Sygnia Beneish M-Score Historical Data
The historical data trend for Sygnia'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.
Sygnia Beneish M-Score Chart
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Sygnia Annual Data
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Trend |
Sep14 |
Sep15 |
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Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-0.62 |
-2.50 |
-1.44 |
-3.03 |
-1.40 |
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Sygnia Semi-Annual Data
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Sep14 |
Mar15 |
Sep15 |
Mar16 |
Sep16 |
Mar17 |
Sep17 |
Mar18 |
Sep18 |
Mar19 |
Sep19 |
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Sep21 |
Mar22 |
Sep22 |
Mar23 |
Sep23 |
| Beneish M-Score |
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-1.44 |
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-3.03 |
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-1.40 |
Competitive Comparison of Sygnia's Beneish M-Score
For the Financial Conglomerates subindustry, Sygnia'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.
Sygnia's Beneish M-Score Distribution in the Diversified Financial Services Industry
For the Diversified Financial Services industry and Financial Services sector, Sygnia's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sygnia's Beneish M-Score falls into.
Sygnia 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 Sygnia 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 * 2.1205 | + | 0.528 * 2.3024 | + | 0.404 * 0.9935 | + | 0.892 * 1.0433 | + | 0.115 * 1.2726 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * -0.005216 | - | 0.327 * 3.0911 |
| = | -1.40 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was R457.9 Mil.
Revenue was R843.9 Mil.
Gross Profit was R-112.5 Mil.
Total Current Assets was R1,547.2 Mil.
Total Assets was R143,141.5 Mil.
Property, Plant and Equipment(Net PPE) was R47.7 Mil.
Depreciation, Depletion and Amortization(DDA) was R26.4 Mil.
Selling, General, & Admin. Expense(SGA) was R0.0 Mil.
Total Current Liabilities was R1,330.5 Mil.
Long-Term Debt & Capital Lease Obligation was R63.7 Mil.
Net Income was R299.8 Mil.
Gross Profit was R0.0 Mil.
Cash Flow from Operations was R1,046.4 Mil.
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Total Receivables was R207.0 Mil.
Revenue was R808.9 Mil.
Gross Profit was R-248.3 Mil.
Total Current Assets was R569.1 Mil.
Total Assets was R127,617.8 Mil.
Property, Plant and Equipment(Net PPE) was R30.6 Mil.
Depreciation, Depletion and Amortization(DDA) was R25.4 Mil.
Selling, General, & Admin. Expense(SGA) was R0.0 Mil.
Total Current Liabilities was R353.7 Mil.
Long-Term Debt & Capital Lease Obligation was R48.4 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) |
| = | (457.946 / 843.89) | / | (206.996 / 808.861) |
| = | 0.542661 | / | 0.25591 |
| | = | 2.1205 |
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) |
| = | (-248.349 / 808.861) | / | (-112.534 / 843.89) |
| = | -0.307035 | / | -0.133352 |
| | = | 2.3024 |
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 - (1547.184 + 47.734) / 143141.451) | / | (1 - (569.06 + 30.649) / 127617.831) |
| = | 0.988858 | / | 0.995301 |
| | = | 0.9935 |
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 |
| = | 843.89 | / | 808.861 |
| | = | 1.0433 |
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)) |
| = | (25.442 / (25.442 + 30.649)) | / | (26.437 / (26.437 + 47.734)) |
| = | 0.453584 | / | 0.356433 |
| | = | 1.2726 |
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 / 843.89) | / | (0 / 808.861) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((63.707 + 1330.509) / 143141.451) | / | ((48.422 + 353.738) / 127617.831) |
| = | 0.00974 | / | 0.003151 |
| | = | 3.0911 |
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 |
| = | (299.808 - 0 | - | 1046.413) | / | 143141.451 |
| | = | -0.005216 |
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.
Sygnia has a M-score of -1.40 signals that the company is likely to be a manipulator.
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