AlTi Global Beneish M-Score Historical Data
The historical data trend for AlTi Global'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.
AlTi Global Beneish M-Score Chart
|
AlTi Global Annual Data
|
|
Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
- |
- |
-2.72 |
1.11 |
-2.52 |
|
AlTi Global Quarterly Data
|
|
Dec19 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
1.11 |
-2.01 |
-2.04 |
-2.21 |
-2.52 |
Competitive Comparison of AlTi Global's Beneish M-Score
For the Asset Management subindustry, AlTi Global'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.
AlTi Global's Beneish M-Score Distribution in the Asset Management Industry
For the Asset Management industry and Financial Services sector, AlTi Global's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where AlTi Global's Beneish M-Score falls into.
AlTi Global 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 AlTi Global 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 * 0.7765 | + | 0.528 * 0.8746 | + | 0.404 * 1.024 | + | 0.892 * 0.8381 | + | 0.115 * 1.3994 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0795 | + | 4.679 * 0.031392 | - | 0.327 * 0.4328 |
| = | -2.52 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $68.6 Mil.
Revenue was 53.327 + 53.343 + 49.453 + 50.812 = $206.9 Mil.
Gross Profit was 2.358 + 12.873 + 10.56 + 11.255 = $37.0 Mil.
Total Current Assets was $143.2 Mil.
Total Assets was $1,255.8 Mil.
Property, Plant and Equipment(Net PPE) was $66.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $14.6 Mil.
Selling, General, & Admin. Expense(SGA) was $104.0 Mil.
Total Current Liabilities was $78.1 Mil.
Long-Term Debt & Capital Lease Obligation was $63.1 Mil.
Net Income was -57.751 + -68.638 + -5.994 + 29.349 = $-103.0 Mil.
Non Operating Income was -40.323 + -102.366 + 9.528 + 41.356 = $-91.8 Mil.
Cash Flow from Operations was -0.056 + -4.94 + -30.184 + -15.472 = $-50.7 Mil.
|
Total Receivables was $105.4 Mil.
Revenue was 89.399 + 48.186 + 51.285 + 58.047 = $246.9 Mil.
Gross Profit was 18.277 + 8.177 + 17.333 + -5.125 = $38.7 Mil.
Total Current Assets was $185.4 Mil.
Total Assets was $1,266.3 Mil.
Property, Plant and Equipment(Net PPE) was $50.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $17.0 Mil.
Selling, General, & Admin. Expense(SGA) was $115.0 Mil.
Total Current Liabilities was $86.3 Mil.
Long-Term Debt & Capital Lease Obligation was $242.5 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) |
| = | (68.603 / 206.935) | / | (105.413 / 246.917) |
| = | 0.33152 | / | 0.426917 |
| | = | 0.7765 |
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) |
| = | (38.662 / 246.917) | / | (37.046 / 206.935) |
| = | 0.156579 | / | 0.179022 |
| | = | 0.8746 |
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 - (143.213 + 66.577) / 1255.833) | / | (1 - (185.44 + 50.845) / 1266.297) |
| = | 0.832948 | / | 0.813405 |
| | = | 1.024 |
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 |
| = | 206.935 | / | 246.917 |
| | = | 0.8381 |
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)) |
| = | (17.039 / (17.039 + 50.845)) | / | (14.552 / (14.552 + 66.577)) |
| = | 0.251002 | / | 0.179369 |
| | = | 1.3994 |
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) |
| = | (104.004 / 206.935) | / | (114.956 / 246.917) |
| = | 0.502593 | / | 0.465565 |
| | = | 1.0795 |
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) |
| = | ((63.055 + 78.051) / 1255.833) | / | ((242.476 + 86.28) / 1266.297) |
| = | 0.11236 | / | 0.25962 |
| | = | 0.4328 |
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 |
| = | (-103.034 - -91.805 | - | -50.652) | / | 1255.833 |
| | = | 0.031392 |
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.
AlTi Global has a M-score of -2.52 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
ALTI has been successfully added to your