Grab Holdings Beneish M-Score Historical Data
The historical data trend for Grab Holdings'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.
Grab Holdings Beneish M-Score Chart
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Grab Holdings Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-7.81 |
-2.73 |
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Grab Holdings Quarterly Data
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Dec19 |
Jun20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-3.98 |
-3.00 |
-2.74 |
-2.73 |
-2.41 |
Competitive Comparison of Grab Holdings's Beneish M-Score
For the Software - Application subindustry, Grab Holdings'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.
Grab Holdings's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Grab Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Grab Holdings's Beneish M-Score falls into.
Grab Holdings 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 Grab Holdings 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 * 1.0315 | + | 0.528 * 0.4626 | + | 0.404 * 1.2321 | + | 0.892 * 1.3903 | + | 0.115 * 1.0263 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6339 | + | 4.679 * -0.043219 | - | 0.327 * 1.0222 |
| = | -2.44 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was €455 Mil.
Revenue was 600.76 + 598.801 + 576.255 + 523.341 = €2,299 Mil.
Gross Profit was 238.28 + 253.092 + 224.88 + 176.293 = €893 Mil.
Total Current Assets was €4,444 Mil.
Total Assets was €7,537 Mil.
Property, Plant and Equipment(Net PPE) was €446 Mil.
Depreciation, Depletion and Amortization(DDA) was €139 Mil.
Selling, General, & Admin. Expense(SGA) was €762 Mil.
Total Current Liabilities was €1,364 Mil.
Long-Term Debt & Capital Lease Obligation was €190 Mil.
Net Income was -95.68 + 56.854 + -92.763 + -124.605 = €-256 Mil.
Non Operating Income was -37.72 + 11.921 + -49.661 + -75.686 = €-151 Mil.
Cash Flow from Operations was -10.12 + -23.842 + 301.714 + -47.073 = €221 Mil.
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Total Receivables was €318 Mil.
Revenue was 490.35 + 473.888 + 385.82 + 303.666 = €1,654 Mil.
Gross Profit was 142.902 + 107.616 + 61.61 + -15.136 = €297 Mil.
Total Current Assets was €5,161 Mil.
Total Assets was €7,845 Mil.
Property, Plant and Equipment(Net PPE) was €447 Mil.
Depreciation, Depletion and Amortization(DDA) was €144 Mil.
Selling, General, & Admin. Expense(SGA) was €864 Mil.
Total Current Liabilities was €958 Mil.
Long-Term Debt & Capital Lease Obligation was €624 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) |
| = | (455.4 / 2299.157) | / | (317.56 / 1653.724) |
| = | 0.198073 | / | 0.192027 |
| | = | 1.0315 |
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) |
| = | (296.992 / 1653.724) | / | (892.545 / 2299.157) |
| = | 0.17959 | / | 0.388205 |
| | = | 0.4626 |
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 - (4443.6 + 446.2) / 7536.64) | / | (1 - (5161.284 + 447.386) / 7844.666) |
| = | 0.351196 | / | 0.285034 |
| | = | 1.2321 |
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 |
| = | 2299.157 | / | 1653.724 |
| | = | 1.3903 |
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)) |
| = | (143.832 / (143.832 + 447.386)) | / | (138.626 / (138.626 + 446.2)) |
| = | 0.243281 | / | 0.237038 |
| | = | 1.0263 |
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) |
| = | (761.542 / 2299.157) | / | (864.042 / 1653.724) |
| = | 0.331227 | / | 0.522483 |
| | = | 0.6339 |
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) |
| = | ((189.52 + 1364.36) / 7536.64) | / | ((623.912 + 958.284) / 7844.666) |
| = | 0.206177 | / | 0.201691 |
| | = | 1.0222 |
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 |
| = | (-256.194 - -151.146 | - | 220.679) | / | 7536.64 |
| | = | -0.043219 |
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.
Grab Holdings has a M-score of -2.44 suggests that the company is unlikely to be a manipulator.
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