Exchangeome (FRA:0ON) Beneish M-Score : -2.61 (As of Mar. 05, 2025)

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What is Exchangeome 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 -2.61 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:0ON' s Beneish M-Score Range Over the Past 10 Years
Min: -2.93 Med: -2.57 Max: -2.17
Current: -2.61

During the past 13 years, the highest Beneish M-Score of Exchangeome was -2.17. The lowest was -2.93. And the median was -2.57.

Exchangeome Beneish M-Score Historical Data

The historical data trend for Exchangeome'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.

Exchangeome Beneish M-Score Chart

Exchangeome Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.93

-2.68

-2.36

-2.52

-2.61

Exchangeome Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.52	-2.55	-2.68	-2.72	-2.61

Competitive Comparison of Exchangeome's Beneish M-Score

For the Airlines subindustry, Exchangeome'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.

Exchangeome's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, Exchangeome's Beneish M-Score distribution charts can be found below:

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

Exchangeome 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 Exchangeome for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.088

0.528 * 0.9635

0.404 * 0.9979

0.892 * 1.0404

0.115 * 0.9856

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0488

4.679 * -0.048739

0.327 * 1.0088

-2.62

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was €452 Mil.
Revenue was 460.973 + 472.154 + 447.774 + 409.004 = €1,790 Mil.
Gross Profit was 118.347 + 131.254 + 108.83 + 83.806 = €442 Mil.
Total Current Assets was €857 Mil.
Total Assets was €3,083 Mil.
Property, Plant and Equipment(Net PPE) was €1,336 Mil.
Depreciation, Depletion and Amortization(DDA) was €209 Mil.
Selling, General, & Admin. Expense(SGA) was €229 Mil.
Total Current Liabilities was €436 Mil.
Long-Term Debt & Capital Lease Obligation was €1,537 Mil.
Net Income was 18.885 + 37.171 + 22.131 + 3.078 = €81 Mil.
Non Operating Income was -5.165 + -1.03 + -0.843 + -0.887 = €-8 Mil.
Cash Flow from Operations was 94.2 + 83.123 + 27.473 + 34.647 = €239 Mil.

Total Receivables was €399 Mil.
Revenue was 448.846 + 476.202 + 435.741 + 359.623 = €1,720 Mil.
Gross Profit was 108.35 + 120.283 + 109.451 + 71.484 = €410 Mil.
Total Current Assets was €792 Mil.
Total Assets was €2,789 Mil.
Property, Plant and Equipment(Net PPE) was €1,190 Mil.
Depreciation, Depletion and Amortization(DDA) was €183 Mil.
Selling, General, & Admin. Expense(SGA) was €210 Mil.
Total Current Liabilities was €423 Mil.
Long-Term Debt & Capital Lease Obligation was €1,346 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)
	=	(451.7 / 1789.905)	/	(399.047 / 1720.412)
	=	0.25236	/	0.231949
	=	1.088

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)
	=	(409.568 / 1720.412)	/	(442.237 / 1789.905)
	=	0.238064	/	0.247073
	=	0.9635

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 - (857.49 + 1336.087) / 3082.778)	/	(1 - (792.435 + 1190.108) / 2788.598)
	=	0.288441	/	0.289054
	=	0.9979

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
	=	1789.905	/	1720.412
	=	1.0404

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))
	=	(182.989 / (182.989 + 1190.108))	/	(208.901 / (208.901 + 1336.087))
	=	0.133267	/	0.135212
	=	0.9856

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)
	=	(228.911 / 1789.905)	/	(209.785 / 1720.412)
	=	0.12789	/	0.121939
	=	1.0488

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)
	=	((1536.752 + 436.242) / 3082.778)	/	((1346.317 + 422.847) / 2788.598)
	=	0.640005	/	0.634428
	=	1.0088

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
	=	(81.265 - -7.925	-	239.443)	/	3082.778
	=	-0.048739

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.

Exchangeome has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.

Exchangeome Beneish M-Score Related Terms

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Exchangeome Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » Exchange Income Corp (FRA:0ON) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

EIFZF:USA EIF:Canada

Address

101-990 Lorimer Boulevard, Winnipeg, MB, CAN, R3P 0Z9

Website

https://www.exchangeincomecorp.ca

Exchange Income Corp is a diversified, acquisition-oriented corporation focused on opportunities in two sectors, aerospace, aviation services and equipment, and manufacturing. The business plan of the corporation is to invest in profitable, well-established companies with cash flows operating in niche markets. Its Aerospace and Aviation segment is a key revenue driver, recognizes revenue from the provision of Aftermarket parts sales, Aircraft and engine sales, Aircraft and engine lease revenue, Surveillance and aircraft modification services, Software development and sales of software licenses, Charter, passenger flight, medevac, and cargo services. The Manufacturing segment recognizes revenue from the sales of manufacturing products and services.

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