Trakcja Beneish M-Score Historical Data
The historical data trend for Trakcja'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.
Trakcja Beneish M-Score Chart
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Trakcja Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.81 |
-8.29 |
-2.93 |
-3.80 |
-5.06 |
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Trakcja Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-3.90 |
-5.89 |
-3.72 |
-5.06 |
-4.60 |
Competitive Comparison of Trakcja's Beneish M-Score
For the Engineering & Construction subindustry, Trakcja'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.
Trakcja's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Trakcja's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Trakcja's Beneish M-Score falls into.
Trakcja 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 Trakcja 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 * 0.5126 | + | 0.528 * -1.1306 | + | 0.404 * 1.0361 | + | 0.892 * 1.3858 | + | 0.115 * 1.0548 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6831 | + | 4.679 * -0.210284 | - | 0.327 * 0.942 |
| = | -4.60 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was zł426 Mil.
Revenue was 308.878 + 692.015 + 601.676 + 491.147 = zł2,094 Mil.
Gross Profit was 3.862 + 74.401 + 46.841 + 38.041 = zł163 Mil.
Total Current Assets was zł756 Mil.
Total Assets was zł1,227 Mil.
Property, Plant and Equipment(Net PPE) was zł240 Mil.
Depreciation, Depletion and Amortization(DDA) was zł34 Mil.
Selling, General, & Admin. Expense(SGA) was zł62 Mil.
Total Current Liabilities was zł915 Mil.
Long-Term Debt & Capital Lease Obligation was zł49 Mil.
Net Income was -12.887 + 46.066 + 27.199 + 10.651 = zł71 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0 Mil.
Cash Flow from Operations was -199.677 + 452.209 + 32.882 + 43.595 = zł329 Mil.
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Total Receivables was zł599 Mil.
Revenue was 280.843 + 530.612 + 415.922 + 283.5 = zł1,511 Mil.
Gross Profit was -8.981 + 33.191 + -48.05 + -109.26 = zł-133 Mil.
Total Current Assets was zł794 Mil.
Total Assets was zł1,281 Mil.
Property, Plant and Equipment(Net PPE) was zł255 Mil.
Depreciation, Depletion and Amortization(DDA) was zł39 Mil.
Selling, General, & Admin. Expense(SGA) was zł65 Mil.
Total Current Liabilities was zł1,009 Mil.
Long-Term Debt & Capital Lease Obligation was zł59 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) |
| = | (425.592 / 2093.716) | / | (599.119 / 1510.877) |
| = | 0.203271 | / | 0.396537 |
| | = | 0.5126 |
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) |
| = | (-133.1 / 1510.877) | / | (163.145 / 2093.716) |
| = | -0.088095 | / | 0.077921 |
| | = | -1.1306 |
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 - (756.408 + 239.997) / 1226.817) | / | (1 - (793.58 + 255.022) / 1280.759) |
| = | 0.187813 | / | 0.181265 |
| | = | 1.0361 |
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 |
| = | 2093.716 | / | 1510.877 |
| | = | 1.3858 |
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)) |
| = | (38.871 / (38.871 + 255.022)) | / | (34.406 / (34.406 + 239.997)) |
| = | 0.132262 | / | 0.125385 |
| | = | 1.0548 |
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) |
| = | (61.77 / 2093.716) | / | (65.26 / 1510.877) |
| = | 0.029503 | / | 0.043193 |
| | = | 0.6831 |
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) |
| = | ((48.928 + 914.965) / 1226.817) | / | ((59.466 + 1008.763) / 1280.759) |
| = | 0.785686 | / | 0.834059 |
| | = | 0.942 |
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 |
| = | (71.029 - 0 | - | 329.009) | / | 1226.817 |
| | = | -0.210284 |
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.
Trakcja has a M-score of -4.60 suggests that the company is unlikely to be a manipulator.
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