IWG Beneish M-Score Historical Data
The historical data trend for IWG'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.
IWG Beneish M-Score Chart
|
IWG Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-3.30 |
10.16 |
-3.69 |
-2.97 |
-3.28 |
|
IWG Semi-Annual Data
|
|
Jun14 |
Dec14 |
Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-3.69 |
- |
-2.97 |
- |
-3.28 |
Competitive Comparison of IWG's Beneish M-Score
For the Real Estate Services subindustry, IWG'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.
IWG's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, IWG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where IWG's Beneish M-Score falls into.
IWG 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 IWG 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 * 0.8988 | + | 0.528 * 1.0497 | + | 0.404 * 1.0823 | + | 0.892 * 1.1174 | + | 0.115 * 0.8918 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0419 | + | 4.679 * -0.172153 | - | 0.327 * 1.0243 |
| = | -3.24 |
* 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 $910 Mil.
Revenue was $3,744 Mil.
Gross Profit was $746 Mil.
Total Current Assets was $1,344 Mil.
Total Assets was $10,382 Mil.
Property, Plant and Equipment(Net PPE) was $6,834 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,496 Mil.
Selling, General, & Admin. Expense(SGA) was $566 Mil.
Total Current Liabilities was $3,477 Mil.
Long-Term Debt & Capital Lease Obligation was $6,529 Mil.
Net Income was $-272 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $1,515 Mil.
|
Total Receivables was $906 Mil.
Revenue was $3,351 Mil.
Gross Profit was $700 Mil.
Total Current Assets was $1,403 Mil.
Total Assets was $11,191 Mil.
Property, Plant and Equipment(Net PPE) was $7,593 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,448 Mil.
Selling, General, & Admin. Expense(SGA) was $486 Mil.
Total Current Liabilities was $3,678 Mil.
Long-Term Debt & Capital Lease Obligation was $6,851 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) |
| = | (910.127 / 3744.304) | / | (906.212 / 3350.792) |
| = | 0.24307 | / | 0.270447 |
| | = | 0.8988 |
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) |
| = | (700.365 / 3350.792) | / | (745.57 / 3744.304) |
| = | 0.209015 | / | 0.199121 |
| | = | 1.0497 |
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 - (1344.304 + 6834.177) / 10382.278) | / | (1 - (1403.167 + 7593.179) / 11191.23) |
| = | 0.212265 | / | 0.196125 |
| | = | 1.0823 |
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 |
| = | 3744.304 | / | 3350.792 |
| | = | 1.1174 |
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)) |
| = | (1448.234 / (1448.234 + 7593.179)) | / | (1496.203 / (1496.203 + 6834.177)) |
| = | 0.160178 | / | 0.179608 |
| | = | 0.8918 |
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) |
| = | (565.823 / 3744.304) | / | (485.993 / 3350.792) |
| = | 0.151116 | / | 0.145038 |
| | = | 1.0419 |
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) |
| = | ((6529.114 + 3477.215) / 10382.278) | / | ((6851.401 + 3678.441) / 11191.23) |
| = | 0.963789 | / | 0.940901 |
| | = | 1.0243 |
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 |
| = | (-272.152 - 0 | - | 1515.19) | / | 10382.278 |
| | = | -0.172153 |
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.
IWG has a M-score of -3.24 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
IWGFF has been successfully added to your