Heliopolis Housing & Development Beneish M-Score Historical Data
The historical data trend for Heliopolis Housing & Development'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.
Heliopolis Housing & Development Beneish M-Score Chart
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Heliopolis Housing & Development Annual Data
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Trend |
Jun13 |
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Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Dec22 |
| Beneish M-Score |
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3.93 |
-1.63 |
-1.29 |
-2.28 |
-8.12 |
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Heliopolis Housing & Development Quarterly Data
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Sep19 |
Dec19 |
Mar20 |
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Mar25 |
| Beneish M-Score |
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50.81 |
63.63 |
41.52 |
33.01 |
-3.16 |
Heliopolis Housing & Development Beneish M-Score Competitor Comparison
For the Real Estate - Development subindustry, Heliopolis Housing & Development'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.
Heliopolis Housing & Development Beneish M-Score vs Real Estate Industry
For the Real Estate industry and Real Estate sector, Heliopolis Housing & Development's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Heliopolis Housing & Development's Beneish M-Score falls into.
Heliopolis Housing & Development 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 Heliopolis Housing & Development 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 | + | 0.528 * 0.9773 | + | 0.404 * 0.8446 | + | 0.892 * 0.0913 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 9.8734 | + | 4.679 * 0.334071 | - | 0.327 * 0.4785 |
| = | -3.16 |
* 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 (Mar25) TTM: | Last Year (Dec23) TTM: |
Total Receivables was E£1,020 Mil.
Revenue was 530.825 + 159.448 + 497.015 + 239.322 = E£1,427 Mil.
Gross Profit was 424.324 + 105.221 + 435.86 + 181.005 = E£1,146 Mil.
Total Current Assets was E£14,267 Mil.
Total Assets was E£14,366 Mil.
Property, Plant and Equipment(Net PPE) was E£28 Mil.
Depreciation, Depletion and Amortization(DDA) was E£1 Mil.
Selling, General, & Admin. Expense(SGA) was E£29 Mil.
Total Current Liabilities was E£1,945 Mil.
Long-Term Debt & Capital Lease Obligation was E£324 Mil.
Net Income was 478.056 + 347.289 + 650.086 + 748.466 = E£2,224 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = E£0 Mil.
Cash Flow from Operations was -622.504 + 609.542 + -2596.156 + 33.662 = E£-2,575 Mil.
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Total Receivables was E£0 Mil.
Revenue was 15220.853 + 141.372 + 167.683 + 90.919 = E£15,621 Mil.
Gross Profit was 11963.068 + 75.973 + 158.769 + 69.477 = E£12,267 Mil.
Total Current Assets was E£15,722 Mil.
Total Assets was E£15,815 Mil.
Property, Plant and Equipment(Net PPE) was E£0 Mil.
Depreciation, Depletion and Amortization(DDA) was E£0 Mil.
Selling, General, & Admin. Expense(SGA) was E£33 Mil.
Total Current Liabilities was E£5,220 Mil.
Long-Term Debt & Capital Lease Obligation was E£0 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) |
| = | (1020.09 / 1426.61) | / | (0 / 15620.827) |
| = | 0.715045 | / | 0 |
| | = | 1 |
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) |
| = | (12267.287 / 15620.827) | / | (1146.41 / 1426.61) |
| = | 0.785316 | / | 0.80359 |
| | = | 0.9773 |
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 - (14266.964 + 28.314) / 14366.272) | / | (1 - (15722.018 + 0) / 15814.549) |
| = | 0.004942 | / | 0.005851 |
| | = | 0.8446 |
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 |
| = | 1426.61 | / | 15620.827 |
| | = | 0.0913 |
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 / (0 + 0)) | / | (1.054 / (1.054 + 28.314)) |
| = | | / | 0.035889 |
| | = | 1 |
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) |
| = | (29.382 / 1426.61) | / | (32.58 / 15620.827) |
| = | 0.020596 | / | 0.002086 |
| | = | 9.8734 |
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) |
| = | ((324.485 + 1944.509) / 14366.272) | / | ((0 + 5219.505) / 15814.549) |
| = | 0.157939 | / | 0.330045 |
| | = | 0.4785 |
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 |
| = | (2223.897 - 0 | - | -2575.456) | / | 14366.272 |
| | = | 0.334071 |
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.
Heliopolis Housing & Development has a M-score of -3.16 suggests that the company is unlikely to be a manipulator.
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