LB Investment Beneish M-Score Historical Data
The historical data trend for LB Investment'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.
LB Investment Beneish M-Score Chart
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LB Investment Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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- |
- |
- |
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LB Investment Quarterly Data
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Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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- |
- |
-3.53 |
-2.57 |
-3.53 |
Competitive Comparison of LB Investment's Beneish M-Score
For the Shell Companies subindustry, LB Investment'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.
LB Investment's Beneish M-Score Distribution in the Diversified Financial Services Industry
For the Diversified Financial Services industry and Financial Services sector, LB Investment's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where LB Investment's Beneish M-Score falls into.
LB Investment 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 LB Investment 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 * 0.5301 | + | 0.528 * 1.1107 | + | 0.404 * 1.0064 | + | 0.892 * 1.353 | + | 0.115 * 0.7969 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9048 | + | 4.679 * 0.068599 | - | 0.327 * 4.9959 |
| = | -3.53 |
* 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 ₩3,516 Mil.
Revenue was 5354.234 + 9387.406 + 5280.978 + 7399.884 = ₩27,423 Mil.
Gross Profit was 4044.608 + 8120.865 + 5280.978 + 4978.607 = ₩22,425 Mil.
Total Current Assets was ₩31,716 Mil.
Total Assets was ₩125,331 Mil.
Property, Plant and Equipment(Net PPE) was ₩1,355 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩739 Mil.
Selling, General, & Admin. Expense(SGA) was ₩5,328 Mil.
Total Current Liabilities was ₩7,413 Mil.
Long-Term Debt & Capital Lease Obligation was ₩0 Mil.
Net Income was 426.416 + 2402.1 + 982.669 + 1430.367 = ₩5,242 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -199.221 + 8822.769 + -6203.935 + -5775.639 = ₩-3,356 Mil.
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Total Receivables was ₩4,902 Mil.
Revenue was 5513.92 + 1210.87 + 9788.865 + 3754.368 = ₩20,268 Mil.
Gross Profit was 5189.498 + 80.679 + 9788.865 + 3350.649 = ₩18,410 Mil.
Total Current Assets was ₩30,454 Mil.
Total Assets was ₩120,414 Mil.
Property, Plant and Equipment(Net PPE) was ₩1,886 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩737 Mil.
Selling, General, & Admin. Expense(SGA) was ₩4,352 Mil.
Total Current Liabilities was ₩1,426 Mil.
Long-Term Debt & Capital Lease Obligation was ₩0 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) |
| = | (3515.672 / 27422.502) | / | (4902.087 / 20268.023) |
| = | 0.128204 | / | 0.241863 |
| | = | 0.5301 |
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) |
| = | (18409.691 / 20268.023) | / | (22425.058 / 27422.502) |
| = | 0.908312 | / | 0.817761 |
| | = | 1.1107 |
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 - (31715.712 + 1355.237) / 125331.017) | / | (1 - (30453.947 + 1885.995) / 120414.377) |
| = | 0.736131 | / | 0.731428 |
| | = | 1.0064 |
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 |
| = | 27422.502 | / | 20268.023 |
| | = | 1.353 |
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)) |
| = | (737.421 / (737.421 + 1885.995)) | / | (738.55 / (738.55 + 1355.237)) |
| = | 0.281092 | / | 0.352734 |
| | = | 0.7969 |
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) |
| = | (5327.599 / 27422.502) | / | (4352.063 / 20268.023) |
| = | 0.194278 | / | 0.214726 |
| | = | 0.9048 |
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 + 7412.991) / 125331.017) | / | ((0 + 1425.559) / 120414.377) |
| = | 0.059147 | / | 0.011839 |
| | = | 4.9959 |
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 |
| = | (5241.552 - 0 | - | -3356.026) | / | 125331.017 |
| | = | 0.068599 |
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.
LB Investment has a M-score of -3.53 suggests that the company is unlikely to be a manipulator.
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