IG Group Holdings Beneish M-Score Historical Data
The historical data trend for IG Group Holdings'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.
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IG Group Holdings Annual Data
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Trend |
May14 |
May15 |
May16 |
May17 |
May18 |
May19 |
May20 |
May21 |
May22 |
May23 |
| Beneish M-Score |
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-2.93 |
-2.62 |
-2.40 |
-2.50 |
-1.86 |
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IG Group Holdings Semi-Annual Data
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May14 |
Nov14 |
May15 |
Nov15 |
May16 |
Nov16 |
May17 |
Nov17 |
May18 |
Nov18 |
May19 |
Nov19 |
May20 |
Nov20 |
May21 |
Nov21 |
May22 |
Nov22 |
May23 |
Nov23 |
| Beneish M-Score |
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- |
-2.50 |
- |
-1.86 |
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Competitive Comparison
For the Capital Markets subindustry, IG Group Holdings'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.
IG Group Holdings Beneish M-Score Distribution
For the Capital Markets industry and Financial Services sector, IG Group Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where IG Group Holdings's Beneish M-Score falls into.
IG Group Holdings 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 IG Group Holdings 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 * 1.2521 | + | 0.528 * 1.0592 | + | 0.404 * 1.2498 | + | 0.892 * 0.9671 | + | 0.115 * 0.9727 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.155 | + | 4.679 * 0.061899 | - | 0.327 * 0.9318 |
| = | -1.86 |
* 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 (May23) TTM: | Last Year (May22) TTM: |
Total Receivables was £580.4 Mil.
Revenue was £949.7 Mil.
Gross Profit was £716.5 Mil.
Total Current Assets was £1,654.8 Mil.
Total Assets was £2,995.2 Mil.
Property, Plant and Equipment(Net PPE) was £36.1 Mil.
Depreciation, Depletion and Amortization(DDA) was £61.0 Mil.
Selling, General, & Admin. Expense(SGA) was £119.3 Mil.
Total Current Liabilities was £607.7 Mil.
Long-Term Debt & Capital Lease Obligation was £312.1 Mil.
Net Income was £365.0 Mil.
Gross Profit was £0.0 Mil.
Cash Flow from Operations was £179.6 Mil.
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Total Receivables was £479.3 Mil.
Revenue was £982.0 Mil.
Gross Profit was £784.7 Mil.
Total Current Assets was £2,000.3 Mil.
Total Assets was £3,126.1 Mil.
Property, Plant and Equipment(Net PPE) was £36.6 Mil.
Depreciation, Depletion and Amortization(DDA) was £57.5 Mil.
Selling, General, & Admin. Expense(SGA) was £106.8 Mil.
Total Current Liabilities was £720.1 Mil.
Long-Term Debt & Capital Lease Obligation was £310.2 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) |
| = | (580.4 / 949.7) | / | (479.3 / 982) |
| = | 0.61114 | / | 0.488086 |
| | = | 1.2521 |
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) |
| = | (784.7 / 982) | / | (716.5 / 949.7) |
| = | 0.799084 | / | 0.754449 |
| | = | 1.0592 |
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 - (1654.8 + 36.1) / 2995.2) | / | (1 - (2000.3 + 36.6) / 3126.1) |
| = | 0.435463 | / | 0.348421 |
| | = | 1.2498 |
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 |
| = | 949.7 | / | 982 |
| | = | 0.9671 |
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)) |
| = | (57.5 / (57.5 + 36.6)) | / | (61 / (61 + 36.1)) |
| = | 0.611052 | / | 0.628218 |
| | = | 0.9727 |
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) |
| = | (119.3 / 949.7) | / | (106.8 / 982) |
| = | 0.125619 | / | 0.108758 |
| | = | 1.155 |
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) |
| = | ((312.1 + 607.7) / 2995.2) | / | ((310.2 + 720.1) / 3126.1) |
| = | 0.307091 | / | 0.32958 |
| | = | 0.9318 |
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 |
| = | (365 - 0 | - | 179.6) | / | 2995.2 |
| | = | 0.061899 |
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.
IG Group Holdings has a M-score of -1.86 suggests that the company is unlikely to be a manipulator.
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