Abacus Storage King (ASX:ASK) Beneish M-Score : -0.51 (As of Apr. 05, 2025)

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What is Abacus Storage King Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Warning Sign:

Beneish M-Score -0.51 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Abacus Storage King's Beneish M-Score or its related term are showing as below:

ASX:ASK' s Beneish M-Score Range Over the Past 10 Years
Min: -0.51 Med: -0.51 Max: -0.51
Current: -0.51

During the past 3 years, the highest Beneish M-Score of Abacus Storage King was -0.51. The lowest was -0.51. And the median was -0.51.

Abacus Storage King Beneish M-Score Historical Data

The historical data trend for Abacus Storage King'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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Abacus Storage King Beneish M-Score Chart

Abacus Storage King Annual Data

Trend

Jun21

Jun22

Jun24

Beneish M-Score

-0.51

Abacus Storage King Semi-Annual Data
	Jun21	Jun22	Dec22	Dec23	Jun24	Dec24
Beneish M-Score	Get a 7-Day Free Trial			-	-	-	-0.51	-

Competitive Comparison of Abacus Storage King's Beneish M-Score

For the REIT - Industrial subindustry, Abacus Storage King'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.

Abacus Storage King's Beneish M-Score Distribution in the REITs Industry

For the REITs industry and Real Estate sector, Abacus Storage King's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Abacus Storage King's Beneish M-Score falls into.

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Abacus Storage King 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 Abacus Storage King for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 2.4266

0.528 * 1.3187

0.404 * 1.0498

0.892 * 1.3138

0.115 * 1.4269

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.949

4.679 * 0.005407

0.327 * 0.685

-0.51

This Year (Jun24) TTM:

Last Year (Jun22) TTM:

Total Receivables was A$21.4 Mil.
Revenue was A$220.5 Mil.
Gross Profit was A$167.2 Mil.
Total Current Assets was A$220.3 Mil.
Total Assets was A$3,231.6 Mil.
Property, Plant and Equipment(Net PPE) was A$32.2 Mil.
Depreciation, Depletion and Amortization(DDA) was A$4.7 Mil.
Selling, General, & Admin. Expense(SGA) was A$46.6 Mil.
Total Current Liabilities was A$84.9 Mil.
Long-Term Debt & Capital Lease Obligation was A$994.3 Mil.
Net Income was A$138.2 Mil.
Gross Profit was A$46.9 Mil.
Cash Flow from Operations was A$73.8 Mil.

Total Receivables was A$6.7 Mil.
Revenue was A$167.8 Mil.
Gross Profit was A$167.8 Mil.
Total Current Assets was A$47.9 Mil.
Total Assets was A$558.8 Mil.
Property, Plant and Equipment(Net PPE) was A$20.2 Mil.
Depreciation, Depletion and Amortization(DDA) was A$4.5 Mil.
Selling, General, & Admin. Expense(SGA) was A$37.3 Mil.
Total Current Liabilities was A$113.2 Mil.
Long-Term Debt & Capital Lease Obligation was A$159.2 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)
	=	(21.446 / 220.466)	/	(6.727 / 167.804)
	=	0.097276	/	0.040088
	=	2.4266

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)
	=	(167.79 / 167.804)	/	(167.175 / 220.466)
	=	0.999917	/	0.75828
	=	1.3187

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 - (220.296 + 32.185) / 3231.563)	/	(1 - (47.886 + 20.212) / 558.759)
	=	0.92187	/	0.878126
	=	1.0498

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
	=	220.466	/	167.804
	=	1.3138

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))
	=	(4.464 / (4.464 + 20.212))	/	(4.673 / (4.673 + 32.185))
	=	0.180905	/	0.126784
	=	1.4269

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)
	=	(46.566 / 220.466)	/	(37.347 / 167.804)
	=	0.211216	/	0.222563
	=	0.949

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)
	=	((994.252 + 84.92) / 3231.563)	/	((159.236 + 113.163) / 558.759)
	=	0.333947	/	0.487507
	=	0.685

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
	=	(138.183 - 46.87	-	73.841)	/	3231.563
	=	0.005407

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.

Abacus Storage King has a M-score of -0.51 signals that the company is likely to be a manipulator.

Abacus Storage King Beneish M-Score Related Terms

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Abacus Storage King Business Description

Industry

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Comparable Companies

Traded in Other Exchanges

N/A

Address

77 Castlereagh Street, Level 13, Sydney, NSW, AUS, 2000

Website

https://www.abacusgroup.com.au

Abacus Storage King is a self-storage REIT. It owns, operates, and manages a self-storage operating platform and an investment portfolio comprising self-storage properties and other investments across Australia and New Zealand.

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