Gobarto Beneish M-Score Historical Data
The historical data trend for Gobarto'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.
Gobarto Beneish M-Score Chart
|
Gobarto Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.14 |
-3.03 |
-2.64 |
-2.22 |
-2.25 |
|
Gobarto 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
|
|
|
|
|
|
|
|
|
|
|
|
|
-1.96 |
-1.91 |
-1.95 |
-2.25 |
- |
Competitive Comparison of Gobarto's Beneish M-Score
For the Farm Products subindustry, Gobarto'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.
Gobarto's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Gobarto's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Gobarto's Beneish M-Score falls into.
Gobarto 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 Gobarto 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 * 0.965 | + | 0.528 * 0.9851 | + | 0.404 * 0.8863 | + | 0.892 * 1.1926 | + | 0.115 * 1.0426 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.985 | + | 4.679 * -0.027947 | - | 0.327 * 0.9643 |
| = | -2.51 |
* 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 zł395 Mil.
Revenue was 885.35 + 916.215 + 843.023 + 851.149 = zł3,496 Mil.
Gross Profit was 96.267 + 91.813 + 92.37 + 100.438 = zł381 Mil.
Total Current Assets was zł622 Mil.
Total Assets was zł1,347 Mil.
Property, Plant and Equipment(Net PPE) was zł540 Mil.
Depreciation, Depletion and Amortization(DDA) was zł54 Mil.
Selling, General, & Admin. Expense(SGA) was zł264 Mil.
Total Current Liabilities was zł559 Mil.
Long-Term Debt & Capital Lease Obligation was zł198 Mil.
Net Income was 22.434 + 2.345 + 22.974 + 37.35 = zł85 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0 Mil.
Cash Flow from Operations was 7.139 + 71.557 + 22.192 + 21.86 = zł123 Mil.
|
Total Receivables was zł343 Mil.
Revenue was 809.749 + 783.124 + 699.977 + 638.403 = zł2,931 Mil.
Gross Profit was 90.05 + 89.342 + 75.43 + 59.8 = zł315 Mil.
Total Current Assets was zł519 Mil.
Total Assets was zł1,192 Mil.
Property, Plant and Equipment(Net PPE) was zł488 Mil.
Depreciation, Depletion and Amortization(DDA) was zł51 Mil.
Selling, General, & Admin. Expense(SGA) was zł225 Mil.
Total Current Liabilities was zł544 Mil.
Long-Term Debt & Capital Lease Obligation was zł150 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) |
| = | (395.193 / 3495.737) | / | (343.413 / 2931.253) |
| = | 0.11305 | / | 0.117156 |
| | = | 0.965 |
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) |
| = | (314.622 / 2931.253) | / | (380.888 / 3495.737) |
| = | 0.107334 | / | 0.108958 |
| | = | 0.9851 |
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 - (622.251 + 539.773) / 1346.993) | / | (1 - (518.666 + 488.281) / 1191.568) |
| = | 0.13732 | / | 0.15494 |
| | = | 0.8863 |
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 |
| = | 3495.737 | / | 2931.253 |
| | = | 1.1926 |
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)) |
| = | (51.382 / (51.382 + 488.281)) | / | (54.246 / (54.246 + 539.773)) |
| = | 0.095211 | / | 0.09132 |
| | = | 1.0426 |
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) |
| = | (263.876 / 3495.737) | / | (224.633 / 2931.253) |
| = | 0.075485 | / | 0.076634 |
| | = | 0.985 |
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) |
| = | ((198.081 + 558.951) / 1346.993) | / | ((150.022 + 544.478) / 1191.568) |
| = | 0.562016 | / | 0.582845 |
| | = | 0.9643 |
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 |
| = | (85.103 - 0 | - | 122.748) | / | 1346.993 |
| | = | -0.027947 |
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.
Gobarto has a M-score of -2.51 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
WAR:GOB has been successfully added to your