GEK Terna Holding Real Estate Construction Beneish M-Score Historical Data
The historical data trend for GEK Terna Holding Real Estate Construction'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.
GEK Terna Holding Real Estate Construction Beneish M-Score Chart
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GEK Terna Holding Real Estate Construction Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.05 |
-2.94 |
-2.65 |
-0.54 |
-2.20 |
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GEK Terna Holding Real Estate Construction Semi-Annual Data
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Jun14 |
Dec14 |
Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
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Dec20 |
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Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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-2.65 |
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-0.54 |
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-2.20 |
Competitive Comparison of GEK Terna Holding Real Estate Construction's Beneish M-Score
For the Engineering & Construction subindustry, GEK Terna Holding Real Estate Construction'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.
GEK Terna Holding Real Estate Construction's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, GEK Terna Holding Real Estate Construction's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where GEK Terna Holding Real Estate Construction's Beneish M-Score falls into.
GEK Terna Holding Real Estate Construction 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 GEK Terna Holding Real Estate Construction 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 * 1.3777 | + | 0.528 * 1.1054 | + | 0.404 * 0.9841 | + | 0.892 * 0.9147 | + | 0.115 * 0.9892 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6801 | + | 4.679 * -0.014425 | - | 0.327 * 0.9973 |
| = | -2.17 |
* 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 $1,238 Mil.
Revenue was $3,816 Mil.
Gross Profit was $531 Mil.
Total Current Assets was $3,348 Mil.
Total Assets was $6,602 Mil.
Property, Plant and Equipment(Net PPE) was $1,738 Mil.
Depreciation, Depletion and Amortization(DDA) was $160 Mil.
Selling, General, & Admin. Expense(SGA) was $79 Mil.
Total Current Liabilities was $1,477 Mil.
Long-Term Debt & Capital Lease Obligation was $3,069 Mil.
Net Income was $161 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $256 Mil.
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Total Receivables was $982 Mil.
Revenue was $4,172 Mil.
Gross Profit was $642 Mil.
Total Current Assets was $3,287 Mil.
Total Assets was $6,332 Mil.
Property, Plant and Equipment(Net PPE) was $1,567 Mil.
Depreciation, Depletion and Amortization(DDA) was $142 Mil.
Selling, General, & Admin. Expense(SGA) was $127 Mil.
Total Current Liabilities was $1,490 Mil.
Long-Term Debt & Capital Lease Obligation was $2,881 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) |
| = | (1237.787 / 3815.929) | / | (982.243 / 4171.905) |
| = | 0.324374 | / | 0.235442 |
| | = | 1.3777 |
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) |
| = | (641.62 / 4171.905) | / | (530.914 / 3815.929) |
| = | 0.153795 | / | 0.139131 |
| | = | 1.1054 |
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 - (3347.535 + 1738.275) / 6602.322) | / | (1 - (3287.169 + 1566.915) / 6332.109) |
| = | 0.229694 | / | 0.233417 |
| | = | 0.9841 |
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 |
| = | 3815.929 | / | 4171.905 |
| | = | 0.9147 |
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)) |
| = | (142.333 / (142.333 + 1566.915)) | / | (159.771 / (159.771 + 1738.275)) |
| = | 0.083272 | / | 0.084177 |
| | = | 0.9892 |
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) |
| = | (78.949 / 3815.929) | / | (126.919 / 4171.905) |
| = | 0.020689 | / | 0.030422 |
| | = | 0.6801 |
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) |
| = | ((3068.678 + 1476.796) / 6602.322) | / | ((2881.265 + 1490.111) / 6332.109) |
| = | 0.688466 | / | 0.690351 |
| | = | 0.9973 |
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 |
| = | (161.192 - 0 | - | 256.433) | / | 6602.322 |
| | = | -0.014425 |
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.
GEK Terna Holding Real Estate Construction has a M-score of -2.17 suggests that the company is unlikely to be a manipulator.
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