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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.
Warning Sign:
Beneish M-Score 0.23 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Freedom Holding's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Freedom Holding was 18.54. The lowest was -50.13. And the median was -0.23.
The historical data trend for Freedom Holding'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.
Freedom Holding Annual Data | |||||||||||||||||||||
Trend | Mar14 | Mar15 | Mar16 | Mar17 | Mar18 | Mar19 | Mar20 | Mar21 | Mar22 | Mar23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.22 | -2.15 | -1.12 | 0.12 | 2.35 |
Freedom Holding Quarterly Data | ||||||||||||||||||||
Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | |
Beneish M-Score | Get a 7-Day Free Trial | - | 2.35 | -0.84 | 0.37 | 0.23 |
For the Capital Markets subindustry, Freedom Holding'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.
For the Capital Markets industry and Financial Services sector, Freedom Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Freedom Holding's Beneish M-Score falls into.
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 Freedom Holding 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 * 0.9908 | + | 0.528 * 0.7468 | + | 0.404 * 2.0376 | + | 0.892 * 2.2214 | + | 0.115 * 0.6085 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0845 | + | 4.679 * 0.296832 | - | 0.327 * 0.9694 | |||||||
= | 0.23 |
* 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 $2,320 Mil. Revenue was 431.231 + 421.482 + 313.453 + 294.691 = $1,461 Mil. Gross Profit was 302.341 + 315.882 + 231.625 + 236.789 = $1,087 Mil. Total Current Assets was $7,150 Mil. Total Assets was $7,449 Mil. Property, Plant and Equipment(Net PPE) was $112 Mil. Depreciation, Depletion and Amortization(DDA) was $13 Mil. Selling, General, & Admin. Expense(SGA) was $171 Mil. Total Current Liabilities was $5,311 Mil. Long-Term Debt & Capital Lease Obligation was $301 Mil. Net Income was 96.368 + 115.847 + 68.102 + 54.949 = $335 Mil. Non Operating Income was 1.845 + 4.386 + 2.757 + -25.592 = $-17 Mil. Cash Flow from Operations was -21.666 + -437.555 + -914.134 + -485.892 = $-1,859 Mil. |
Total Receivables was $1,054 Mil. Revenue was 141.291 + 174.089 + 172.542 + 169.721 = $658 Mil. Gross Profit was 83.948 + 120.946 + 116.122 + 44.323 = $365 Mil. Total Current Assets was $5,234 Mil. Total Assets was $5,368 Mil. Property, Plant and Equipment(Net PPE) was $68 Mil. Depreciation, Depletion and Amortization(DDA) was $4 Mil. Selling, General, & Admin. Expense(SGA) was $71 Mil. Total Current Liabilities was $4,110 Mil. Long-Term Debt & Capital Lease Obligation was $61 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) |
= | (2320.125 / 1460.857) | / | (1054.188 / 657.643) | |
= | 1.588194 | / | 1.602979 | |
= | 0.9908 |
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) | |
= | (365.339 / 657.643) | / | (1086.637 / 1460.857) | |
= | 0.555528 | / | 0.743835 | |
= | 0.7468 |
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 - (7149.511 + 112.279) / 7449.043) | / | (1 - (5233.994 + 67.916) / 5368.134) | |
= | 0.025138 | / | 0.012337 | |
= | 2.0376 |
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 | |
= | 1460.857 | / | 657.643 | |
= | 2.2214 |
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)) |
= | (4.485 / (4.485 + 67.916)) | / | (12.725 / (12.725 + 112.279)) | |
= | 0.061947 | / | 0.101797 | |
= | 0.6085 |
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) |
= | (171.326 / 1460.857) | / | (71.115 / 657.643) | |
= | 0.117278 | / | 0.108136 | |
= | 1.0845 |
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) |
= | ((300.924 + 5310.73) / 7449.043) | / | ((61.367 + 4110.26) / 5368.134) | |
= | 0.753339 | / | 0.777109 | |
= | 0.9694 |
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 | |
= | (335.266 - -16.604 | - | -1859.247) | / | 7449.043 | |
= | 0.296832 |
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.
Freedom Holding has a M-score of 0.23 signals that the company is likely to be a manipulator.
Thank you for viewing the detailed overview of Freedom Holding's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Sergey Lukyanov | officer: *See Remarks | ESENTAI TOWER BC, FLOOR 7, 77/7 AL FARABI AVE, ALMATY 1P 050040 |
Evgeny Ler | officer: Chief Financial Officer | 202 DOSTYK AVE, 4TH FLOOR, ALMATY 1P 050051 |
Liudmila Kiriaku | officer: VP of Compliance until 8/18/23 | CHIRSTAKI KRANOU 20 C TOWER 5TH FL, LIMASSOL G4 4041 |
Robert Wotczak | officer: CEO - Prime Executions | C/O TOMI ENVIRONMENTAL SOLUTIONS, INC., 5111 PEGASUS COURT, FREDERICK MD 21704 |
Renat Tukanov | officer: CHIEF TECHNOLOGY OFFICER | "ESENTIA TOWER" BC, FLOOR 7, 77/7 AL FARABI AVE, ALMATY 1P 050040 |
Boris Cherdabayev | 10 percent owner, officer: Chief Operating Officer | C/O POULTON & YORDAN, 324 SOUTH 400 WEST SUITE 250, SALT LAKE CITY UT 84101 |
Amber Williams | director | 324 SOUTH 400 WEST, SUITE 250, SALT LAKE CITY UT 84101 |
Askar Tashtitov | officer: President | KURMANGAZY ST 31, APT 38, ALMATY 1P 050051 |
Arkady V Rakhilkin | director | AL-FARABI 17, NURLY TAU 4B, OFFICE 104, ALMATY 1P 050059 |
Timur R Turlov | director, 10 percent owner, officer: Chief Executive Officer | VLANSKIY PER. 14B, AP. 67, MOSCOW 1Z 101000 |
Toleush Tolmakov | 10 percent owner, officer: Vice President | 202 DOSTYK AVE., 4TH FLOOR, ALMATY 1P 050051 |
Daymon M. Smith | director | 352 E. 426 N., ALPINE UT 84004 |
Anuarbek Baimoldin | officer: Chief Operating Officer | 202 DOSTYK AVE. 4TH FLOOR, ALMATY 1P 050051 |
Jason M Kerr | director | 1038 SOUTH 750 EAST, KAYSVILLE UT 84037 |
Jsc Compass Asset Management | 10 percent owner | 240V FURMANOVA STREET, ALMATY 1P 050059 |
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