Etalon Group Beneish M-Score Historical Data
The historical data trend for Etalon 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.
Etalon Group Beneish M-Score Chart
|
Etalon Group Annual Data
|
|
Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-3.56 |
-2.76 |
-2.26 |
-1.02 |
-0.95 |
|
Etalon Group Semi-Annual Data
|
|
Dec12 |
Jun13 |
Dec13 |
Jun14 |
Dec14 |
Jun15 |
Dec15 |
Jun16 |
Dec16 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.26 |
- |
-1.02 |
- |
-0.95 |
Competitive Comparison of Etalon Group's Beneish M-Score
For the Real Estate - Development subindustry, Etalon 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.
Etalon Group's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Etalon Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Etalon Group's Beneish M-Score falls into.
Etalon 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 Etalon 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 * 1.2476 | + | 0.528 * 0.9107 | + | 0.404 * 1.178 | + | 0.892 * 1.1168 | + | 0.115 * 1.0686 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1714 | + | 4.679 * 0.257062 | - | 0.327 * 1.0256 |
| = | -0.95 |
* 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 (Dec22) TTM: | Last Year (Dec21) TTM: |
Total Receivables was $613 Mil.
Revenue was $1,316 Mil.
Gross Profit was $461 Mil.
Total Current Assets was $3,708 Mil.
Total Assets was $4,053 Mil.
Property, Plant and Equipment(Net PPE) was $74 Mil.
Depreciation, Depletion and Amortization(DDA) was $9 Mil.
Selling, General, & Admin. Expense(SGA) was $111 Mil.
Total Current Liabilities was $1,127 Mil.
Long-Term Debt & Capital Lease Obligation was $1,284 Mil.
Net Income was $212 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $-830 Mil.
|
Total Receivables was $440 Mil.
Revenue was $1,179 Mil.
Gross Profit was $376 Mil.
Total Current Assets was $2,779 Mil.
Total Assets was $3,004 Mil.
Property, Plant and Equipment(Net PPE) was $55 Mil.
Depreciation, Depletion and Amortization(DDA) was $7 Mil.
Selling, General, & Admin. Expense(SGA) was $85 Mil.
Total Current Liabilities was $742 Mil.
Long-Term Debt & Capital Lease Obligation was $1,001 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) |
| = | (612.859 / 1316.274) | / | (439.859 / 1178.576) |
| = | 0.465601 | / | 0.373212 |
| | = | 1.2476 |
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) |
| = | (375.763 / 1178.576) | / | (460.833 / 1316.274) |
| = | 0.318828 | / | 0.350104 |
| | = | 0.9107 |
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 - (3708.186 + 74.036) / 4053.023) | / | (1 - (2778.806 + 54.778) / 3003.963) |
| = | 0.066815 | / | 0.056718 |
| | = | 1.178 |
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 |
| = | 1316.274 | / | 1178.576 |
| | = | 1.1168 |
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)) |
| = | (7.047 / (7.047 + 54.778)) | / | (8.84 / (8.84 + 74.036)) |
| = | 0.113983 | / | 0.106665 |
| | = | 1.0686 |
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) |
| = | (111.438 / 1316.274) | / | (85.183 / 1178.576) |
| = | 0.084662 | / | 0.072276 |
| | = | 1.1714 |
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) |
| = | ((1283.758 + 1127.271) / 4053.023) | / | ((1000.757 + 741.611) / 3003.963) |
| = | 0.594872 | / | 0.580023 |
| | = | 1.0256 |
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 |
| = | (211.569 - 0 | - | -830.31) | / | 4053.023 |
| | = | 0.257062 |
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.
Etalon Group has a M-score of -0.95 signals that the company is likely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
LSE:62UM has been successfully added to your