Rugby Estates (LSE:RES) Beneish M-Score : 0.00 (As of Sep. 25, 2024)

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What is Rugby Estates Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

The historical rank and industry rank for Rugby Estates's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Rugby Estates was 0.00. The lowest was 0.00. And the median was 0.00.

Rugby Estates Beneish M-Score Historical Data

The historical data trend for Rugby Estates'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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Rugby Estates Beneish M-Score Chart

Rugby Estates Annual Data

Trend

Jan03

Jan04

Jan05

Jan06

Jan07

Jan08

Jan09

Jan10

Jan11

Jan12

Beneish M-Score

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-3.61

-7.88

-3.99

-4.81

-24.95

Rugby Estates Semi-Annual Data
	Jul03	Jan04	Jul04	Jan05	Jul05	Jan06	Jul06	Jan07	Jul07	Jan08	Jul08	Jan09	Jul09	Jan10	Jul10	Jan11	Jul11	Jan12	Jul12
Beneish M-Score	Get a 7-Day Free Trial														-	-4.81	-	-24.95	-

Competitive Comparison of Rugby Estates's Beneish M-Score

For the Real Estate Services subindustry, Rugby Estates'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.

Rugby Estates's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Rugby Estates's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Rugby Estates's Beneish M-Score falls into.

Rugby Estates 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 Rugby Estates for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 13.3613

0.528 * -8.129

0.404 * 0.1801

0.892 * 0.3239

0.115 * 0.2155

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * 1.256708

0.327 * 1.1178

8.89

This Year (Jan12) TTM:

Last Year (Jan11) TTM:

Total Receivables was £0.99 Mil.
Revenue was £7.48 Mil.
Gross Profit was £-0.16 Mil.
Total Current Assets was £17.64 Mil.
Total Assets was £18.00 Mil.
Property, Plant and Equipment(Net PPE) was £0.04 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.22 Mil.
Selling, General, & Admin. Expense(SGA) was £0.00 Mil.
Total Current Liabilities was £2.73 Mil.
Long-Term Debt & Capital Lease Obligation was £0.00 Mil.
Net Income was £-3.13 Mil.
Gross Profit was £-28.00 Mil.
Cash Flow from Operations was £2.24 Mil.

Total Receivables was £0.23 Mil.
Revenue was £23.10 Mil.
Gross Profit was £4.02 Mil.
Total Current Assets was £23.88 Mil.
Total Assets was £26.86 Mil.
Property, Plant and Equipment(Net PPE) was £0.26 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.06 Mil.
Selling, General, & Admin. Expense(SGA) was £0.00 Mil.
Total Current Liabilities was £3.65 Mil.
Long-Term Debt & Capital Lease Obligation was £0.00 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)
	=	(0.991 / 7.482)	/	(0.229 / 23.102)
	=	0.132451	/	0.009913
	=	13.3613

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)
	=	(4.016 / 23.102)	/	(-0.16 / 7.482)
	=	0.173838	/	-0.021385
	=	-8.129

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 - (17.637 + 0.036) / 18.001)	/	(1 - (23.88 + 0.259) / 26.856)
	=	0.018221	/	0.101169
	=	0.1801

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
	=	7.482	/	23.102
	=	0.3239

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))
	=	(0.059 / (0.059 + 0.259))	/	(0.223 / (0.223 + 0.036))
	=	0.185535	/	0.861004
	=	0.2155

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)
	=	(0 / 7.482)	/	(0 / 23.102)
	=	0	/	0
	=	1

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)
	=	((0 + 2.734) / 18.001)	/	((0 + 3.649) / 26.856)
	=	0.15188	/	0.135873
	=	1.1178

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
	=	(-3.134 - -28	-	2.244)	/	18.001
	=	1.256708

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.

Rugby Estates has a M-score of 8.89 signals that the company is likely to be a manipulator.

Rugby Estates Beneish M-Score Related Terms

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Rugby Estates Business Description

Industry

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Address

Website

http://www.rugbyestates.plc.uk

Rugby Estates PLC carries on the business of property trading, management and investment within the United Kingdom. It operates in two principal business segments. Rugby Capital deals with its property trading and development activities including the group's directly-owned portfolio and collaborative ventures substantially involving the group's equity. Rugby Asset Management deals with its co-investment and asset management activities. The Company operates within the United Kingdom.