Dubai Investments PJSC Beneish M-Score Historical Data
The historical data trend for Dubai Investments PJSC'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.
Dubai Investments PJSC Beneish M-Score Chart
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Dubai Investments PJSC Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.28 |
-2.53 |
-2.27 |
-2.27 |
-2.62 |
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Dubai Investments PJSC Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.27 |
-2.05 |
-2.07 |
-2.44 |
-2.62 |
Competitive Comparison of Dubai Investments PJSC's Beneish M-Score
For the Conglomerates subindustry, Dubai Investments PJSC'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.
Dubai Investments PJSC's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, Dubai Investments PJSC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dubai Investments PJSC's Beneish M-Score falls into.
Dubai Investments PJSC 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 Dubai Investments PJSC 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 * 0.9828 | + | 0.528 * 0.9958 | + | 0.404 * 0.9811 | + | 0.892 * 1.0462 | + | 0.115 * 1.0358 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.7388 | + | 4.679 * -0.007062 | - | 0.327 * 1.0014 |
| = | -2.62 |
* 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 د.إ2,296 Mil.
Revenue was 876.5 + 837.195 + 715.976 + 701.522 = د.إ3,131 Mil.
Gross Profit was 407.622 + 268.86 + 226.435 + 183.265 = د.إ1,086 Mil.
Total Current Assets was د.إ7,173 Mil.
Total Assets was د.إ21,438 Mil.
Property, Plant and Equipment(Net PPE) was د.إ1,810 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ166 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ161 Mil.
Total Current Liabilities was د.إ3,808 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ3,872 Mil.
Net Income was 313.92 + 236.54 + 266.032 + 314.445 = د.إ1,131 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = د.إ0 Mil.
Cash Flow from Operations was 271.975 + 603.263 + 198.591 + 208.493 = د.إ1,282 Mil.
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Total Receivables was د.إ2,233 Mil.
Revenue was 764.92 + 704.294 + 796.975 + 726.594 = د.إ2,993 Mil.
Gross Profit was 285.312 + 214.222 + 272.468 + 261.762 = د.إ1,034 Mil.
Total Current Assets was د.إ6,306 Mil.
Total Assets was د.إ20,467 Mil.
Property, Plant and Equipment(Net PPE) was د.إ2,041 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ194 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ89 Mil.
Total Current Liabilities was د.إ3,224 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ4,098 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) |
| = | (2296.354 / 3131.193) | / | (2233.233 / 2992.783) |
| = | 0.73338 | / | 0.746206 |
| | = | 0.9828 |
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) |
| = | (1033.764 / 2992.783) | / | (1086.182 / 3131.193) |
| = | 0.345419 | / | 0.346891 |
| | = | 0.9958 |
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 - (7173.274 + 1810.078) / 21437.797) | / | (1 - (6306.42 + 2041.413) / 20467.255) |
| = | 0.580957 | / | 0.592137 |
| | = | 0.9811 |
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 |
| = | 3131.193 | / | 2992.783 |
| | = | 1.0462 |
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)) |
| = | (194.262 / (194.262 + 2041.413)) | / | (165.752 / (165.752 + 1810.078)) |
| = | 0.086892 | / | 0.08389 |
| | = | 1.0358 |
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) |
| = | (161.491 / 3131.193) | / | (88.771 / 2992.783) |
| = | 0.051575 | / | 0.029662 |
| | = | 1.7388 |
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) |
| = | ((3871.751 + 3807.699) / 21437.797) | / | ((4097.712 + 3223.766) / 20467.255) |
| = | 0.35822 | / | 0.357717 |
| | = | 1.0014 |
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 |
| = | (1130.937 - 0 | - | 1282.322) | / | 21437.797 |
| | = | -0.007062 |
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.
Dubai Investments PJSC has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.
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