Monadelphous Group Beneish M-Score Historical Data
The historical data trend for Monadelphous 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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Monadelphous Group Annual Data
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Trend |
Jun14 |
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Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-2.18 |
-3.18 |
-2.18 |
-2.57 |
-2.55 |
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Monadelphous Group Semi-Annual Data
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Jun14 |
Dec14 |
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Dec17 |
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Dec18 |
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Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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-2.57 |
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-2.55 |
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Competitive Comparison
For the Engineering & Construction subindustry, Monadelphous 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.
Monadelphous Group Beneish M-Score Distribution
For the Construction industry and Industrials sector, Monadelphous Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Monadelphous Group's Beneish M-Score falls into.
Monadelphous 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 Monadelphous 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 * 0.9433 | + | 0.528 * 0.982 | + | 0.404 * 1.8256 | + | 0.892 * 0.8862 | + | 0.115 * 1.016 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0623 | + | 4.679 * -0.069258 | - | 0.327 * 0.899 |
| = | -2.61 |
* 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 (Jun23) TTM: | Last Year (Jun22) TTM: |
Total Receivables was €207 Mil.
Revenue was €1,066 Mil.
Gross Profit was €74 Mil.
Total Current Assets was €322 Mil.
Total Assets was €476 Mil.
Property, Plant and Equipment(Net PPE) was €102 Mil.
Depreciation, Depletion and Amortization(DDA) was €21 Mil.
Selling, General, & Admin. Expense(SGA) was €24 Mil.
Total Current Liabilities was €160 Mil.
Long-Term Debt & Capital Lease Obligation was €40 Mil.
Net Income was €33 Mil.
Gross Profit was €8 Mil.
Cash Flow from Operations was €58 Mil.
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Total Receivables was €247 Mil.
Revenue was €1,203 Mil.
Gross Profit was €81 Mil.
Total Current Assets was €387 Mil.
Total Assets was €526 Mil.
Property, Plant and Equipment(Net PPE) was €108 Mil.
Depreciation, Depletion and Amortization(DDA) was €22 Mil.
Selling, General, & Admin. Expense(SGA) was €26 Mil.
Total Current Liabilities was €198 Mil.
Long-Term Debt & Capital Lease Obligation was €48 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) |
| = | (206.743 / 1066.069) | / | (247.294 / 1202.91) |
| = | 0.19393 | / | 0.20558 |
| | = | 0.9433 |
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) |
| = | (81.446 / 1202.91) | / | (73.504 / 1066.069) |
| = | 0.067707 | / | 0.068949 |
| | = | 0.982 |
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 - (321.688 + 102.412) / 475.855) | / | (1 - (387.115 + 107.633) / 526.091) |
| = | 0.108762 | / | 0.059577 |
| | = | 1.8256 |
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 |
| = | 1066.069 | / | 1202.91 |
| | = | 0.8862 |
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)) |
| = | (22.003 / (22.003 + 107.633)) | / | (20.54 / (20.54 + 102.412)) |
| = | 0.169729 | / | 0.167057 |
| | = | 1.016 |
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) |
| = | (24.271 / 1066.069) | / | (25.78 / 1202.91) |
| = | 0.022767 | / | 0.021431 |
| | = | 1.0623 |
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) |
| = | ((39.804 + 160.282) / 475.855) | / | ((48.272 + 197.794) / 526.091) |
| = | 0.420477 | / | 0.467725 |
| | = | 0.899 |
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 |
| = | (33.168 - 8.335 | - | 57.79) | / | 475.855 |
| | = | -0.069258 |
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.
Monadelphous Group has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.
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