Aforti Holding Beneish M-Score Historical Data
The historical data trend for Aforti Holding'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.
Aforti Holding Beneish M-Score Chart
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Aforti Holding Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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-0.24 |
0.84 |
0.81 |
-1.06 |
-2.41 |
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Aforti Holding Quarterly Data
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Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Mar23 |
Jun23 |
Sep23 |
Mar24 |
| Beneish M-Score |
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-3.76 |
-3.05 |
-3.55 |
-3.67 |
-4.35 |
Competitive Comparison of Aforti Holding's Beneish M-Score
For the Specialty Business Services subindustry, Aforti Holding'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.
Aforti Holding's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Aforti Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Aforti Holding's Beneish M-Score falls into.
Aforti Holding 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 Aforti Holding 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 * 0.7033 | + | 0.528 * 0.2174 | + | 0.404 * 1.2579 | + | 0.892 * 0.6649 | + | 0.115 * 1.4309 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.3342 | + | 4.679 * -0.195626 | - | 0.327 * 1.7128 |
| = | -4.35 |
* 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 (Sep22) TTM: |
Total Receivables was zł39.0 Mil.
Revenue was 187.264 + 256.186 + 533.6 + 775.239 = zł1,752.3 Mil.
Gross Profit was 5.338 + 3.013 + 3.489 + 3.335 = zł15.2 Mil.
Total Current Assets was zł42.9 Mil.
Total Assets was zł124.7 Mil.
Property, Plant and Equipment(Net PPE) was zł1.1 Mil.
Depreciation, Depletion and Amortization(DDA) was zł1.0 Mil.
Selling, General, & Admin. Expense(SGA) was zł2.8 Mil.
Total Current Liabilities was zł165.3 Mil.
Long-Term Debt & Capital Lease Obligation was zł141.2 Mil.
Net Income was -7.288 + 0.429 + -6.651 + -7.152 = zł-20.7 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.0 Mil.
Cash Flow from Operations was 0.976 + 3.126 + 4.727 + -5.106 = zł3.7 Mil.
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Total Receivables was zł83.4 Mil.
Revenue was 757.394 + 674.921 + 535.812 + 667.468 = zł2,635.6 Mil.
Gross Profit was 1.829 + 2.055 + 1.374 + -0.296 = zł5.0 Mil.
Total Current Assets was zł92.2 Mil.
Total Assets was zł190.8 Mil.
Property, Plant and Equipment(Net PPE) was zł0.5 Mil.
Depreciation, Depletion and Amortization(DDA) was zł1.0 Mil.
Selling, General, & Admin. Expense(SGA) was zł12.6 Mil.
Total Current Liabilities was zł85.7 Mil.
Long-Term Debt & Capital Lease Obligation was zł188.3 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) |
| = | (38.978 / 1752.289) | / | (83.357 / 2635.595) |
| = | 0.022244 | / | 0.031627 |
| | = | 0.7033 |
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) |
| = | (4.962 / 2635.595) | / | (15.175 / 1752.289) |
| = | 0.001883 | / | 0.00866 |
| | = | 0.2174 |
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 - (42.925 + 1.148) / 124.651) | / | (1 - (92.233 + 0.523) / 190.818) |
| = | 0.646429 | / | 0.513903 |
| | = | 1.2579 |
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 |
| = | 1752.289 | / | 2635.595 |
| | = | 0.6649 |
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)) |
| = | (1.009 / (1.009 + 0.523)) | / | (0.979 / (0.979 + 1.148)) |
| = | 0.658616 | / | 0.460273 |
| | = | 1.4309 |
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) |
| = | (2.802 / 1752.289) | / | (12.609 / 2635.595) |
| = | 0.001599 | / | 0.004784 |
| | = | 0.3342 |
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) |
| = | ((141.16 + 165.334) / 124.651) | / | ((188.256 + 85.672) / 190.818) |
| = | 2.458817 | / | 1.435546 |
| | = | 1.7128 |
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 |
| = | (-20.662 - 0 | - | 3.723) | / | 124.651 |
| | = | -0.195626 |
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.
Aforti Holding has a M-score of -4.35 suggests that the company is unlikely to be a manipulator.
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