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ILPMF (Permanent TSB Group Holdings) Beneish M-Score : -2.72 (As of Mar. 17, 2025)


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What is Permanent TSB Group Holdings Beneish M-Score?

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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.

Good Sign:

Beneish M-Score -2.72 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Permanent TSB Group Holdings's Beneish M-Score or its related term are showing as below:

ILPMF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.08   Med: -2.48   Max: -2.23
Current: -2.72

During the past 13 years, the highest Beneish M-Score of Permanent TSB Group Holdings was -2.23. The lowest was -3.08. And the median was -2.48.


Permanent TSB Group 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 Permanent TSB Group 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+0.528 * 1+0.404 * 1.0011+0.892 * 0.966+0.115 * 0.7417
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0395+4.679 * -0.038711-0.327 * 1.0758
=-2.75

* 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 $0.0 Mil.
Revenue was $703.7 Mil.
Gross Profit was $703.7 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $30,295.3 Mil.
Property, Plant and Equipment(Net PPE) was $191.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $95.3 Mil.
Selling, General, & Admin. Expense(SGA) was $191.6 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $2,118.3 Mil.
Net Income was $169.6 Mil.
Gross Profit was $0.0 Mil.
Cash Flow from Operations was $1,342.4 Mil.
Total Receivables was $0.0 Mil.
Revenue was $728.5 Mil.
Gross Profit was $728.5 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $30,267.2 Mil.
Property, Plant and Equipment(Net PPE) was $223.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $73.1 Mil.
Selling, General, & Admin. Expense(SGA) was $190.8 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $1,967.3 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)
=(0 / 703.665) / (0 / 728.462)
=0 / 0
=1

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)
=(728.462 / 728.462) / (703.665 / 703.665)
=1 / 1
=1

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 - (0 + 191.623) / 30295.288) / (1 - (0 + 223.555) / 30267.176)
=0.993675 / 0.992614
=1.0011

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
=703.665 / 728.462
=0.966

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))
=(73.064 / (73.064 + 223.555)) / (95.288 / (95.288 + 191.623))
=0.246323 / 0.332117
=0.7417

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)
=(191.623 / 703.665) / (190.84 / 728.462)
=0.272321 / 0.261977
=1.0395

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)
=((2118.325 + 0) / 30295.288) / ((1967.285 + 0) / 30267.176)
=0.069923 / 0.064997
=1.0758

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
=(169.634 - 0 - 1342.408) / 30295.288
=-0.038711

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.

Permanent TSB Group Holdings has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.


Permanent TSB Group Holdings Beneish M-Score Related Terms

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Permanent TSB Group Holdings Business Description

Traded in Other Exchanges
Address
56 - 59, St. Stephen's Green, Dublin, IRL, 2
Permanent TSB Group Holdings PLC is a full-service Retail and SME bank in Ireland. The company serves individual customers and small- to medium-sized enterprises through a multi-channel distribution model. Such channels include Branch Network, Brokers, Direct, Digital, and SME. It provides mainstream transactional banking, lending, saving, and deposit-taking services.