IFAD Autos Beneish M-Score Historical Data
The historical data trend for IFAD Autos'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.
IFAD Autos Beneish M-Score Chart
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IFAD Autos Annual Data
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Trend |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
Jun24 |
| Beneish M-Score |
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-1.94 |
-2.47 |
-0.99 |
-2.40 |
-2.11 |
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IFAD Autos Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.03 |
-2.11 |
-2.14 |
-2.37 |
-2.36 |
DHA:IFADAUTOS vs CVNA, PAG, LAD: Beneish M-Score Comparison
For the Auto & Truck Dealerships subindustry, IFAD Autos'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.
IFAD Autos Beneish M-Score vs Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, IFAD Autos's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where IFAD Autos's Beneish M-Score falls into.
IFAD Autos 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 IFAD Autos 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 * 0.8561 | + | 0.528 * 0.9625 | + | 0.404 * 1.0094 | + | 0.892 * 1.1898 | + | 0.115 * 1.0438 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8266 | + | 4.679 * 0.014749 | - | 0.327 * 1.014 |
| = | -2.36 |
* 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 (Mar24) TTM: |
Total Receivables was BDT28,154 Mil.
Revenue was 2317.11 + 2531.318 + 1579.148 + 2153.955 = BDT8,582 Mil.
Gross Profit was 318.994 + 395.421 + 266.579 + 293.73 = BDT1,275 Mil.
Total Current Assets was BDT35,796 Mil.
Total Assets was BDT41,904 Mil.
Property, Plant and Equipment(Net PPE) was BDT4,252 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT105 Mil.
Selling, General, & Admin. Expense(SGA) was BDT107 Mil.
Total Current Liabilities was BDT17,534 Mil.
Long-Term Debt & Capital Lease Obligation was BDT14,305 Mil.
Net Income was 33.348 + 122.755 + -57.005 + -178.32 = BDT-79 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BDT0 Mil.
Cash Flow from Operations was 6.749 + 696.004 + -584.434 + -815.571 = BDT-697 Mil.
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Total Receivables was BDT27,642 Mil.
Revenue was 2117.811 + 1513.159 + 1696.647 + 1885.244 = BDT7,213 Mil.
Gross Profit was 246.421 + 269.997 + 285.222 + 229.567 = BDT1,031 Mil.
Total Current Assets was BDT34,397 Mil.
Total Assets was BDT40,493 Mil.
Property, Plant and Equipment(Net PPE) was BDT4,319 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT111 Mil.
Selling, General, & Admin. Expense(SGA) was BDT109 Mil.
Total Current Liabilities was BDT15,398 Mil.
Long-Term Debt & Capital Lease Obligation was BDT14,945 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) |
| = | (28153.74 / 8581.531) | / | (27642.297 / 7212.861) |
| = | 3.280736 | / | 3.832362 |
| | = | 0.8561 |
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) |
| = | (1031.207 / 7212.861) | / | (1274.724 / 8581.531) |
| = | 0.142968 | / | 0.148543 |
| | = | 0.9625 |
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 - (35795.923 + 4252.079) / 41903.782) | / | (1 - (34397.209 + 4318.897) / 40492.734) |
| = | 0.044287 | / | 0.043875 |
| | = | 1.0094 |
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 |
| = | 8581.531 | / | 7212.861 |
| | = | 1.1898 |
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)) |
| = | (111.171 / (111.171 + 4318.897)) | / | (104.743 / (104.743 + 4252.079)) |
| = | 0.025095 | / | 0.024041 |
| | = | 1.0438 |
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) |
| = | (107.076 / 8581.531) | / | (108.869 / 7212.861) |
| = | 0.012477 | / | 0.015094 |
| | = | 0.8266 |
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) |
| = | ((14305.472 + 17534.057) / 41903.782) | / | ((14944.836 + 15397.957) / 40492.734) |
| = | 0.759825 | / | 0.749339 |
| | = | 1.014 |
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 |
| = | (-79.222 - 0 | - | -697.252) | / | 41903.782 |
| | = | 0.014749 |
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.
IFAD Autos has a M-score of -2.36 suggests that the company is unlikely to be a manipulator.
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