Esprit Holdings Beneish M-Score Historical Data
The historical data trend for Esprit 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.
Esprit Holdings Beneish M-Score Chart
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Esprit Holdings Annual Data
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Jun14 |
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Jun20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.89 |
-5.20 |
-2.55 |
-3.11 |
-3.82 |
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Esprit Holdings Semi-Annual Data
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Jun24 |
| Beneish M-Score |
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-3.11 |
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-3.82 |
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Competitive Comparison of Esprit Holdings's Beneish M-Score
For the Apparel Retail subindustry, Esprit 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.
Esprit Holdings's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Esprit Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Esprit Holdings's Beneish M-Score falls into.
Esprit 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 Esprit 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 * 1.1701 | + | 0.528 * 0.9605 | + | 0.404 * 1.2738 | + | 0.892 * 0.837 | + | 0.115 * 0.8292 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2924 | + | 4.679 * -0.266401 | - | 0.327 * 1.3675 |
| = | -3.82 |
* 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 HK$618 Mil.
Revenue was HK$5,912 Mil.
Gross Profit was HK$2,508 Mil.
Total Current Assets was HK$2,588 Mil.
Total Assets was HK$5,762 Mil.
Property, Plant and Equipment(Net PPE) was HK$1,457 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$697 Mil.
Selling, General, & Admin. Expense(SGA) was HK$701 Mil.
Total Current Liabilities was HK$2,483 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,189 Mil.
Net Income was HK$-2,339 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$-804 Mil.
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Total Receivables was HK$631 Mil.
Revenue was HK$7,063 Mil.
Gross Profit was HK$2,878 Mil.
Total Current Assets was HK$4,691 Mil.
Total Assets was HK$8,665 Mil.
Property, Plant and Equipment(Net PPE) was HK$1,947 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$714 Mil.
Selling, General, & Admin. Expense(SGA) was HK$648 Mil.
Total Current Liabilities was HK$2,460 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,578 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) |
| = | (618 / 5912) | / | (631 / 7063) |
| = | 0.104533 | / | 0.089339 |
| | = | 1.1701 |
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) |
| = | (2878 / 7063) | / | (2508 / 5912) |
| = | 0.407476 | / | 0.424222 |
| | = | 0.9605 |
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 - (2588 + 1457) / 5762) | / | (1 - (4691 + 1947) / 8665) |
| = | 0.297987 | / | 0.23393 |
| | = | 1.2738 |
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 |
| = | 5912 | / | 7063 |
| | = | 0.837 |
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)) |
| = | (714 / (714 + 1947)) | / | (697 / (697 + 1457)) |
| = | 0.26832 | / | 0.323584 |
| | = | 0.8292 |
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) |
| = | (701 / 5912) | / | (648 / 7063) |
| = | 0.118572 | / | 0.091746 |
| | = | 1.2924 |
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) |
| = | ((1189 + 2483) / 5762) | / | ((1578 + 2460) / 8665) |
| = | 0.637279 | / | 0.466013 |
| | = | 1.3675 |
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 |
| = | (-2339 - 0 | - | -804) | / | 5762 |
| | = | -0.266401 |
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.
Esprit Holdings has a M-score of -3.82 suggests that the company is unlikely to be a manipulator.
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