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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.
Good Sign:
Beneish M-Score -2.77 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Oermester Vagyonvedelmi NyRt's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Oermester Vagyonvedelmi NyRt was -1.76. The lowest was -2.77. And the median was -2.37.
The historical data trend for Oermester Vagyonvedelmi NyRt'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.
Oermester Vagyonvedelmi NyRt Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | - | -2.16 | -2.58 | -1.76 | -2.77 |
Oermester Vagyonvedelmi NyRt Quarterly Data | ||||||||||||||||||||
Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | |
Beneish M-Score | Get a 7-Day Free Trial | -1.76 | -2.48 | -1.86 | - | -2.77 |
For the Security & Protection Services subindustry, Oermester Vagyonvedelmi NyRt'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.
For the Business Services industry and Industrials sector, Oermester Vagyonvedelmi NyRt's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Oermester Vagyonvedelmi NyRt's Beneish M-Score falls into.
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 Oermester Vagyonvedelmi NyRt 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 * 1.026 | + | 0.528 * 1.1072 | + | 0.404 * 0.9856 | + | 0.892 * 1.2697 | + | 0.115 * 1.1576 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.9211 | + | 4.679 * -0.127309 | - | 0.327 * 1.1387 | |||||||
= | -2.77 |
* 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 Ft672 Mil. Revenue was 950.508 + 884.915 + 787.025 + 684.854 = Ft3,307 Mil. Gross Profit was 98.778 + 106.158 + 87.14 + 62.464 = Ft355 Mil. Total Current Assets was Ft1,135 Mil. Total Assets was Ft1,445 Mil. Property, Plant and Equipment(Net PPE) was Ft248 Mil. Depreciation, Depletion and Amortization(DDA) was Ft33 Mil. Selling, General, & Admin. Expense(SGA) was Ft132 Mil. Total Current Liabilities was Ft872 Mil. Long-Term Debt & Capital Lease Obligation was Ft27 Mil. Net Income was 18.601 + 32.133 + 23.311 + -1.98 = Ft72 Mil. Non Operating Income was 0 + 0 + 0 + 0 = Ft0 Mil. Cash Flow from Operations was 90.624 + 43.847 + -1.332 + 122.919 = Ft256 Mil. |
Total Receivables was Ft516 Mil. Revenue was 632.032 + 703.558 + 677.151 + 592.028 = Ft2,605 Mil. Gross Profit was 68.342 + 87.113 + 74.802 + 78.916 = Ft309 Mil. Total Current Assets was Ft766 Mil. Total Assets was Ft1,049 Mil. Property, Plant and Equipment(Net PPE) was Ft237 Mil. Depreciation, Depletion and Amortization(DDA) was Ft38 Mil. Selling, General, & Admin. Expense(SGA) was Ft113 Mil. Total Current Liabilities was Ft556 Mil. Long-Term Debt & Capital Lease Obligation was Ft18 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) |
= | (672.427 / 3307.302) | / | (516.168 / 2604.769) | |
= | 0.203316 | / | 0.198163 | |
= | 1.026 |
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) | |
= | (309.173 / 2604.769) | / | (354.54 / 3307.302) | |
= | 0.118695 | / | 0.107199 | |
= | 1.1072 |
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 - (1135.249 + 247.526) / 1445.253) | / | (1 - (766.202 + 237.075) / 1049.302) | |
= | 0.04323 | / | 0.043862 | |
= | 0.9856 |
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 | |
= | 3307.302 | / | 2604.769 | |
= | 1.2697 |
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)) |
= | (37.818 / (37.818 + 237.075)) | / | (33.384 / (33.384 + 247.526)) | |
= | 0.137574 | / | 0.118842 | |
= | 1.1576 |
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) |
= | (132.298 / 3307.302) | / | (113.118 / 2604.769) | |
= | 0.040002 | / | 0.043427 | |
= | 0.9211 |
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) |
= | ((26.764 + 872.131) / 1445.253) | / | ((17.571 + 555.551) / 1049.302) | |
= | 0.621964 | / | 0.546194 | |
= | 1.1387 |
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 | |
= | (72.065 - 0 | - | 256.058) | / | 1445.253 | |
= | -0.127309 |
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.
Oermester Vagyonvedelmi NyRt has a M-score of -2.77 suggests that the company is unlikely to be a manipulator.
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