AGF Management Beneish M-Score Historical Data
The historical data trend for AGF Management'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.
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AGF Management Annual Data
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Trend |
Nov14 |
Nov15 |
Nov16 |
Nov17 |
Nov18 |
Nov19 |
Nov20 |
Nov21 |
Nov22 |
Nov23 |
| Beneish M-Score |
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-2.29 |
-2.05 |
-2.28 |
-2.73 |
-2.66 |
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AGF Management Quarterly Data
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May19 |
Aug19 |
Nov19 |
Feb20 |
May20 |
Aug20 |
Nov20 |
Feb21 |
May21 |
Aug21 |
Nov21 |
Feb22 |
May22 |
Aug22 |
Nov22 |
Feb23 |
May23 |
Aug23 |
Nov23 |
Feb24 |
| Beneish M-Score |
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-2.87 |
-2.86 |
-2.59 |
-2.66 |
-2.49 |
Competitive Comparison
For the Asset Management subindustry, AGF Management'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.
AGF Management Beneish M-Score Distribution
For the Asset Management industry and Financial Services sector, AGF Management's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where AGF Management's Beneish M-Score falls into.
AGF Management 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 AGF Management 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 * 1.1479 | + | 0.528 * 0.9336 | + | 0.404 * 1.0023 | + | 0.892 * 0.9896 | + | 0.115 * 1.2539 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0991 | + | 4.679 * -0.021191 | - | 0.327 * 1.0346 |
| = | -2.49 |
* 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 (Feb24) TTM: | Last Year (Feb23) TTM: |
Total Receivables was $39.9 Mil.
Revenue was 83.996 + 78.858 + 83.155 + 85.081 = $331.1 Mil.
Gross Profit was 29.801 + 29.987 + 31.006 + 31.166 = $122.0 Mil.
Total Current Assets was $75.9 Mil.
Total Assets was $1,074.9 Mil.
Property, Plant and Equipment(Net PPE) was $72.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $6.7 Mil.
Selling, General, & Admin. Expense(SGA) was $47.3 Mil.
Total Current Liabilities was $43.9 Mil.
Long-Term Debt & Capital Lease Obligation was $86.7 Mil.
Net Income was 22.628 + 12.281 + 17.074 + 22.407 = $74.4 Mil.
Non Operating Income was 18.005 + 2.841 + 6.017 + 12.232 = $39.1 Mil.
Cash Flow from Operations was -19.224 + 26.885 + 30.835 + 19.577 = $58.1 Mil.
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Total Receivables was $35.2 Mil.
Revenue was 82.424 + 79.878 + 83.654 + 88.613 = $334.6 Mil.
Gross Profit was 29.084 + 30.556 + 32.622 + 22.796 = $115.1 Mil.
Total Current Assets was $69.1 Mil.
Total Assets was $1,012.1 Mil.
Property, Plant and Equipment(Net PPE) was $72.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $8.6 Mil.
Selling, General, & Admin. Expense(SGA) was $43.5 Mil.
Total Current Liabilities was $37.8 Mil.
Long-Term Debt & Capital Lease Obligation was $81.1 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) |
| = | (39.941 / 331.09) | / | (35.161 / 334.569) |
| = | 0.120635 | / | 0.105093 |
| | = | 1.1479 |
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) |
| = | (115.058 / 334.569) | / | (121.96 / 331.09) |
| = | 0.343899 | / | 0.368359 |
| | = | 0.9336 |
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 - (75.87 + 72.503) / 1074.897) | / | (1 - (69.071 + 72.627) / 1012.115) |
| = | 0.861965 | / | 0.859998 |
| | = | 1.0023 |
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 |
| = | 331.09 | / | 334.569 |
| | = | 0.9896 |
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)) |
| = | (8.643 / (8.643 + 72.627)) | / | (6.719 / (6.719 + 72.503)) |
| = | 0.106349 | / | 0.084812 |
| | = | 1.2539 |
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) |
| = | (47.316 / 331.09) | / | (43.501 / 334.569) |
| = | 0.14291 | / | 0.130021 |
| | = | 1.0991 |
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) |
| = | ((86.678 + 43.931) / 1074.897) | / | ((81.066 + 37.799) / 1012.115) |
| = | 0.121508 | / | 0.117442 |
| | = | 1.0346 |
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 |
| = | (74.39 - 39.095 | - | 58.073) | / | 1074.897 |
| | = | -0.021191 |
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.
AGF Management has a M-score of -2.49 suggests that the company is unlikely to be a manipulator.
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