Al Madina for finance and Investment Co (DFM:ALMADINA) Beneish M-Score : 0.00 (As of Jun. 20, 2024)

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What is Al Madina for finance and Investment Co Beneish M-Score?

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.

The historical rank and industry rank for Al Madina for finance and Investment Co's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Al Madina for finance and Investment Co was 0.00. The lowest was 0.00. And the median was 0.00.

Al Madina for finance and Investment Co Beneish M-Score Historical Data

The historical data trend for Al Madina for finance and Investment Co'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.

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Al Madina for finance and Investment Co Beneish M-Score Chart

Al Madina for finance and Investment Co Annual Data

Trend

Dec11

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Beneish M-Score

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-3.38

Al Madina for finance and Investment Co Quarterly Data
	Sep16	Dec16	Mar17	Jun17	Sep17	Dec17	Mar18	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21
Beneish M-Score	Get a 7-Day Free Trial															-	-	-	-	-2.05

Competitive Comparison of Al Madina for finance and Investment Co's Beneish M-Score

For the Real Estate Services subindustry, Al Madina for finance and Investment Co'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.

Al Madina for finance and Investment Co's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Al Madina for finance and Investment Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Al Madina for finance and Investment Co's Beneish M-Score falls into.

Al Madina for finance and Investment Co 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 Al Madina for finance and Investment Co for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.1552

0.528 * 1

0.404 * 1.109

0.892 * 3.1627

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.1571

4.679 * 0.002315

0.327 * 3.3715

-1.90

This Year (Jun21) TTM:

Last Year (Jun20) TTM:

Total Receivables was د.إ29.16 Mil.
Revenue was 5.307 + 3.558 + 0 + 0 = د.إ8.87 Mil.
Gross Profit was 5.307 + 3.558 + 0 + 0 = د.إ8.87 Mil.
Total Current Assets was د.إ32.73 Mil.
Total Assets was د.إ320.51 Mil.
Property, Plant and Equipment(Net PPE) was د.إ0.22 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ0.00 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ1.85 Mil.
Total Current Liabilities was د.إ95.11 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ0.00 Mil.
Net Income was 0.467 + 0.887 + -9.692 + 52.412 = د.إ44.07 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = د.إ0.00 Mil.
Cash Flow from Operations was -21.839 + -26.092 + 98.115 + -6.852 = د.إ43.33 Mil.

Total Receivables was د.إ59.42 Mil.
Revenue was 5.666 + -2.863 + 0 + 0 = د.إ2.80 Mil.
Gross Profit was 5.666 + -2.863 + 0 + 0 = د.إ2.80 Mil.
Total Current Assets was د.إ62.07 Mil.
Total Assets was د.إ325.31 Mil.
Property, Plant and Equipment(Net PPE) was د.إ0.06 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ0.00 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ3.71 Mil.
Total Current Liabilities was د.إ28.63 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ0.00 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)
	=	(29.159 / 8.865)	/	(59.42 / 2.803)
	=	3.289227	/	21.198716
	=	0.1552

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)
	=	(2.803 / 2.803)	/	(8.865 / 8.865)
	=	1	/	1
	=	1

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 - (32.729 + 0.216) / 320.507)	/	(1 - (62.067 + 0.06) / 325.311)
	=	0.89721	/	0.809023
	=	1.109

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
	=	8.865	/	2.803
	=	3.1627

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 + 0.06))	/	(0 / (0 + 0.216))
	=	0	/	0
	=	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)
	=	(1.845 / 8.865)	/	(3.713 / 2.803)
	=	0.208122	/	1.324652
	=	0.1571

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 + 95.108) / 320.507)	/	((0 + 28.632) / 325.311)
	=	0.296742	/	0.088014
	=	3.3715

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
	=	(44.074 - 0	-	43.332)	/	320.507
	=	0.002315

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.

Al Madina for finance and Investment Co has a M-score of -1.90 suggests that the company is unlikely to be a manipulator.

Al Madina for finance and Investment Co Beneish M-Score Related Terms

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Al Madina for finance and Investment Co (DFM:ALMADINA) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Al Madina for finance and Investment Co (DFM:ALMADINA) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

Al Merqab, Al Sour Street, Jassim Al Asfour Tower, P.O. Box 2799, Safat, Kuwait City, KWT, 13028

Website

http://www.almadinainvest.com

Al Madina for finance and Investment Co. is an investment company. Its activities revolve around direct investments, fund management, portfolio management, and financial services with a key focus in the Middle East and North Africa region. The company has two segments that drive the operations - Real Estate segment which develops and sells land and properties, and Investment segment is engaged in direct investment and portfolio management and investment funds for third parties.

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