Irongate Group Beneish M-Score Historical Data
The historical data trend for Irongate 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.
Irongate Group Beneish M-Score Chart
|
Irongate Group Annual Data
|
|
Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
- |
- |
- |
- |
-0.52 |
|
Irongate Group Semi-Annual Data
|
|
Sep13 |
Sep14 |
Mar15 |
Sep15 |
Mar16 |
Sep16 |
Mar17 |
Sep17 |
Mar18 |
Sep18 |
Mar19 |
Sep19 |
Mar20 |
Sep20 |
Mar21 |
Sep21 |
Mar22 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
-0.52 |
Competitive Comparison of Irongate Group's Beneish M-Score
For the REIT - Diversified subindustry, Irongate 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.
Irongate Group's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Irongate Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Irongate Group's Beneish M-Score falls into.
Irongate 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 Irongate 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 * 0.1725 | + | 0.528 * 0.9614 | + | 0.404 * 0.9993 | + | 0.892 * 3.4343 | + | 0.115 * 0.3056 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * 0.145946 | - | 0.327 * 1.0875 |
| = | -0.52 |
* 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 (Mar22) TTM: | Last Year (Mar21) TTM: |
Total Receivables was A$0.7 Mil.
Revenue was A$108.8 Mil.
Gross Profit was A$87.0 Mil.
Total Current Assets was A$19.3 Mil.
Total Assets was A$1,784.9 Mil.
Property, Plant and Equipment(Net PPE) was A$0.8 Mil.
Depreciation, Depletion and Amortization(DDA) was A$0.2 Mil.
Selling, General, & Admin. Expense(SGA) was A$0.0 Mil.
Total Current Liabilities was A$45.2 Mil.
Long-Term Debt & Capital Lease Obligation was A$517.5 Mil.
Net Income was A$267.9 Mil.
Gross Profit was A$0.0 Mil.
Cash Flow from Operations was A$7.4 Mil.
|
Total Receivables was A$1.2 Mil.
Revenue was A$31.7 Mil.
Gross Profit was A$24.4 Mil.
Total Current Assets was A$13.1 Mil.
Total Assets was A$1,299.0 Mil.
Property, Plant and Equipment(Net PPE) was A$0.7 Mil.
Depreciation, Depletion and Amortization(DDA) was A$0.0 Mil.
Selling, General, & Admin. Expense(SGA) was A$0.0 Mil.
Total Current Liabilities was A$37.0 Mil.
Long-Term Debt & Capital Lease Obligation was A$339.6 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) |
| = | (0.702 / 108.84) | / | (1.185 / 31.692) |
| = | 0.00645 | / | 0.037391 |
| | = | 0.1725 |
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) |
| = | (24.362 / 31.692) | / | (87.026 / 108.84) |
| = | 0.768711 | / | 0.799577 |
| | = | 0.9614 |
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 - (19.347 + 0.753) / 1784.912) | / | (1 - (13.067 + 0.661) / 1298.976) |
| = | 0.988739 | / | 0.989432 |
| | = | 0.9993 |
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 |
| = | 108.84 | / | 31.692 |
| | = | 3.4343 |
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)) |
| = | (0.037 / (0.037 + 0.661)) | / | (0.158 / (0.158 + 0.753)) |
| = | 0.053009 | / | 0.173436 |
| | = | 0.3056 |
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) |
| = | (0 / 108.84) | / | (0 / 31.692) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((517.541 + 45.241) / 1784.912) | / | ((339.595 + 37.018) / 1298.976) |
| = | 0.3153 | / | 0.289931 |
| | = | 1.0875 |
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 |
| = | (267.924 - 0 | - | 7.424) | / | 1784.912 |
| | = | 0.145946 |
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.
Irongate Group has a M-score of -0.52 signals that the company is likely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
ASX:IAP has been successfully added to your