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Tabreed PJSC (DFM:TABREED) Beneish M-Score : -2.86 (As of May. 22, 2024)


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What is Tabreed PJSC 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.

Good Sign:

Beneish M-Score -2.86 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Tabreed PJSC's Beneish M-Score or its related term are showing as below:

DFM:TABREED' s Beneish M-Score Range Over the Past 10 Years
Min: -2.99   Med: -2.58   Max: -2.05
Current: -2.86

During the past 13 years, the highest Beneish M-Score of Tabreed PJSC was -2.05. The lowest was -2.99. And the median was -2.58.


Tabreed PJSC Beneish M-Score Historical Data

The historical data trend for Tabreed 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.

* Premium members only.

Tabreed PJSC Beneish M-Score Chart

Tabreed PJSC Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.62 -2.22 -2.89 -2.77 -2.81

Tabreed PJSC Quarterly Data
Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.62 -2.79 -2.86 -2.81 -2.86

Competitive Comparison of Tabreed PJSC's Beneish M-Score

For the Utilities - Regulated Water subindustry, Tabreed 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.


Tabreed PJSC's Beneish M-Score Distribution in the Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Tabreed PJSC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Tabreed PJSC's Beneish M-Score falls into.



Tabreed 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 Tabreed 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 * 0.7927+0.528 * 1.054+0.404 * 0.9988+0.892 * 1.0708+0.115 * 0.9222
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9072+4.679 * -0.06225-0.327 * 0.9769
=-2.86

* 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 (Mar24) TTM:Last Year (Mar23) TTM:
Total Receivables was د.إ635 Mil.
Revenue was 468.104 + 592.591 + 755.397 + 603.775 = د.إ2,420 Mil.
Gross Profit was 238.47 + 278.05 + 277.568 + 286.899 = د.إ1,081 Mil.
Total Current Assets was د.إ2,675 Mil.
Total Assets was د.إ14,868 Mil.
Property, Plant and Equipment(Net PPE) was د.إ5,021 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ341 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ77 Mil.
Total Current Liabilities was د.إ3,788 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ3,808 Mil.
Net Income was 112.133 + 146.003 + -101.256 + 150.031 = د.إ307 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = د.إ0 Mil.
Cash Flow from Operations was 243.653 + 352.441 + 250.245 + 386.118 = د.إ1,232 Mil.
Total Receivables was د.إ749 Mil.
Revenue was 463.712 + 556.633 + 683.795 + 555.799 = د.إ2,260 Mil.
Gross Profit was 239.568 + 257.367 + 277.87 + 289.23 = د.إ1,064 Mil.
Total Current Assets was د.إ2,537 Mil.
Total Assets was د.إ14,891 Mil.
Property, Plant and Equipment(Net PPE) was د.إ5,162 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ321 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ80 Mil.
Total Current Liabilities was د.إ1,202 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ6,586 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)
=(635.472 / 2419.867) / (748.673 / 2259.939)
=0.262606 / 0.33128
=0.7927

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)
=(1064.035 / 2259.939) / (1080.987 / 2419.867)
=0.470825 / 0.446713
=1.054

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 - (2674.947 + 5020.93) / 14868.263) / (1 - (2536.891 + 5162.114) / 14891.002)
=0.482396 / 0.482976
=0.9988

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
=2419.867 / 2259.939
=1.0708

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))
=(321.306 / (321.306 + 5162.114)) / (340.669 / (340.669 + 5020.93))
=0.058596 / 0.063539
=0.9222

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)
=(77.34 / 2419.867) / (79.619 / 2259.939)
=0.03196 / 0.035231
=0.9072

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)
=((3808.115 + 3788.287) / 14868.263) / ((6586.326 + 1201.757) / 14891.002)
=0.510914 / 0.523006
=0.9769

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
=(306.911 - 0 - 1232.457) / 14868.263
=-0.06225

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.

Tabreed PJSC has a M-score of -2.86 suggests that the company is unlikely to be a manipulator.


Tabreed PJSC Beneish M-Score Related Terms

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Tabreed PJSC (DFM:TABREED) Business Description

Traded in Other Exchanges
N/A
Address
P.O. Box 29478, Masdar City, Abu Dhabi, ARE
Tabreed PJSC is engaged in to supply of chilled water, operation, and maintenance of plants, construction of secondary networks, manufacturing of pre-insulated pipes, and design and supervision consultancy. The company has two reportable operating segments. The chilled water segment constructs, owns, assembles, installs, operates, and maintains cooling and conditioning systems, and the Value chain business segment is involved in ancillary activities relating to the expansion of the group's chilled water business. The company generates key revenue from Chilled water.

Tabreed PJSC (DFM:TABREED) Headlines

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