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Asciano (Asciano) Beneish M-Score : 0.00 (As of Apr. 26, 2024)


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What is Asciano 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.

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

During the past 8 years, the highest Beneish M-Score of Asciano was 0.00. The lowest was 0.00. And the median was 0.00.


Asciano Beneish M-Score Historical Data

The historical data trend for Asciano'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.

Asciano Beneish M-Score Chart

Asciano Annual Data
Trend Jun09 Jun10 Jun11 Jun12 Jun13 Jun14 Jun15 Jun16
Beneish M-Score
Get a 7-Day Free Trial -2.70 -2.63 -2.51 -2.59 -2.63

Asciano Semi-Annual Data
Dec07 Dec08 Jun09 Dec09 Jun10 Dec10 Jun11 Dec11 Jun12 Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.51 - -2.59 - -2.63

Competitive Comparison of Asciano's Beneish M-Score

For the Railroads subindustry, Asciano'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.


Asciano's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, Asciano's Beneish M-Score distribution charts can be found below:

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



Asciano 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 Asciano 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 * 1.1291+0.528 * 0.9899+0.404 * 0.9869+0.892 * 0.9037+0.115 * 0.9293
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9681+4.679 * -0.046084-0.327 * 0.9618
=-2.66

* 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 (Jun16) TTM:Last Year (Jun15) TTM:
Total Receivables was $350 Mil.
Revenue was $2,646 Mil.
Gross Profit was $2,134 Mil.
Total Current Assets was $630 Mil.
Total Assets was $6,470 Mil.
Property, Plant and Equipment(Net PPE) was $3,244 Mil.
Depreciation, Depletion and Amortization(DDA) was $283 Mil.
Selling, General, & Admin. Expense(SGA) was $848 Mil.
Total Current Liabilities was $528 Mil.
Long-Term Debt & Capital Lease Obligation was $2,756 Mil.
Net Income was $201 Mil.
Gross Profit was $43 Mil.
Cash Flow from Operations was $456 Mil.
Total Receivables was $343 Mil.
Revenue was $2,929 Mil.
Gross Profit was $2,338 Mil.
Total Current Assets was $620 Mil.
Total Assets was $6,849 Mil.
Property, Plant and Equipment(Net PPE) was $3,445 Mil.
Depreciation, Depletion and Amortization(DDA) was $278 Mil.
Selling, General, & Admin. Expense(SGA) was $969 Mil.
Total Current Liabilities was $972 Mil.
Long-Term Debt & Capital Lease Obligation was $2,644 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)
=(350.037 / 2646.41) / (343.056 / 2928.549)
=0.132269 / 0.117142
=1.1291

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)
=(2337.963 / 2928.549) / (2134.345 / 2646.41)
=0.798335 / 0.806506
=0.9899

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 - (630.2 + 3243.967) / 6469.652) / (1 - (619.522 + 3445.448) / 6849.306)
=0.401178 / 0.406514
=0.9869

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
=2646.41 / 2928.549
=0.9037

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))
=(278.086 / (278.086 + 3445.448)) / (283.494 / (283.494 + 3243.967))
=0.074683 / 0.080368
=0.9293

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)
=(847.594 / 2646.41) / (968.904 / 2928.549)
=0.320281 / 0.330848
=0.9681

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)
=((2756.181 + 528.497) / 6469.652) / ((2643.904 + 971.682) / 6849.306)
=0.507706 / 0.527876
=0.9618

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
=(201.332 - 43.153 - 456.329) / 6469.652
=-0.046084

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.

Asciano has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.


Asciano Beneish M-Score Related Terms

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Asciano (Asciano) Business Description

Traded in Other Exchanges
N/A
Address
Asciano Ltd is incorporated in Australia. The Company is engaged in development, operation and maintenance of toll roads. It operates in various divisions namely Pacific National Coal, Pacific National Rail, Terminals & Logistics, and Bulk & Automotive Port Services. The Pacific National Coal provides thermal coal haulage for use in power generation; and coking coal haulage for steelmaking. The Pacific National Rail segment offers intermodal rail and bulk haulage rail services, such as interstate rail freight services to the retail, manufacturing, mining, grain, construction materials, and steel making sectors. The Terminals & Logistics segment provides container services, which include lifting containers on and off ships, as well as facilitating the movement of containers on and off road and or rail. The Bulk & Automotive Port Services segment provides automotive stevedoring, vehicle processing, transport and storage, bulk and general stevedoring, port related, and infrastructure management services for bulk and general cargo. The Company is subject to environmental regulations under Australian Commonwealth and State laws and certain applicable laws in the USA.

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