International Distributions Services (International Distributions Services) Beneish M-Score : -3.33 (As of May. 27, 2024)

View and export this data going back to 2013. Start your Free Trial

What is International Distributions Services 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.

Good Sign:

Beneish M-Score -3.33 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ROYMY' s Beneish M-Score Range Over the Past 10 Years
Min: -3.33 Med: -2.65 Max: -1.89
Current: -3.33

During the past 13 years, the highest Beneish M-Score of International Distributions Services was -1.89. The lowest was -3.33. And the median was -2.65.

International Distributions Services Beneish M-Score Historical Data

The historical data trend for International Distributions Services'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.

International Distributions Services Beneish M-Score Chart

International Distributions Services Annual Data

Trend

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Beneish M-Score

Get a 7-Day Free Trial

-2.98

-2.61

-2.68

-3.33

International Distributions Services Semi-Annual Data
	Sep14	Mar15	Sep15	Mar16	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.68	-	-3.33	-	-

Competitive Comparison of International Distributions Services's Beneish M-Score

For the Integrated Freight & Logistics subindustry, International Distributions Services'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.

International Distributions Services's Beneish M-Score Distribution in the Transportation Industry

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

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

International Distributions Services 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 International Distributions Services for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0647

0.528 * 0.9958

0.404 * 0.9123

0.892 * 1.1022

0.115 * 1.2156

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9931

4.679 * -0.017907

0.327 * 1.0886

-2.45

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was $2,027 Mil.
Revenue was $16,111 Mil.
Gross Profit was $7,398 Mil.
Total Current Assets was $3,741 Mil.
Total Assets was $11,424 Mil.
Property, Plant and Equipment(Net PPE) was $4,202 Mil.
Depreciation, Depletion and Amortization(DDA) was $611 Mil.
Selling, General, & Admin. Expense(SGA) was $4,943 Mil.
Total Current Liabilities was $3,629 Mil.
Long-Term Debt & Capital Lease Obligation was $2,986 Mil.
Net Income was $69 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $273 Mil.

Total Receivables was $1,727 Mil.
Revenue was $14,617 Mil.
Gross Profit was $6,683 Mil.
Total Current Assets was $3,123 Mil.
Total Assets was $10,699 Mil.
Property, Plant and Equipment(Net PPE) was $4,002 Mil.
Depreciation, Depletion and Amortization(DDA) was $731 Mil.
Selling, General, & Admin. Expense(SGA) was $4,516 Mil.
Total Current Liabilities was $3,159 Mil.
Long-Term Debt & Capital Lease Obligation was $2,532 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)
	=	(2026.684 / 16110.546)	/	(1726.942 / 14616.505)
	=	0.125799	/	0.11815
	=	1.0647

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)
	=	(6683.252 / 14616.505)	/	(7397.713 / 16110.546)
	=	0.45724	/	0.459184
	=	0.9958

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 - (3740.788 + 4202.033) / 11424.396)	/	(1 - (3122.573 + 4002.427) / 10699.029)
	=	0.304749	/	0.334052
	=	0.9123

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
	=	16110.546	/	14616.505
	=	1.1022

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))
	=	(730.583 / (730.583 + 4002.427))	/	(611.182 / (611.182 + 4202.033))
	=	0.154359	/	0.12698
	=	1.2156

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)
	=	(4942.821 / 16110.546)	/	(4515.777 / 14616.505)
	=	0.306807	/	0.308951
	=	0.9931

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)
	=	((2986.023 + 3628.971) / 11424.396)	/	((2531.553 + 3158.981) / 10699.029)
	=	0.579024	/	0.531874
	=	1.0886

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
	=	(68.615 - 0	-	273.189)	/	11424.396
	=	-0.017907

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.

International Distributions Services has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.

International Distributions Services Beneish M-Score Related Terms

Thank you for viewing the detailed overview of International Distributions Services's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

International Distributions Services (International Distributions Services) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » International Distributions Services PLC (OTCPK:ROYMY) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

ROYMF:USA IDSl:UK IDS:UK RYE:Germany

Address

185 Farringdon Road, London, GBR, EC1A 1AA

Website

https://www.royalmailgroup.com

International Distributions Services is a postal and delivery service company domiciled in the United Kingdom. It delivers parcels and letters, produces stamps, and provides marketing services under the Royal Mail and Parcelforce brands. It organizes itself into two segments, based on geography: Royal Mail U.K. operations and GLS non-U.K. operations. Royal Mail derives the majority of revenue from U.K. operations, the company's domestic business. Non-U.K. operations principally include operations across Europe and the United States.