Henderson Group Beneish M-Score Historical Data
The historical data trend for Henderson Group'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.
Henderson Group Beneish M-Score Chart
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Henderson Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.52 |
-2.50 |
-2.67 |
-2.62 |
-2.36 |
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Henderson Group Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.62 |
-2.60 |
-2.69 |
-2.66 |
-2.36 |
Competitive Comparison of Henderson Group's Beneish M-Score
For the Asset Management subindustry, Henderson Group'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.
Henderson Group's Beneish M-Score Distribution in the Asset Management Industry
For the Asset Management industry and Financial Services sector, Henderson Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Henderson Group's Beneish M-Score falls into.
Henderson Group 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 Henderson Group 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 * 1.2445 | + | 0.528 * 1.0067 | + | 0.404 * 0.9664 | + | 0.892 * 0.9538 | + | 0.115 * 1.1124 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0244 | + | 4.679 * -0.016255 | - | 0.327 * 0.9653 |
| = | -2.36 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $415 Mil.
Revenue was 568.5 + 521 + 516.5 + 495.8 = $2,102 Mil.
Gross Profit was 412.4 + 371.8 + 368.8 + 355.5 = $1,509 Mil.
Total Current Assets was $2,456 Mil.
Total Assets was $6,497 Mil.
Property, Plant and Equipment(Net PPE) was $44 Mil.
Depreciation, Depletion and Amortization(DDA) was $23 Mil.
Selling, General, & Admin. Expense(SGA) was $835 Mil.
Total Current Liabilities was $631 Mil.
Long-Term Debt & Capital Lease Obligation was $359 Mil.
Net Income was 121.3 + 93.5 + 89.8 + 87.4 = $392 Mil.
Non Operating Income was 36.7 + -19.3 + 13.9 + 24.7 = $56 Mil.
Cash Flow from Operations was 161.5 + 216.9 + 171.4 + -108.2 = $442 Mil.
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Total Receivables was $350 Mil.
Revenue was 515.2 + 512.9 + 555.5 + 620 = $2,204 Mil.
Gross Profit was 355.8 + 370.4 + 410.5 + 455.4 = $1,592 Mil.
Total Current Assets was $2,215 Mil.
Total Assets was $6,238 Mil.
Property, Plant and Equipment(Net PPE) was $52 Mil.
Depreciation, Depletion and Amortization(DDA) was $32 Mil.
Selling, General, & Admin. Expense(SGA) was $854 Mil.
Total Current Liabilities was $611 Mil.
Long-Term Debt & Capital Lease Obligation was $375 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) |
| = | (415.1 / 2101.8) | / | (349.7 / 2203.6) |
| = | 0.197497 | / | 0.158695 |
| | = | 1.2445 |
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) |
| = | (1592.1 / 2203.6) | / | (1508.5 / 2101.8) |
| = | 0.7225 | / | 0.717718 |
| | = | 1.0067 |
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 - (2455.6 + 44.2) / 6496.6) | / | (1 - (2214.8 + 51.8) / 6237.8) |
| = | 0.615214 | / | 0.636635 |
| | = | 0.9664 |
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 |
| = | 2101.8 | / | 2203.6 |
| | = | 0.9538 |
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)) |
| = | (31.7 / (31.7 + 51.8)) | / | (22.9 / (22.9 + 44.2)) |
| = | 0.379641 | / | 0.341282 |
| | = | 1.1124 |
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) |
| = | (834.5 / 2101.8) | / | (854.1 / 2203.6) |
| = | 0.397041 | / | 0.387593 |
| | = | 1.0244 |
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) |
| = | ((359.4 + 631) / 6496.6) | / | ((374.6 + 610.5) / 6237.8) |
| = | 0.152449 | / | 0.157924 |
| | = | 0.9653 |
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 |
| = | (392 - 56 | - | 441.6) | / | 6496.6 |
| | = | -0.016255 |
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.
Henderson Group has a M-score of -2.36 suggests that the company is unlikely to be a manipulator.
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