New Frontier Properties Beneish M-Score Historical Data
The historical data trend for New Frontier Properties'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.
New Frontier Properties Beneish M-Score Chart
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New Frontier Properties Annual Data
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Trend |
Dec14 |
Aug16 |
Aug17 |
Aug18 |
Aug19 |
| Beneish M-Score |
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- |
- |
-3.54 |
-4.86 |
-5.60 |
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New Frontier Properties Quarterly Data
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May15 |
Nov15 |
Feb16 |
May16 |
Aug16 |
Nov16 |
Feb17 |
May17 |
Aug17 |
Nov17 |
Feb18 |
May18 |
Aug18 |
Nov18 |
Feb19 |
May19 |
Aug19 |
Nov19 |
Feb20 |
May20 |
| Beneish M-Score |
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-6.85 |
-5.60 |
-5.76 |
-6.46 |
-3.30 |
Competitive Comparison of New Frontier Properties's Beneish M-Score
For the REIT - Retail subindustry, New Frontier Properties'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.
New Frontier Properties's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, New Frontier Properties's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where New Frontier Properties's Beneish M-Score falls into.
New Frontier Properties 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 New Frontier Properties 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 * 0.4876 | + | 0.528 * 0.9656 | + | 0.404 * 1.0883 | + | 0.892 * 0.8097 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.7843 | + | 4.679 * -0.044148 | - | 0.327 * 1.2112 |
| = | -3.51 |
* 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 (May20) TTM: | Last Year (May19) TTM: |
Total Receivables was R43.4 Mil.
Revenue was 37.978 + 45.638 + 71.883 + 63.742 = R219.2 Mil.
Gross Profit was 37.978 + 45.638 + 71.883 + 63.742 = R219.2 Mil.
Total Current Assets was R75.3 Mil.
Total Assets was R1,554.9 Mil.
Property, Plant and Equipment(Net PPE) was R0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was R0.0 Mil.
Selling, General, & Admin. Expense(SGA) was R29.6 Mil.
Total Current Liabilities was R613.9 Mil.
Long-Term Debt & Capital Lease Obligation was R1,774.2 Mil.
Net Income was -17.334 + -30.827 + 164.423 + -138.325 = R-22.1 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R0.0 Mil.
Cash Flow from Operations was -6.307 + 16.231 + 21.744 + 14.917 = R46.6 Mil.
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Total Receivables was R110.0 Mil.
Revenue was 67.81 + 70.239 + 70.996 + 61.735 = R270.8 Mil.
Gross Profit was 67.81 + 70.239 + 70.996 + 52.413 = R261.5 Mil.
Total Current Assets was R327.1 Mil.
Total Assets was R2,605.8 Mil.
Property, Plant and Equipment(Net PPE) was R0.3 Mil.
Depreciation, Depletion and Amortization(DDA) was R0.0 Mil.
Selling, General, & Admin. Expense(SGA) was R20.5 Mil.
Total Current Liabilities was R309.2 Mil.
Long-Term Debt & Capital Lease Obligation was R2,995.0 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) |
| = | (43.413 / 219.241) | / | (109.965 / 270.78) |
| = | 0.198015 | / | 0.406105 |
| | = | 0.4876 |
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) |
| = | (261.458 / 270.78) | / | (219.241 / 219.241) |
| = | 0.965574 | / | 1 |
| | = | 0.9656 |
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 - (75.263 + 0) / 1554.936) | / | (1 - (327.058 + 0.26) / 2605.784) |
| = | 0.951597 | / | 0.874388 |
| | = | 1.0883 |
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 |
| = | 219.241 | / | 270.78 |
| | = | 0.8097 |
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)) |
| = | (0 / (0 + 0.26)) | / | (0 / (0 + 0)) |
| = | 0 | / | |
| | = | 1 |
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) |
| = | (29.639 / 219.241) | / | (20.516 / 270.78) |
| = | 0.135189 | / | 0.075766 |
| | = | 1.7843 |
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) |
| = | ((1774.194 + 613.914) / 1554.936) | / | ((2994.961 + 309.225) / 2605.784) |
| = | 1.535824 | / | 1.26802 |
| | = | 1.2112 |
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 |
| = | (-22.063 - 0 | - | 46.585) | / | 1554.936 |
| | = | -0.044148 |
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.
New Frontier Properties has a M-score of -3.51 suggests that the company is unlikely to be a manipulator.
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