Horizon Construction Development Beneish M-Score Historical Data
The historical data trend for Horizon Construction Development'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.
Horizon Construction Development Beneish M-Score Chart
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Horizon Construction Development Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
-2.75 |
-2.70 |
-2.70 |
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Horizon Construction Development Semi-Annual Data
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|
Dec20 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
Jun24 |
Dec24 |
| Beneish M-Score |
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-2.75 |
- |
-2.70 |
- |
-2.70 |
Competitive Comparison of Horizon Construction Development's Beneish M-Score
For the Rental & Leasing Services subindustry, Horizon Construction Development'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.
Horizon Construction Development's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Horizon Construction Development's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Horizon Construction Development's Beneish M-Score falls into.
Horizon Construction Development 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 Horizon Construction Development 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 * 0.931 | + | 0.528 * 1.2008 | + | 0.404 * 1.0066 | + | 0.892 * 1.2308 | + | 0.115 * 1.0996 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9789 | + | 4.679 * -0.090786 | - | 0.327 * 1.0469 |
| = | -2.65 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was €986 Mil.
Revenue was €1,519 Mil.
Gross Profit was €495 Mil.
Total Current Assets was €1,601 Mil.
Total Assets was €4,779 Mil.
Property, Plant and Equipment(Net PPE) was €3,037 Mil.
Depreciation, Depletion and Amortization(DDA) was €346 Mil.
Selling, General, & Admin. Expense(SGA) was €247 Mil.
Total Current Liabilities was €1,331 Mil.
Long-Term Debt & Capital Lease Obligation was €1,942 Mil.
Net Income was €118 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €551 Mil.
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Total Receivables was €861 Mil.
Revenue was €1,234 Mil.
Gross Profit was €483 Mil.
Total Current Assets was €1,428 Mil.
Total Assets was €4,012 Mil.
Property, Plant and Equipment(Net PPE) was €2,466 Mil.
Depreciation, Depletion and Amortization(DDA) was €313 Mil.
Selling, General, & Admin. Expense(SGA) was €205 Mil.
Total Current Liabilities was €1,192 Mil.
Long-Term Debt & Capital Lease Obligation was €1,433 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) |
| = | (986.334 / 1519.073) | / | (860.85 / 1234.266) |
| = | 0.6493 | / | 0.697459 |
| | = | 0.931 |
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) |
| = | (483.068 / 1234.266) | / | (495.109 / 1519.073) |
| = | 0.391381 | / | 0.325928 |
| | = | 1.2008 |
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 - (1601.402 + 3036.627) / 4779.024) | / | (1 - (1428.335 + 2465.753) / 4011.67) |
| = | 0.029503 | / | 0.02931 |
| | = | 1.0066 |
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 |
| = | 1519.073 | / | 1234.266 |
| | = | 1.2308 |
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)) |
| = | (312.747 / (312.747 + 2465.753)) | / | (346.274 / (346.274 + 3036.627)) |
| = | 0.11256 | / | 0.10236 |
| | = | 1.0996 |
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) |
| = | (246.553 / 1519.073) | / | (204.638 / 1234.266) |
| = | 0.162305 | / | 0.165797 |
| | = | 0.9789 |
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) |
| = | ((1942.351 + 1331.328) / 4779.024) | / | ((1432.997 + 1192.005) / 4011.67) |
| = | 0.68501 | / | 0.654341 |
| | = | 1.0469 |
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 |
| = | (117.569 - 0 | - | 551.436) | / | 4779.024 |
| | = | -0.090786 |
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.
Horizon Construction Development has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
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