Avgol Industries 1953 Beneish M-Score Historical Data
The historical data trend for Avgol Industries 1953'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.
Avgol Industries 1953 Beneish M-Score Chart
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Avgol Industries 1953 Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.48 |
-3.71 |
-1.77 |
-2.87 |
-2.80 |
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Avgol Industries 1953 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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-3.20 |
-3.07 |
-3.07 |
-2.80 |
-2.47 |
Competitive Comparison of Avgol Industries 1953's Beneish M-Score
For the Textile Manufacturing subindustry, Avgol Industries 1953'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.
Avgol Industries 1953's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Avgol Industries 1953's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Avgol Industries 1953's Beneish M-Score falls into.
Avgol Industries 1953 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 Avgol Industries 1953 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 * 1.2231 | + | 0.528 * 1.1697 | + | 0.404 * 1.2929 | + | 0.892 * 0.8275 | + | 0.115 * 1.0118 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9332 | + | 4.679 * -0.056674 | - | 0.327 * 1.0037 |
| = | -2.47 |
* 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 ₪149 Mil.
Revenue was 317.2 + 291.383 + 294.346 + 287.017 = ₪1,190 Mil.
Gross Profit was 39.852 + 33.296 + 49.701 + 39.848 = ₪163 Mil.
Total Current Assets was ₪449 Mil.
Total Assets was ₪1,632 Mil.
Property, Plant and Equipment(Net PPE) was ₪1,134 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪95 Mil.
Selling, General, & Admin. Expense(SGA) was ₪50 Mil.
Total Current Liabilities was ₪441 Mil.
Long-Term Debt & Capital Lease Obligation was ₪392 Mil.
Net Income was 1.1 + -6.633 + 12.708 + 5.584 = ₪13 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₪0 Mil.
Cash Flow from Operations was 44.795 + 31.555 + 18.641 + 10.281 = ₪105 Mil.
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Total Receivables was ₪147 Mil.
Revenue was 293.473 + 375.906 + 402.646 + 366.057 = ₪1,438 Mil.
Gross Profit was 43.482 + 69.87 + 67.56 + 49.07 = ₪230 Mil.
Total Current Assets was ₪512 Mil.
Total Assets was ₪1,694 Mil.
Property, Plant and Equipment(Net PPE) was ₪1,143 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪97 Mil.
Selling, General, & Admin. Expense(SGA) was ₪65 Mil.
Total Current Liabilities was ₪470 Mil.
Long-Term Debt & Capital Lease Obligation was ₪391 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) |
| = | (149.223 / 1189.946) | / | (147.441 / 1438.082) |
| = | 0.125403 | / | 0.102526 |
| | = | 1.2231 |
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) |
| = | (229.982 / 1438.082) | / | (162.697 / 1189.946) |
| = | 0.159923 | / | 0.136726 |
| | = | 1.1697 |
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 - (449.219 + 1134.045) / 1632.371) | / | (1 - (511.712 + 1143.003) / 1694.134) |
| = | 0.030083 | / | 0.023268 |
| | = | 1.2929 |
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 |
| = | 1189.946 | / | 1438.082 |
| | = | 0.8275 |
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)) |
| = | (97.476 / (97.476 + 1143.003)) | / | (95.491 / (95.491 + 1134.045)) |
| = | 0.078579 | / | 0.077664 |
| | = | 1.0118 |
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) |
| = | (50.261 / 1189.946) | / | (65.089 / 1438.082) |
| = | 0.042238 | / | 0.045261 |
| | = | 0.9332 |
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) |
| = | ((391.529 + 440.899) / 1632.371) | / | ((391.052 + 469.711) / 1694.134) |
| = | 0.50995 | / | 0.508084 |
| | = | 1.0037 |
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 |
| = | (12.759 - 0 | - | 105.272) | / | 1632.371 |
| | = | -0.056674 |
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.
Avgol Industries 1953 has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.
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