South Shore Holdings Beneish M-Score Historical Data
The historical data trend for South Shore Holdings'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.
South Shore Holdings Beneish M-Score Chart
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South Shore Holdings Annual Data
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Mar11 |
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Mar14 |
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Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
| Beneish M-Score |
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-2.63 |
-2.41 |
-3.33 |
-8.37 |
-2.58 |
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South Shore Holdings Semi-Annual Data
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Mar11 |
Sep11 |
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Sep20 |
| Beneish M-Score |
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-8.37 |
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-2.58 |
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Competitive Comparison of South Shore Holdings's Beneish M-Score
For the Engineering & Construction subindustry, South Shore Holdings'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.
South Shore Holdings's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, South Shore Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where South Shore Holdings's Beneish M-Score falls into.
South Shore Holdings 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 South Shore Holdings 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 * 1.0092 | + | 0.528 * 1.5242 | + | 0.404 * 0.7692 | + | 0.892 * 1.1743 | + | 0.115 * 1.6737 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7679 | + | 4.679 * -0.061639 | - | 0.327 * 1.1077 |
| = | -2.34 |
* 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 (Mar20) TTM: | Last Year (Mar19) TTM: |
Total Receivables was $444 Mil.
Revenue was $1,404 Mil.
Gross Profit was $-11 Mil.
Total Current Assets was $557 Mil.
Total Assets was $1,118 Mil.
Property, Plant and Equipment(Net PPE) was $128 Mil.
Depreciation, Depletion and Amortization(DDA) was $54 Mil.
Selling, General, & Admin. Expense(SGA) was $67 Mil.
Total Current Liabilities was $1,123 Mil.
Long-Term Debt & Capital Lease Obligation was $199 Mil.
Net Income was $-132 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $-63 Mil.
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Total Receivables was $375 Mil.
Revenue was $1,195 Mil.
Gross Profit was $-14 Mil.
Total Current Assets was $478 Mil.
Total Assets was $1,065 Mil.
Property, Plant and Equipment(Net PPE) was $51 Mil.
Depreciation, Depletion and Amortization(DDA) was $51 Mil.
Selling, General, & Admin. Expense(SGA) was $75 Mil.
Total Current Liabilities was $1,031 Mil.
Long-Term Debt & Capital Lease Obligation was $106 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) |
| = | (444.396 / 1403.625) | / | (374.971 / 1195.264) |
| = | 0.316606 | / | 0.313714 |
| | = | 1.0092 |
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) |
| = | (-13.977 / 1195.264) | / | (-10.769 / 1403.625) |
| = | -0.011694 | / | -0.007672 |
| | = | 1.5242 |
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 - (556.719 + 128.362) / 1117.629) | / | (1 - (478.056 + 51.048) / 1064.967) |
| = | 0.387023 | / | 0.503173 |
| | = | 0.7692 |
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 |
| = | 1403.625 | / | 1195.264 |
| | = | 1.1743 |
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)) |
| = | (50.685 / (50.685 + 51.048)) | / | (54.404 / (54.404 + 128.362)) |
| = | 0.498216 | / | 0.29767 |
| | = | 1.6737 |
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) |
| = | (67.451 / 1403.625) | / | (74.801 / 1195.264) |
| = | 0.048055 | / | 0.062581 |
| | = | 0.7679 |
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) |
| = | ((198.504 + 1123.475) / 1117.629) | / | ((105.774 + 1031.479) / 1064.967) |
| = | 1.182842 | / | 1.067876 |
| | = | 1.1077 |
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 |
| = | (-131.576 - 0 | - | -62.687) | / | 1117.629 |
| | = | -0.061639 |
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.
South Shore Holdings has a M-score of -2.34 suggests that the company is unlikely to be a manipulator.
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