ESR Group Beneish M-Score Historical Data
The historical data trend for ESR Group'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.
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ESR Group Annual Data
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|
Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
|
|
|
-2.36 |
-1.94 |
-2.74 |
-0.23 |
-2.04 |
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ESR Group Semi-Annual Data
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Dec16 |
Dec17 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
-2.74 |
- |
-0.23 |
- |
-2.04 |
Competitive Comparison
For the Real Estate Services subindustry, ESR Group'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.
ESR Group Beneish M-Score Distribution
For the Real Estate industry and Real Estate sector, ESR Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ESR Group's Beneish M-Score falls into.
ESR Group 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 ESR Group 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 * 1.3467 | + | 0.528 * 1.0355 | + | 0.404 * 1.0421 | + | 0.892 * 1.0611 | + | 0.115 * 1.017 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8834 | + | 4.679 * 0.005439 | - | 0.327 * 1.0672 |
| = | -2.05 |
* 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 $1,097.8 Mil.
Revenue was $871.3 Mil.
Gross Profit was $811.5 Mil.
Total Current Assets was $2,450.5 Mil.
Total Assets was $16,191.1 Mil.
Property, Plant and Equipment(Net PPE) was $80.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $50.3 Mil.
Selling, General, & Admin. Expense(SGA) was $460.5 Mil.
Total Current Liabilities was $1,630.2 Mil.
Long-Term Debt & Capital Lease Obligation was $5,100.3 Mil.
Net Income was $230.8 Mil.
Gross Profit was $0.0 Mil.
Cash Flow from Operations was $142.8 Mil.
|
Total Receivables was $768.2 Mil.
Revenue was $821.2 Mil.
Gross Profit was $791.9 Mil.
Total Current Assets was $3,010.3 Mil.
Total Assets was $16,199.4 Mil.
Property, Plant and Equipment(Net PPE) was $74.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $47.9 Mil.
Selling, General, & Admin. Expense(SGA) was $491.3 Mil.
Total Current Liabilities was $1,079.7 Mil.
Long-Term Debt & Capital Lease Obligation was $5,230.0 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) |
| = | (1097.815 / 871.326) | / | (768.246 / 821.154) |
| = | 1.259936 | / | 0.935569 |
| | = | 1.3467 |
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) |
| = | (791.926 / 821.154) | / | (811.53 / 871.326) |
| = | 0.964406 | / | 0.931374 |
| | = | 1.0355 |
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 - (2450.455 + 80.892) / 16191.075) | / | (1 - (3010.291 + 74.821) / 16199.374) |
| = | 0.843658 | / | 0.809554 |
| | = | 1.0421 |
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 |
| = | 871.326 | / | 821.154 |
| | = | 1.0611 |
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)) |
| = | (47.863 / (47.863 + 74.821)) | / | (50.343 / (50.343 + 80.892)) |
| = | 0.390132 | / | 0.38361 |
| | = | 1.017 |
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) |
| = | (460.498 / 871.326) | / | (491.275 / 821.154) |
| = | 0.528503 | / | 0.598274 |
| | = | 0.8834 |
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) |
| = | ((5100.259 + 1630.226) / 16191.075) | / | ((5229.963 + 1079.717) / 16199.374) |
| = | 0.415691 | / | 0.389501 |
| | = | 1.0672 |
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 |
| = | (230.849 - 0 | - | 142.787) | / | 16191.075 |
| | = | 0.005439 |
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.
ESR Group has a M-score of -2.05 suggests that the company is unlikely to be a manipulator.
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