Afcom Holdings Beneish M-Score Historical Data
The historical data trend for Afcom Holdings'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.
Afcom Holdings Beneish M-Score Chart
|
Afcom Holdings Annual Data
|
|
Trend |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
|
- |
- |
48.07 |
|
Afcom Holdings Semi-Annual Data
|
|
Mar21 |
Mar22 |
Mar23 |
Sep23 |
Sep24 |
| Beneish M-Score |
- |
- |
48.07 |
- |
- |
Competitive Comparison of Afcom Holdings's Beneish M-Score
For the Airlines subindustry, Afcom Holdings'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.
Afcom Holdings's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Afcom Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Afcom Holdings's Beneish M-Score falls into.
Afcom Holdings 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 Afcom Holdings 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 * 0.528 | + | 0.528 * 1.0271 | + | 0.404 * 111.2998 | + | 0.892 * 1.7431 | + | 0.115 * 33.8107 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.3797 | + | 4.679 * 0.392599 | - | 0.327 * 0.9242 |
| = | 48.07 |
* 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.
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) |
| = | (143.229 / 841.442) | / | (155.619 / 482.74) |
| = | 0.170219 | / | 0.322366 |
| | = | 0.528 |
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) |
| = | (131.038 / 482.74) | / | (222.39 / 841.442) |
| = | 0.271446 | / | 0.264296 |
| | = | 1.0271 |
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 - (650.53 + 124.801) / 828.54) | / | (1 - (248.686 + 2.62) / 251.451) |
| = | 0.06422 | / | 0.000577 |
| | = | 111.2998 |
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 |
| = | 841.442 | / | 482.74 |
| | = | 1.7431 |
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)) |
| = | (0.473 / (0.473 + 2.62)) | / | (0.567 / (0.567 + 124.801)) |
| = | 0.152926 | / | 0.004523 |
| | = | 33.8107 |
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) |
| = | (14.355 / 841.442) | / | (21.687 / 482.74) |
| = | 0.01706 | / | 0.044925 |
| | = | 0.3797 |
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) |
| = | ((0 + 94.752) / 828.54) | / | ((0.206 + 30.908) / 251.451) |
| = | 0.11436 | / | 0.123738 |
| | = | 0.9242 |
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 |
| = | (135.862 - 0 | - | -189.422) | / | 828.54 |
| | = | 0.392599 |
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.
Afcom Holdings has a M-score of 48.07 signals that the company is likely to be a manipulator.
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