Alujain Beneish M-Score Historical Data
The historical data trend for Alujain'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.
Alujain Beneish M-Score Chart
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Alujain Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.13 |
17.44 |
14.01 |
-1.11 |
-3.35 |
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Alujain Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.08 |
-2.39 |
-2.52 |
-3.35 |
-3.14 |
Competitive Comparison of Alujain's Beneish M-Score
For the Specialty Chemicals subindustry, Alujain'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.
Alujain's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Alujain's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Alujain's Beneish M-Score falls into.
Alujain 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 Alujain 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 * 1.0204 | + | 0.528 * 0.8789 | + | 0.404 * 0.9516 | + | 0.892 * 0.8216 | + | 0.115 * 1.0836 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8253 | + | 4.679 * -0.085622 | - | 0.327 * 1.2259 |
| = | -3.14 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ﷼484 Mil.
Revenue was 478.208 + 175.365 + 422.438 + 401.872 = ﷼1,478 Mil.
Gross Profit was 79.247 + 22.788 + 87.543 + 78.877 = ﷼268 Mil.
Total Current Assets was ﷼1,159 Mil.
Total Assets was ﷼4,741 Mil.
Property, Plant and Equipment(Net PPE) was ﷼2,066 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼249 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼103 Mil.
Total Current Liabilities was ﷼528 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼1,105 Mil.
Net Income was 5.624 + -107.817 + 15.939 + 16.83 = ﷼-69 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ﷼0 Mil.
Cash Flow from Operations was 16.644 + 206.733 + 70.457 + 42.659 = ﷼336 Mil.
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Total Receivables was ﷼577 Mil.
Revenue was 397.058 + 453.732 + 373.439 + 574.639 = ﷼1,799 Mil.
Gross Profit was 43.639 + 73.624 + 25.652 + 144.285 = ﷼287 Mil.
Total Current Assets was ﷼1,243 Mil.
Total Assets was ﷼4,846 Mil.
Property, Plant and Equipment(Net PPE) was ﷼1,975 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼260 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼152 Mil.
Total Current Liabilities was ﷼547 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼815 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) |
| = | (483.688 / 1477.883) | / | (576.956 / 1798.868) |
| = | 0.327284 | / | 0.320733 |
| | = | 1.0204 |
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) |
| = | (287.2 / 1798.868) | / | (268.455 / 1477.883) |
| = | 0.159656 | / | 0.181648 |
| | = | 0.8789 |
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 - (1159.141 + 2066.315) / 4740.82) | / | (1 - (1243.203 + 1975.122) / 4846.17) |
| = | 0.319642 | / | 0.335903 |
| | = | 0.9516 |
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 |
| = | 1477.883 | / | 1798.868 |
| | = | 0.8216 |
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)) |
| = | (260.117 / (260.117 + 1975.122)) | / | (248.61 / (248.61 + 2066.315)) |
| = | 0.116371 | / | 0.107394 |
| | = | 1.0836 |
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) |
| = | (103.316 / 1477.883) | / | (152.372 / 1798.868) |
| = | 0.069908 | / | 0.084704 |
| | = | 0.8253 |
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) |
| = | ((1105.374 + 528.016) / 4740.82) | / | ((814.796 + 547.255) / 4846.17) |
| = | 0.344537 | / | 0.281057 |
| | = | 1.2259 |
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 |
| = | (-69.424 - 0 | - | 336.493) | / | 4740.82 |
| | = | -0.085622 |
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.
Alujain has a M-score of -3.14 suggests that the company is unlikely to be a manipulator.
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