Billboard Ad Or (XBUL:BBRD) Beneish M-Score : -2.92 (As of May. 14, 2024)

View and export this data going back to 2008. Start your Free Trial

What is Billboard Ad Or Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.92 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Billboard Ad Or's Beneish M-Score or its related term are showing as below:

XBUL:BBRD' s Beneish M-Score Range Over the Past 10 Years
Min: -3.56 Med: -3.1 Max: -2.52
Current: -2.92

During the past 13 years, the highest Beneish M-Score of Billboard Ad Or was -2.52. The lowest was -3.56. And the median was -3.10.

Billboard Ad Or Beneish M-Score Historical Data

The historical data trend for Billboard Ad Or'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.

* Premium members only.

Billboard Ad Or Beneish M-Score Chart

Billboard Ad Or Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

Get a 7-Day Free Trial

-3.21

-3.12

-2.90

-3.33

-2.68

Billboard Ad Or Quarterly Data
	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23
Beneish M-Score	Get a 7-Day Free Trial															-2.93	-2.68	-3.07	-3.00	-2.92

Competitive Comparison of Billboard Ad Or's Beneish M-Score

For the Specialty Business Services subindustry, Billboard Ad Or'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.

Billboard Ad Or's Beneish M-Score Distribution in the Business Services Industry

For the Business Services industry and Industrials sector, Billboard Ad Or's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Billboard Ad Or's Beneish M-Score falls into.

Billboard Ad Or 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 Billboard Ad Or for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.982

0.528 * 0.9302

0.404 * 0.5704

0.892 * 0.9936

0.115 * 0.9234

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.5075

4.679 * -0.065865

0.327 * 0.9137

-2.92

This Year (Sep23) TTM:

Last Year (Sep22) TTM:

Total Receivables was лв7.47 Mil.
Revenue was 8.888 + 8.978 + 8.818 + 10.758 = лв37.44 Mil.
Gross Profit was 4.228 + 4.216 + 4.388 + 4.367 = лв17.20 Mil.
Total Current Assets was лв10.61 Mil.
Total Assets was лв40.86 Mil.
Property, Plant and Equipment(Net PPE) was лв30.17 Mil.
Depreciation, Depletion and Amortization(DDA) was лв2.32 Mil.
Selling, General, & Admin. Expense(SGA) was лв0.53 Mil.
Total Current Liabilities was лв10.40 Mil.
Long-Term Debt & Capital Lease Obligation was лв7.16 Mil.
Net Income was 0.256 + 0.255 + 0.337 + 0.34 = лв1.19 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = лв0.00 Mil.
Cash Flow from Operations was 1.449 + 0.447 + 0.986 + 0.997 = лв3.88 Mil.

Total Receivables was лв7.65 Mil.
Revenue was 9.351 + 8.712 + 9.262 + 10.358 = лв37.68 Mil.
Gross Profit was 4.272 + 3.712 + 3.706 + 4.412 = лв16.10 Mil.
Total Current Assets was лв10.69 Mil.
Total Assets was лв41.55 Mil.
Property, Plant and Equipment(Net PPE) was лв30.74 Mil.
Depreciation, Depletion and Amortization(DDA) was лв2.17 Mil.
Selling, General, & Admin. Expense(SGA) was лв1.06 Mil.
Total Current Liabilities was лв10.97 Mil.
Long-Term Debt & Capital Lease Obligation was лв8.58 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)
	=	(7.465 / 37.442)	/	(7.651 / 37.683)
	=	0.199375	/	0.203036
	=	0.982

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)
	=	(16.102 / 37.683)	/	(17.199 / 37.442)
	=	0.427301	/	0.45935
	=	0.9302

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 - (10.613 + 30.174) / 40.856)	/	(1 - (10.685 + 30.739) / 41.547)
	=	0.001689	/	0.002961
	=	0.5704

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
	=	37.442	/	37.683
	=	0.9936

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))
	=	(2.166 / (2.166 + 30.739))	/	(2.316 / (2.316 + 30.174))
	=	0.065826	/	0.071283
	=	0.9234

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)
	=	(0.532 / 37.442)	/	(1.055 / 37.683)
	=	0.014209	/	0.027997
	=	0.5075

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)
	=	((7.162 + 10.403) / 40.856)	/	((8.583 + 10.966) / 41.547)
	=	0.429925	/	0.470527
	=	0.9137

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
	=	(1.188 - 0	-	3.879)	/	40.856
	=	-0.065865

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.

Billboard Ad Or has a M-score of -2.92 suggests that the company is unlikely to be a manipulator.

Billboard Ad Or Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Billboard Ad Or's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Billboard Ad Or (XBUL:BBRD) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Business Services » Billboard Ad Or (XBUL:BBRD) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No. 1 Bulgaria Square, National Palace of Culture, Low-Rise Building, Floor 2, Triaditza district, Sofia, BGR, 1463

Website

https://www.bilbord.bg

Billboard Ad Or is a Bulgaria based digital and offset printing company. It provides various solutions which include Digital printing solutions for billboards, packaging of buildings, branding of cars and photorealistic art galleries; Offset printing solutions for calendars, magazines and corporate periodicals and newsletters; Metro advertisement solutions covering transport advertising, advertising at the point of sale and advertising in urban environments and 3D printing solutions for making 3D models in the field of art, industrial design and architecture. Geographically, it has operations in France, Germany, Romania, and other countries; and generates a vast majority of its revenue from France.

Billboard Ad Or (XBUL:BBRD) Headlines

No Headlines