Abu Dhabi Aviation Co Beneish M-Score Historical Data
The historical data trend for Abu Dhabi Aviation Co'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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Abu Dhabi Aviation Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.50 |
-2.36 |
-2.76 |
-2.37 |
-2.11 |
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Abu Dhabi Aviation Co 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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-2.37 |
-2.22 |
-2.36 |
-2.38 |
-2.11 |
Competitive Comparison
For the Airports & Air Services subindustry, Abu Dhabi Aviation Co'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.
Abu Dhabi Aviation Co Beneish M-Score Distribution
For the Transportation industry and Industrials sector, Abu Dhabi Aviation Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Abu Dhabi Aviation Co's Beneish M-Score falls into.
Abu Dhabi Aviation Co 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 Abu Dhabi Aviation Co 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 * 0.9942 | + | 0.528 * 1.1138 | + | 0.404 * 0.9458 | + | 0.892 * 1.2904 | + | 0.115 * 1.0247 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9879 | + | 4.679 * 0.013592 | - | 0.327 * 0.9798 |
| = | -2.11 |
* 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 د.إ1,311 Mil.
Revenue was 725.234 + 720.054 + 547.439 + 622.363 = د.إ2,615 Mil.
Gross Profit was 198.134 + 176.498 + 170.986 + 155.226 = د.إ701 Mil.
Total Current Assets was د.إ2,686 Mil.
Total Assets was د.إ6,046 Mil.
Property, Plant and Equipment(Net PPE) was د.إ2,432 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ147 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ84 Mil.
Total Current Liabilities was د.إ807 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ504 Mil.
Net Income was 85.794 + 134.808 + 102.061 + 84.732 = د.إ407 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = د.إ0 Mil.
Cash Flow from Operations was 191.659 + 79.946 + 178.157 + -124.546 = د.إ325 Mil.
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Total Receivables was د.إ1,022 Mil.
Revenue was 631.326 + 543.437 + 432.675 + 419.062 = د.إ2,027 Mil.
Gross Profit was 179.988 + 179.466 + 126.863 + 118.584 = د.إ605 Mil.
Total Current Assets was د.إ2,276 Mil.
Total Assets was د.إ5,591 Mil.
Property, Plant and Equipment(Net PPE) was د.إ2,408 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ149 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ66 Mil.
Total Current Liabilities was د.إ710 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ527 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) |
| = | (1311.48 / 2615.09) | / | (1022.232 / 2026.5) |
| = | 0.501505 | / | 0.504432 |
| | = | 0.9942 |
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) |
| = | (604.901 / 2026.5) | / | (700.844 / 2615.09) |
| = | 0.298495 | / | 0.268 |
| | = | 1.1138 |
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 - (2686.028 + 2432.446) / 6045.934) | / | (1 - (2275.816 + 2408.354) / 5590.979) |
| = | 0.153402 | / | 0.162191 |
| | = | 0.9458 |
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 |
| = | 2615.09 | / | 2026.5 |
| | = | 1.2904 |
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)) |
| = | (149.162 / (149.162 + 2408.354)) | / | (146.802 / (146.802 + 2432.446)) |
| = | 0.058323 | / | 0.056917 |
| | = | 1.0247 |
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) |
| = | (84.282 / 2615.09) | / | (66.111 / 2026.5) |
| = | 0.032229 | / | 0.032623 |
| | = | 0.9879 |
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) |
| = | ((503.799 + 807.206) / 6045.934) | / | ((527.493 + 709.837) / 5590.979) |
| = | 0.216841 | / | 0.221308 |
| | = | 0.9798 |
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 |
| = | (407.395 - 0 | - | 325.216) | / | 6045.934 |
| | = | 0.013592 |
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.
Abu Dhabi Aviation Co has a M-score of -2.11 suggests that the company is unlikely to be a manipulator.
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