CSR Beneish M-Score Historical Data
The historical data trend for CSR'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.
CSR Beneish M-Score Chart
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CSR Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.27 |
-3.52 |
-2.76 |
-2.41 |
-2.29 |
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CSR Semi-Annual Data
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Mar14 |
Sep14 |
Mar15 |
Sep15 |
Mar16 |
Sep16 |
Mar17 |
Sep17 |
Mar18 |
Sep18 |
Mar19 |
Sep19 |
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Sep20 |
Mar21 |
Sep21 |
Mar22 |
Sep22 |
Mar23 |
Sep23 |
| Beneish M-Score |
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-2.41 |
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-2.29 |
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Competitive Comparison of CSR's Beneish M-Score
For the Building Products & Equipment subindustry, CSR'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.
CSR's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, CSR's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CSR's Beneish M-Score falls into.
CSR 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 CSR 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 * 1.1072 | + | 0.528 * 1.046 | + | 0.404 * 0.7332 | + | 0.892 * 1.1305 | + | 0.115 * 1.0724 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9838 | + | 4.679 * -0.001882 | - | 0.327 * 0.8389 |
| = | -2.29 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was A$286 Mil.
Revenue was A$2,613 Mil.
Gross Profit was A$758 Mil.
Total Current Assets was A$938 Mil.
Total Assets was A$2,231 Mil.
Property, Plant and Equipment(Net PPE) was A$821 Mil.
Depreciation, Depletion and Amortization(DDA) was A$85 Mil.
Selling, General, & Admin. Expense(SGA) was A$537 Mil.
Total Current Liabilities was A$545 Mil.
Long-Term Debt & Capital Lease Obligation was A$131 Mil.
Net Income was A$219 Mil.
Gross Profit was A$109 Mil.
Cash Flow from Operations was A$114 Mil.
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Total Receivables was A$228 Mil.
Revenue was A$2,312 Mil.
Gross Profit was A$701 Mil.
Total Current Assets was A$949 Mil.
Total Assets was A$2,447 Mil.
Property, Plant and Equipment(Net PPE) was A$792 Mil.
Depreciation, Depletion and Amortization(DDA) was A$89 Mil.
Selling, General, & Admin. Expense(SGA) was A$483 Mil.
Total Current Liabilities was A$748 Mil.
Long-Term Debt & Capital Lease Obligation was A$136 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) |
| = | (285.9 / 2613.3) | / | (228.4 / 2311.6) |
| = | 0.109402 | / | 0.098806 |
| | = | 1.1072 |
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) |
| = | (701.4 / 2311.6) | / | (758.1 / 2613.3) |
| = | 0.303426 | / | 0.290093 |
| | = | 1.046 |
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 - (938.1 + 821) / 2231.1) | / | (1 - (948.9 + 792.1) / 2447) |
| = | 0.211555 | / | 0.288517 |
| | = | 0.7332 |
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 |
| = | 2613.3 | / | 2311.6 |
| | = | 1.1305 |
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)) |
| = | (88.5 / (88.5 + 792.1)) | / | (84.9 / (84.9 + 821)) |
| = | 0.1005 | / | 0.093719 |
| | = | 1.0724 |
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) |
| = | (537.3 / 2613.3) | / | (483.1 / 2311.6) |
| = | 0.205602 | / | 0.208989 |
| | = | 0.9838 |
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) |
| = | ((131.1 + 544.5) / 2231.1) | / | ((135.5 + 747.8) / 2447) |
| = | 0.30281 | / | 0.360973 |
| | = | 0.8389 |
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 |
| = | (218.5 - 108.9 | - | 113.8) | / | 2231.1 |
| | = | -0.001882 |
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.
CSR has a M-score of -2.29 suggests that the company is unlikely to be a manipulator.
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