AFC Agro Biotech Beneish M-Score Historical Data
The historical data trend for AFC Agro Biotech'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.
AFC Agro Biotech Beneish M-Score Chart
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AFC Agro Biotech Annual Data
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Dec13 |
Dec14 |
Jun15 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
| Beneish M-Score |
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-1.38 |
-2.57 |
-1.97 |
-2.39 |
-2.20 |
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AFC Agro Biotech Quarterly Data
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Jun18 |
Sep18 |
Dec18 |
Mar19 |
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Mar23 |
| Beneish M-Score |
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-2.82 |
-2.20 |
-2.54 |
-2.70 |
-2.79 |
DHA:AFCAGRO vs ZTS, VTRS, NBIX: Beneish M-Score Comparison
For the Drug Manufacturers - Specialty & Generic subindustry, AFC Agro Biotech'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.
AFC Agro Biotech Beneish M-Score vs Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, AFC Agro Biotech's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where AFC Agro Biotech's Beneish M-Score falls into.
AFC Agro Biotech 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 AFC Agro Biotech 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 * 1.9333 | + | 0.528 * 0.818 | + | 0.404 * -1.2681 | + | 0.892 * 0.5885 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * -0.7267 | + | 4.679 * -0.015711 | - | 0.327 * 1.0376 |
| = | -2.79 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was BDT621.3 Mil.
Revenue was 83.257 + 87.053 + 195.777 + 68.411 = BDT434.5 Mil.
Gross Profit was 22.806 + 21.578 + 51.401 + 23.791 = BDT119.6 Mil.
Total Current Assets was BDT1,425.5 Mil.
Total Assets was BDT2,587.0 Mil.
Property, Plant and Equipment(Net PPE) was BDT1,195.6 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT0.0 Mil.
Selling, General, & Admin. Expense(SGA) was BDT-17.1 Mil.
Total Current Liabilities was BDT236.9 Mil.
Long-Term Debt & Capital Lease Obligation was BDT221.6 Mil.
Net Income was 1.154 + 1.759 + 16.735 + -18.847 = BDT0.8 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BDT0.0 Mil.
Cash Flow from Operations was 4.686 + 28.003 + 8.755 + 0 = BDT41.4 Mil.
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Total Receivables was BDT546.1 Mil.
Revenue was 136.546 + 120.941 + 375.983 + 104.846 = BDT738.3 Mil.
Gross Profit was 28.437 + 30.263 + 80.015 + 27.492 = BDT166.2 Mil.
Total Current Assets was BDT1,317.0 Mil.
Total Assets was BDT2,570.9 Mil.
Property, Plant and Equipment(Net PPE) was BDT1,227.2 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT0.0 Mil.
Selling, General, & Admin. Expense(SGA) was BDT40.0 Mil.
Total Current Liabilities was BDT243.0 Mil.
Long-Term Debt & Capital Lease Obligation was BDT196.0 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) |
| = | (621.343 / 434.498) | / | (546.111 / 738.316) |
| = | 1.430025 | / | 0.739671 |
| | = | 1.9333 |
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) |
| = | (166.207 / 738.316) | / | (119.576 / 434.498) |
| = | 0.225116 | / | 0.275205 |
| | = | 0.818 |
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 - (1425.503 + 1195.606) / 2586.97) | / | (1 - (1316.955 + 1227.186) / 2570.896) |
| = | -0.013197 | / | 0.010407 |
| | = | -1.2681 |
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 |
| = | 434.498 | / | 738.316 |
| | = | 0.5885 |
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 + 1227.186)) | / | (0 / (0 + 1195.606)) |
| = | 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) |
| = | (-17.119 / 434.498) | / | (40.031 / 738.316) |
| = | -0.039399 | / | 0.054219 |
| | = | -0.7267 |
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) |
| = | ((221.553 + 236.891) / 2586.97) | / | ((196.045 + 243.034) / 2570.896) |
| = | 0.177213 | / | 0.170788 |
| | = | 1.0376 |
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 |
| = | (0.801 - 0 | - | 41.444) | / | 2586.97 |
| | = | -0.015711 |
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.
AFC Agro Biotech has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.
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