KAL Group Beneish M-Score Historical Data
The historical data trend for KAL Group'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.
KAL Group Beneish M-Score Chart
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KAL Group Annual Data
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Trend |
Sep15 |
Sep16 |
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Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
Sep24 |
| Beneish M-Score |
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-2.62 |
-2.40 |
-1.66 |
-2.62 |
-2.81 |
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KAL Group Semi-Annual Data
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Sep14 |
Sep15 |
Sep16 |
Mar17 |
Sep17 |
Mar18 |
Sep18 |
Mar19 |
Sep19 |
Mar20 |
Sep20 |
Mar21 |
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Mar22 |
Sep22 |
Mar23 |
Sep23 |
Mar24 |
Sep24 |
| Beneish M-Score |
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-1.66 |
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-2.62 |
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-2.81 |
Competitive Comparison of KAL Group's Beneish M-Score
For the Specialty Retail subindustry, KAL Group'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.
KAL Group's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, KAL Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where KAL Group's Beneish M-Score falls into.
KAL Group 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 KAL Group 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 * 0.982 | + | 0.528 * 0.9524 | + | 0.404 * 1.0643 | + | 0.892 * 0.9704 | + | 0.115 * 0.9792 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0747 | + | 4.679 * -0.060175 | - | 0.327 * 0.9577 |
| = | -2.81 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was R2,461 Mil.
Revenue was R21,735 Mil.
Gross Profit was R2,974 Mil.
Total Current Assets was R4,232 Mil.
Total Assets was R8,215 Mil.
Property, Plant and Equipment(Net PPE) was R2,184 Mil.
Depreciation, Depletion and Amortization(DDA) was R178 Mil.
Selling, General, & Admin. Expense(SGA) was R1,515 Mil.
Total Current Liabilities was R3,535 Mil.
Long-Term Debt & Capital Lease Obligation was R1,159 Mil.
Net Income was R395 Mil.
Gross Profit was R0 Mil.
Cash Flow from Operations was R890 Mil.
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Total Receivables was R2,582 Mil.
Revenue was R22,397 Mil.
Gross Profit was R2,918 Mil.
Total Current Assets was R4,619 Mil.
Total Assets was R8,290 Mil.
Property, Plant and Equipment(Net PPE) was R1,964 Mil.
Depreciation, Depletion and Amortization(DDA) was R157 Mil.
Selling, General, & Admin. Expense(SGA) was R1,453 Mil.
Total Current Liabilities was R4,363 Mil.
Long-Term Debt & Capital Lease Obligation was R583 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) |
| = | (2461.01 / 21734.924) | / | (2582.341 / 22397.058) |
| = | 0.113228 | / | 0.115298 |
| | = | 0.982 |
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) |
| = | (2918.347 / 22397.058) | / | (2973.537 / 21734.924) |
| = | 0.1303 | / | 0.136809 |
| | = | 0.9524 |
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 - (4231.904 + 2183.677) / 8214.962) | / | (1 - (4619.465 + 1964.226) / 8289.718) |
| = | 0.219037 | / | 0.2058 |
| | = | 1.0643 |
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 |
| = | 21734.924 | / | 22397.058 |
| | = | 0.9704 |
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)) |
| = | (156.562 / (156.562 + 1964.226)) | / | (178.047 / (178.047 + 2183.677)) |
| = | 0.073823 | / | 0.075389 |
| | = | 0.9792 |
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) |
| = | (1515.081 / 21734.924) | / | (1452.767 / 22397.058) |
| = | 0.069707 | / | 0.064864 |
| | = | 1.0747 |
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) |
| = | ((1158.85 + 3535.474) / 8214.962) | / | ((583.103 + 4363.287) / 8289.718) |
| = | 0.571436 | / | 0.59669 |
| | = | 0.9577 |
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 |
| = | (395.316 - 0 | - | 889.648) | / | 8214.962 |
| | = | -0.060175 |
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.
KAL Group has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.
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