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 |
-2.28 |
- |
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IFAD Autos 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 |
Jun24 |
| Beneish M-Score |
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-2.41 |
-2.45 |
-2.28 |
-2.16 |
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Competitive Comparison of IFAD Autos's Beneish M-Score
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's Beneish M-Score Distribution in the 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 * 1.6146 | + | 0.528 * 1.2217 | + | 0.404 * 1.4392 | + | 0.892 * 0.6534 | + | 0.115 * 1.2142 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.906 | + | 4.679 * -0.003703 | - | 0.327 * 1.0268 |
| = | -1.91 |
* 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 (Jun24) TTM: | Last Year (Dec22) TTM: |
Total Receivables was BDT27,993 Mil.
Revenue was 0 + 1696.647 + 1885.244 + 2776.567 = BDT6,358 Mil.
Gross Profit was 0 + 285.222 + 229.567 + 399.451 = BDT914 Mil.
Total Current Assets was BDT35,462 Mil.
Total Assets was BDT41,534 Mil.
Property, Plant and Equipment(Net PPE) was BDT4,297 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT87 Mil.
Selling, General, & Admin. Expense(SGA) was BDT82 Mil.
Total Current Liabilities was BDT16,853 Mil.
Long-Term Debt & Capital Lease Obligation was BDT14,707 Mil.
Net Income was 0 + 2.843 + -74.646 + 93.646 = BDT22 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BDT0 Mil.
Cash Flow from Operations was 0 + 127.527 + -354.367 + 402.463 = BDT176 Mil.
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Total Receivables was BDT26,536 Mil.
Revenue was 2020.69 + 2354.803 + 2746.898 + 2609.66 = BDT9,732 Mil.
Gross Profit was 374.514 + 435.898 + 415.406 + 483.742 = BDT1,710 Mil.
Total Current Assets was BDT34,077 Mil.
Total Assets was BDT39,852 Mil.
Property, Plant and Equipment(Net PPE) was BDT4,592 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT113 Mil.
Selling, General, & Admin. Expense(SGA) was BDT138 Mil.
Total Current Liabilities was BDT15,654 Mil.
Long-Term Debt & Capital Lease Obligation was BDT13,837 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) |
| = | (27992.674 / 6358.458) | / | (26536.148 / 9732.051) |
| = | 4.402431 | / | 2.726676 |
| | = | 1.6146 |
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) |
| = | (1709.56 / 9732.051) | / | (914.24 / 6358.458) |
| = | 0.175663 | / | 0.143783 |
| | = | 1.2217 |
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 - (35462.485 + 4296.982) / 41533.655) | / | (1 - (34077.005 + 4592.138) / 39852.035) |
| = | 0.042717 | / | 0.029682 |
| | = | 1.4392 |
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 |
| = | 6358.458 | / | 9732.051 |
| | = | 0.6534 |
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)) |
| = | (112.895 / (112.895 + 4592.138)) | / | (86.631 / (86.631 + 4296.982)) |
| = | 0.023995 | / | 0.019762 |
| | = | 1.2142 |
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) |
| = | (81.914 / 6358.458) | / | (138.392 / 9732.051) |
| = | 0.012883 | / | 0.01422 |
| | = | 0.906 |
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) |
| = | ((14707.186 + 16853.022) / 41533.655) | / | ((13836.797 + 15654.227) / 39852.035) |
| = | 0.759871 | / | 0.740013 |
| | = | 1.0268 |
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 |
| = | (21.843 - 0 | - | 175.623) | / | 41533.655 |
| | = | -0.003703 |
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 -1.91 suggests that the company is unlikely to be a manipulator.
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