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
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AlTi Global Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-2.72 |
0.98 |
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AlTi Global Quarterly Data
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Dec19 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-0.39 |
1.23 |
1.46 |
0.98 |
-2.02 |
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 * 0.5495 | + | 0.528 * 0.4729 | + | 0.404 * 0.8574 | + | 0.892 * 2.1196 | + | 0.115 * 0.7303 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.012 | + | 4.679 * 0.076196 | - | 0.327 * 1.3361 |
| = | -2.02 |
* 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 $71.8 Mil.
Revenue was 50.812 + 91.708 + 49.244 + 51.881 = $243.6 Mil.
Gross Profit was 11.255 + 22.049 + 10.659 + 19.245 = $63.2 Mil.
Total Current Assets was $229.4 Mil.
Total Assets was $1,299.9 Mil.
Property, Plant and Equipment(Net PPE) was $51.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $15.1 Mil.
Selling, General, & Admin. Expense(SGA) was $108.1 Mil.
Total Current Liabilities was $41.7 Mil.
Long-Term Debt & Capital Lease Obligation was $241.1 Mil.
Net Income was 29.349 + -48.587 + -88.721 + 43.442 = $-64.5 Mil.
Non Operating Income was 41.356 + -52.361 + -145.543 + 29.114 = $-127.4 Mil.
Cash Flow from Operations was -15.472 + -0.705 + -14.51 + -5.446 = $-36.1 Mil.
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Total Receivables was $61.6 Mil.
Revenue was 58.047 + 19.427 + 18.583 + 18.892 = $114.9 Mil.
Gross Profit was -5.125 + 5.661 + 6.535 + 7.031 = $14.1 Mil.
Total Current Assets was $89.9 Mil.
Total Assets was $1,416.2 Mil.
Property, Plant and Equipment(Net PPE) was $31.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $6.2 Mil.
Selling, General, & Admin. Expense(SGA) was $50.4 Mil.
Total Current Liabilities was $68.9 Mil.
Long-Term Debt & Capital Lease Obligation was $161.7 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) |
| = | (71.787 / 243.645) | / | (61.63 / 114.949) |
| = | 0.294638 | / | 0.536151 |
| | = | 0.5495 |
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) |
| = | (14.102 / 114.949) | / | (63.208 / 243.645) |
| = | 0.12268 | / | 0.259427 |
| | = | 0.4729 |
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 - (229.431 + 51.508) / 1299.938) | / | (1 - (89.893 + 31.501) / 1416.152) |
| = | 0.783883 | / | 0.914279 |
| | = | 0.8574 |
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 |
| = | 243.645 | / | 114.949 |
| | = | 2.1196 |
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)) |
| = | (6.246 / (6.246 + 31.501)) | / | (15.089 / (15.089 + 51.508)) |
| = | 0.16547 | / | 0.226572 |
| | = | 0.7303 |
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) |
| = | (108.075 / 243.645) | / | (50.383 / 114.949) |
| = | 0.443576 | / | 0.438307 |
| | = | 1.012 |
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) |
| = | ((241.139 + 41.726) / 1299.938) | / | ((161.706 + 68.926) / 1416.152) |
| = | 0.217599 | / | 0.162858 |
| | = | 1.3361 |
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 |
| = | (-64.517 - -127.434 | - | -36.133) | / | 1299.938 |
| | = | 0.076196 |
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 -2.02 suggests that the company is unlikely to be a manipulator.
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