Forras Vagyonk Beneish M-Score Historical Data
The historical data trend for Forras Vagyonk'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.
Forras Vagyonk Beneish M-Score Chart
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Forras Vagyonk Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.03 |
-2.74 |
0.15 |
-2.88 |
-0.86 |
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Forras Vagyonk Semi-Annual Data
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Jun14 |
Dec14 |
Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
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Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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0.15 |
- |
-2.88 |
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-0.86 |
Competitive Comparison of Forras Vagyonk's Beneish M-Score
For the Asset Management subindustry, Forras Vagyonk'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.
Forras Vagyonk's Beneish M-Score Distribution in the Asset Management Industry
For the Asset Management industry and Financial Services sector, Forras Vagyonk's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Forras Vagyonk's Beneish M-Score falls into.
Forras Vagyonk 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 Forras Vagyonk 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 * 0.097 | + | 0.528 * 2.7411 | + | 0.404 * 1.2734 | + | 0.892 * 2.4293 | + | 0.115 * 0.7749 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.2719 | + | 4.679 * 0.008337 | - | 0.327 * 0.9676 |
| = | -0.86 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was Ft5,965 Mil.
Revenue was Ft21,226 Mil.
Gross Profit was Ft4,451 Mil.
Total Current Assets was Ft29,147 Mil.
Total Assets was Ft88,711 Mil.
Property, Plant and Equipment(Net PPE) was Ft29,174 Mil.
Depreciation, Depletion and Amortization(DDA) was Ft1,565 Mil.
Selling, General, & Admin. Expense(SGA) was Ft64 Mil.
Total Current Liabilities was Ft13,871 Mil.
Long-Term Debt & Capital Lease Obligation was Ft33,315 Mil.
Net Income was Ft5,380 Mil.
Gross Profit was Ft0 Mil.
Cash Flow from Operations was Ft4,640 Mil.
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Total Receivables was Ft25,317 Mil.
Revenue was Ft8,737 Mil.
Gross Profit was Ft5,022 Mil.
Total Current Assets was Ft40,556 Mil.
Total Assets was Ft82,581 Mil.
Property, Plant and Equipment(Net PPE) was Ft19,809 Mil.
Depreciation, Depletion and Amortization(DDA) was Ft814 Mil.
Selling, General, & Admin. Expense(SGA) was Ft97 Mil.
Total Current Liabilities was Ft22,439 Mil.
Long-Term Debt & Capital Lease Obligation was Ft22,955 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) |
| = | (5964.968 / 21225.929) | / | (25317.301 / 8737.298) |
| = | 0.281023 | / | 2.897612 |
| | = | 0.097 |
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) |
| = | (5021.902 / 8737.298) | / | (4450.717 / 21225.929) |
| = | 0.574766 | / | 0.209683 |
| | = | 2.7411 |
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 - (29146.57 + 29174.396) / 88710.77) | / | (1 - (40555.837 + 19808.86) / 82581.281) |
| = | 0.342572 | / | 0.269027 |
| | = | 1.2734 |
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 |
| = | 21225.929 | / | 8737.298 |
| | = | 2.4293 |
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)) |
| = | (813.725 / (813.725 + 19808.86)) | / | (1565.241 / (1565.241 + 29174.396)) |
| = | 0.039458 | / | 0.050919 |
| | = | 0.7749 |
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) |
| = | (64.091 / 21225.929) | / | (97 / 8737.298) |
| = | 0.003019 | / | 0.011102 |
| | = | 0.2719 |
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) |
| = | ((33314.622 + 13870.969) / 88710.77) | / | ((22955.347 + 22439.28) / 82581.281) |
| = | 0.531904 | / | 0.549696 |
| | = | 0.9676 |
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 |
| = | (5379.972 - 0 | - | 4640.385) | / | 88710.77 |
| | = | 0.008337 |
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.
Forras Vagyonk has a M-score of -0.86 signals that the company is likely to be a manipulator.
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