Pakistan Services Beneish M-Score Historical Data
The historical data trend for Pakistan Services'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.
Pakistan Services Beneish M-Score Chart
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Pakistan Services Annual Data
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Trend |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
Jun24 |
| Beneish M-Score |
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-3.00 |
-1.68 |
-1.86 |
-2.48 |
-2.40 |
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Pakistan Services Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.45 |
-2.40 |
-2.42 |
-2.58 |
-2.89 |
KAR:PSEL vs MAR, HLT, HTHT: Beneish M-Score Comparison
For the Lodging subindustry, Pakistan Services'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.
Pakistan Services Beneish M-Score vs Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Pakistan Services's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Pakistan Services's Beneish M-Score falls into.
Pakistan Services 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 Pakistan Services 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 * 0.7568 | + | 0.528 * 0.9848 | + | 0.404 * 0.4586 | + | 0.892 * 1.2652 | + | 0.115 * 1.0689 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9199 | + | 4.679 * -0.049561 | - | 0.327 * 0.9559 |
| = | -2.89 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was ₨2,123 Mil.
Revenue was 4254.295 + 4710.088 + 4167.858 + 5044.563 = ₨18,177 Mil.
Gross Profit was 1928.341 + 2241.477 + 1825.158 + 1064.788 = ₨7,060 Mil.
Total Current Assets was ₨5,399 Mil.
Total Assets was ₨63,080 Mil.
Property, Plant and Equipment(Net PPE) was ₨56,867 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨1,040 Mil.
Selling, General, & Admin. Expense(SGA) was ₨1,849 Mil.
Total Current Liabilities was ₨15,211 Mil.
Long-Term Debt & Capital Lease Obligation was ₨697 Mil.
Net Income was 477.883 + 446.676 + -1.562 + -741.495 = ₨182 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₨0 Mil.
Cash Flow from Operations was 1578.871 + 356.911 + 655.075 + 716.977 = ₨3,308 Mil.
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Total Receivables was ₨2,217 Mil.
Revenue was 3711.626 + 4268.377 + 3605.271 + 2781.31 = ₨14,367 Mil.
Gross Profit was 1427.108 + 1971.504 + 1420.275 + 676.142 = ₨5,495 Mil.
Total Current Assets was ₨12,227 Mil.
Total Assets was ₨62,850 Mil.
Property, Plant and Equipment(Net PPE) was ₨48,854 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨956 Mil.
Selling, General, & Admin. Expense(SGA) was ₨1,588 Mil.
Total Current Liabilities was ₨15,772 Mil.
Long-Term Debt & Capital Lease Obligation was ₨810 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) |
| = | (2122.51 / 18176.804) | / | (2216.546 / 14366.584) |
| = | 0.11677 | / | 0.154285 |
| | = | 0.7568 |
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) |
| = | (5495.029 / 14366.584) | / | (7059.764 / 18176.804) |
| = | 0.382487 | / | 0.388394 |
| | = | 0.9848 |
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 - (5398.78 + 56867.099) / 63080.061) | / | (1 - (12226.98 + 48854.331) / 62850.356) |
| = | 0.012907 | / | 0.028147 |
| | = | 0.4586 |
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 |
| = | 18176.804 | / | 14366.584 |
| | = | 1.2652 |
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)) |
| = | (956.237 / (956.237 + 48854.331)) | / | (1039.998 / (1039.998 + 56867.099)) |
| = | 0.019197 | / | 0.01796 |
| | = | 1.0689 |
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) |
| = | (1848.614 / 18176.804) | / | (1588.303 / 14366.584) |
| = | 0.101702 | / | 0.110555 |
| | = | 0.9199 |
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) |
| = | ((697.181 + 15211.326) / 63080.061) | / | ((809.692 + 15772.068) / 62850.356) |
| = | 0.252195 | / | 0.263829 |
| | = | 0.9559 |
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 |
| = | (181.502 - 0 | - | 3307.834) | / | 63080.061 |
| | = | -0.049561 |
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.
Pakistan Services has a M-score of -2.89 suggests that the company is unlikely to be a manipulator.
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