Hornigold Reit (WAR:HRL) Beneish M-Score : 17.17 (As of Jun. 10, 2024)

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What is Hornigold Reit 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.

Warning Sign:

Beneish M-Score 17.17 higher than -1.78, which implies that the company might have manipulated its financial results.

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

WAR:HRL' s Beneish M-Score Range Over the Past 10 Years
Min: -115.42 Med: -1.56 Max: 220.41
Current: 17.17

During the past 11 years, the highest Beneish M-Score of Hornigold Reit was 220.41. The lowest was -115.42. And the median was -1.56.

Hornigold Reit Beneish M-Score Historical Data

The historical data trend for Hornigold Reit'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.

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Hornigold Reit Beneish M-Score Chart

Hornigold Reit Annual Data

Trend

Dec11

Dec12

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Beneish M-Score

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220.41

-4.49

-9.95

0.73

-18.22

Hornigold Reit Quarterly Data
	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Mar23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-1.14	-2.56	-	-2.88	17.17

Competitive Comparison of Hornigold Reit's Beneish M-Score

For the REIT - Residential subindustry, Hornigold Reit'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.

Hornigold Reit's Beneish M-Score Distribution in the REITs Industry

For the REITs industry and Real Estate sector, Hornigold Reit's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Hornigold Reit's Beneish M-Score falls into.

Hornigold Reit 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 Hornigold Reit 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 * 0.3188

0.528 * 0.3253

0.404 * 54.3107

0.892 * 0.3336

0.115 * 0.0144

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.6561

4.679 * -0.077813

0.327 * 0.6549

17.17

This Year (Mar24) TTM:

Last Year (Mar22) TTM:

Total Receivables was zł1.32 Mil.
Revenue was 0.002 + 0.005 + 0.85 + 0 = zł0.86 Mil.
Gross Profit was 0.002 + 0.005 + 0.623 + 0.693 = zł1.32 Mil.
Total Current Assets was zł2.36 Mil.
Total Assets was zł18.76 Mil.
Property, Plant and Equipment(Net PPE) was zł0.08 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.25 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.31 Mil.
Total Current Liabilities was zł4.41 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 Mil.
Net Income was -0.004 + -0.009 + -0.03 + -0.55 = zł-0.59 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.00 Mil.
Cash Flow from Operations was 0 + -0.01 + 0.614 + 0.263 = zł0.87 Mil.

Total Receivables was zł12.41 Mil.
Revenue was 0.538 + -1.469 + 1.32 + 2.18 = zł2.57 Mil.
Gross Profit was 0.452 + 0.655 + 0.212 + -0.029 = zł1.29 Mil.
Total Current Assets was zł13.57 Mil.
Total Assets was zł33.82 Mil.
Property, Plant and Equipment(Net PPE) was zł19.71 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.22 Mil.
Selling, General, & Admin. Expense(SGA) was zł1.40 Mil.
Total Current Liabilities was zł12.13 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 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)
	=	(1.32 / 0.857)	/	(12.41 / 2.569)
	=	1.540257	/	4.830673
	=	0.3188

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)
	=	(1.29 / 2.569)	/	(1.323 / 0.857)
	=	0.502141	/	1.543757
	=	0.3253

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 - (2.357 + 0.075) / 18.763)	/	(1 - (13.566 + 19.712) / 33.82)
	=	0.870383	/	0.016026
	=	54.3107

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
	=	0.857	/	2.569
	=	0.3336

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))
	=	(0.221 / (0.221 + 19.712))	/	(0.254 / (0.254 + 0.075))
	=	0.011087	/	0.772036
	=	0.0144

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)
	=	(0.306 / 0.857)	/	(1.398 / 2.569)
	=	0.35706	/	0.544181
	=	0.6561

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)
	=	((0 + 4.409) / 18.763)	/	((0 + 12.134) / 33.82)
	=	0.234984	/	0.358782
	=	0.6549

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
	=	(-0.593 - 0	-	0.867)	/	18.763
	=	-0.077813

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.

Hornigold Reit has a M-score of 17.17 signals that the company is likely to be a manipulator.

Hornigold Reit Beneish M-Score Related Terms

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Hornigold Reit (WAR:HRL) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » Hornigold Reit SA (WAR:HRL) » Definitions » Beneish M-Score

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Address

Ul. Moniuszki 10/1, Katowice, POL, 40-005

Website

http://www.hornigoldreit.pl

Hornigold Reit SA is a Poland based company that engages in the short-term rental of apartments. It provides apartments for rent located in renovated tenement houses in the city centers. The company has various apartments located in Grodowa, Slowackiego, Szopienice, Szopienicka, and Kopernika.