35.2 + 3.5) / 2505.6) | / | (1 - (37.8 + 5) / 2774.5) |
| = | 0.984555 | / | 0.984574 |
| | = | 1 |
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 |
| = | 91.2 | / | 84.2 |
| | = | 1.0831 |
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)) |
| = | (1.6 / (1.6 + 5)) | / | (1.7 / (1.7 + 3.5)) |
| = | 0.242424 | / | 0.326923 |
| | = | 0.7415 |
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) |
| = | (10.3 / 91.2) | / | (8.9 / 84.2) |
| = | 0.112939 | / | 0.105701 |
| | = | 1.0685 |
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) |
| = | ((527.2 + 56.8) / 2505.6) | / | ((589.5 + 72.1) / 2774.5) |
| = | 0.233078 | / | 0.238457 |
| | = | 0.9774 |
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 |
| = | (-163.9 - 0 | - | -1.7) | / | 2505.6 |
| | = | -0.064735 |
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.
Great Portland Estates has a M-score of -3.09 suggests that the company is unlikely to be a manipulator.
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