Develia Beneish M-Score Historical Data
The historical data trend for Develia'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.
Develia Beneish M-Score Chart
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Develia Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.61 |
-3.74 |
-0.49 |
-3.08 |
-0.06 |
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Develia 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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-3.08 |
-2.19 |
-1.84 |
-1.30 |
-0.06 |
Competitive Comparison of Develia's Beneish M-Score
For the Real Estate - Development subindustry, Develia'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.
Develia's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Develia's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Develia's Beneish M-Score falls into.
Develia 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 Develia 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 * 3.1466 | + | 0.528 * 1.1275 | + | 0.404 * 0.5474 | + | 0.892 * 1.5056 | + | 0.115 * 1.1484 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1939 | + | 4.679 * 0.037933 | - | 0.327 * 1.1718 |
| = | -0.06 |
* 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 zł97 Mil.
Revenue was 821.665 + 366.963 + 161.973 + 257.224 = zł1,608 Mil.
Gross Profit was 245.196 + 87.052 + 60.607 + 90.244 = zł483 Mil.
Total Current Assets was zł3,182 Mil.
Total Assets was zł3,808 Mil.
Property, Plant and Equipment(Net PPE) was zł10 Mil.
Depreciation, Depletion and Amortization(DDA) was zł3 Mil.
Selling, General, & Admin. Expense(SGA) was zł135 Mil.
Total Current Liabilities was zł1,552 Mil.
Long-Term Debt & Capital Lease Obligation was zł616 Mil.
Net Income was 150.75 + 45.347 + 21.137 + 58.389 = zł276 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0 Mil.
Cash Flow from Operations was -67.663 + 143.44 + -58.995 + 114.391 = zł131 Mil.
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Total Receivables was zł20 Mil.
Revenue was 747.622 + 200.474 + 22.264 + 97.559 = zł1,068 Mil.
Gross Profit was 278.241 + 44.463 + 9.781 + 29.314 = zł362 Mil.
Total Current Assets was zł2,066 Mil.
Total Assets was zł2,941 Mil.
Property, Plant and Equipment(Net PPE) was zł6 Mil.
Depreciation, Depletion and Amortization(DDA) was zł2 Mil.
Selling, General, & Admin. Expense(SGA) was zł75 Mil.
Total Current Liabilities was zł1,033 Mil.
Long-Term Debt & Capital Lease Obligation was zł396 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) |
| = | (97.08 / 1607.825) | / | (20.492 / 1067.919) |
| = | 0.06038 | / | 0.019189 |
| | = | 3.1466 |
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) |
| = | (361.799 / 1067.919) | / | (483.099 / 1607.825) |
| = | 0.338789 | / | 0.300467 |
| | = | 1.1275 |
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 - (3181.553 + 10.409) / 3808.066) | / | (1 - (2066.106 + 5.959) / 2941.381) |
| = | 0.161789 | / | 0.295547 |
| | = | 0.5474 |
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 |
| = | 1607.825 | / | 1067.919 |
| | = | 1.5056 |
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)) |
| = | (2.026 / (2.026 + 5.959)) | / | (2.952 / (2.952 + 10.409)) |
| = | 0.253726 | / | 0.220942 |
| | = | 1.1484 |
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) |
| = | (134.722 / 1607.825) | / | (74.951 / 1067.919) |
| = | 0.083791 | / | 0.070184 |
| | = | 1.1939 |
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) |
| = | ((615.899 + 1551.887) / 3808.066) | / | ((395.524 + 1033.353) / 2941.381) |
| = | 0.569262 | / | 0.485784 |
| | = | 1.1718 |
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 |
| = | (275.623 - 0 | - | 131.173) | / | 3808.066 |
| | = | 0.037933 |
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.
Develia has a M-score of -0.06 signals that the company is likely to be a manipulator.
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