Phoenix Group Beneish M-Score Historical Data
The historical data trend for Phoenix Group'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.
Phoenix Group Beneish M-Score Chart
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Phoenix Group Annual Data
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Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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Phoenix Group Quarterly Data
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Dec21 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-0.09 |
Competitive Comparison of Phoenix Group's Beneish M-Score
For the Electronics & Computer Distribution subindustry, Phoenix Group'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.
Phoenix Group's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Phoenix Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Phoenix Group's Beneish M-Score falls into.
Phoenix Group 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 Phoenix Group 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 * 0.6389 | + | 0.528 * 1.1002 | + | 0.404 * 1.4712 | + | 0.892 * 1.1953 | + | 0.115 * 0.1607 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.9366 | + | 4.679 * 0.502761 | - | 0.327 * 0.3542 |
| = | -0.09 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was د.إ190 Mil.
Revenue was 573.409 + 441.275 + 253.19 + 805.923 = د.إ2,074 Mil.
Gross Profit was 183.692 + 171.63 + 85.501 + 223.508 = د.إ664 Mil.
Total Current Assets was د.إ1,842 Mil.
Total Assets was د.إ3,591 Mil.
Property, Plant and Equipment(Net PPE) was د.إ782 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ29 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ138 Mil.
Total Current Liabilities was د.إ359 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ13 Mil.
Net Income was 623.836 + 449.157 + 242.971 + 409.452 = د.إ1,725 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = د.إ0 Mil.
Cash Flow from Operations was 816.909 + 96.678 + -507.32 + -486.064 = د.إ-80 Mil.
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Total Receivables was د.إ249 Mil.
Revenue was 843.248 + 590.65 + 300.998 + 0 = د.إ1,735 Mil.
Gross Profit was 304.664 + 201.778 + 105.038 + 0 = د.إ611 Mil.
Total Current Assets was د.إ834 Mil.
Total Assets was د.إ1,448 Mil.
Property, Plant and Equipment(Net PPE) was د.إ349 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ2 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ60 Mil.
Total Current Liabilities was د.إ408 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ15 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) |
| = | (190.384 / 2073.797) | / | (249.282 / 1734.896) |
| = | 0.091805 | / | 0.143687 |
| | = | 0.6389 |
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) |
| = | (611.48 / 1734.896) | / | (664.331 / 2073.797) |
| = | 0.352459 | / | 0.320345 |
| | = | 1.1002 |
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 - (1841.616 + 781.6) / 3590.601) | / | (1 - (833.808 + 348.622) / 1447.521) |
| = | 0.269421 | / | 0.183134 |
| | = | 1.4712 |
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 |
| = | 2073.797 | / | 1734.896 |
| | = | 1.1953 |
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)) |
| = | (2.027 / (2.027 + 348.622)) | / | (29.164 / (29.164 + 781.6)) |
| = | 0.005781 | / | 0.035971 |
| | = | 0.1607 |
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) |
| = | (138.165 / 2073.797) | / | (59.684 / 1734.896) |
| = | 0.066624 | / | 0.034402 |
| | = | 1.9366 |
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) |
| = | ((13.476 + 358.565) / 3590.601) | / | ((15.126 + 408.339) / 1447.521) |
| = | 0.103615 | / | 0.292545 |
| | = | 0.3542 |
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 |
| = | (1725.416 - 0 | - | -79.797) | / | 3590.601 |
| | = | 0.502761 |
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.
Phoenix Group has a M-score of -0.09 signals that the company is likely to be a manipulator.
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