Malta International Airport (MAL:MIA) Beneish M-Score : -2.54 (As of Dec. 13, 2024)

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What is Malta International Airport 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.

Good Sign:

Beneish M-Score -2.54 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MAL:MIA' s Beneish M-Score Range Over the Past 10 Years
Min: -2.98 Med: -2.49 Max: -1.91
Current: -2.54

During the past 13 years, the highest Beneish M-Score of Malta International Airport was -1.91. The lowest was -2.98. And the median was -2.49.

Malta International Airport Beneish M-Score Historical Data

The historical data trend for Malta International Airport'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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Malta International Airport Beneish M-Score Chart

Malta International Airport Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.94

-2.91

-1.91

-2.34

-2.54

Malta International Airport Semi-Annual Data
	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24
Beneish M-Score	Get a 7-Day Free Trial															-	-2.34	-	-2.54	-

Competitive Comparison of Malta International Airport's Beneish M-Score

For the Airports & Air Services subindustry, Malta International Airport'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.

Malta International Airport's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, Malta International Airport's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Malta International Airport's Beneish M-Score falls into.

Malta International Airport 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 Malta International Airport 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 * 0.9079

0.528 * 0.9676

0.404 * 1.1977

0.892 * 1.3662

0.115 * 1.0258

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9292

4.679 * -0.075821

0.327 * 1.0706

-2.54

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was €24.2 Mil.
Revenue was €120.2 Mil.
Gross Profit was €89.3 Mil.
Total Current Assets was €105.5 Mil.
Total Assets was €330.6 Mil.
Property, Plant and Equipment(Net PPE) was €192.5 Mil.
Depreciation, Depletion and Amortization(DDA) was €12.6 Mil.
Selling, General, & Admin. Expense(SGA) was €9.1 Mil.
Total Current Liabilities was €75.2 Mil.
Long-Term Debt & Capital Lease Obligation was €54.4 Mil.
Net Income was €40.3 Mil.
Gross Profit was €0.0 Mil.
Cash Flow from Operations was €65.4 Mil.

Total Receivables was €19.5 Mil.
Revenue was €88.0 Mil.
Gross Profit was €63.2 Mil.
Total Current Assets was €91.6 Mil.
Total Assets was €285.1 Mil.
Property, Plant and Equipment(Net PPE) was €170.1 Mil.
Depreciation, Depletion and Amortization(DDA) was €11.4 Mil.
Selling, General, & Admin. Expense(SGA) was €7.2 Mil.
Total Current Liabilities was €50.4 Mil.
Long-Term Debt & Capital Lease Obligation was €54.0 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)
	=	(24.176 / 120.248)	/	(19.491 / 88.017)
	=	0.201051	/	0.221446
	=	0.9079

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)
	=	(63.231 / 88.017)	/	(89.28 / 120.248)
	=	0.718395	/	0.742466
	=	0.9676

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 - (105.512 + 192.481) / 330.608)	/	(1 - (91.579 + 170.079) / 285.145)
	=	0.098652	/	0.082369
	=	1.1977

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
	=	120.248	/	88.017
	=	1.3662

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))
	=	(11.411 / (11.411 + 170.079))	/	(12.568 / (12.568 + 192.481))
	=	0.062874	/	0.061293
	=	1.0258

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)
	=	(9.103 / 120.248)	/	(7.171 / 88.017)
	=	0.075702	/	0.081473
	=	0.9292

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)
	=	((54.374 + 75.22) / 330.608)	/	((54.042 + 50.356) / 285.145)
	=	0.391987	/	0.366122
	=	1.0706

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
	=	(40.304 - 0	-	65.371)	/	330.608
	=	-0.075821

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.

Malta International Airport has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.

Malta International Airport Beneish M-Score Related Terms

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Malta International Airport Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » Malta International Airport PLC (MAL:MIA) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Malta International Airport, Luqa, MLT, LQA 4000

Website

https://www.maltairport.com

Malta International Airport PLC is a Malta-based company which is involved in development, operation and management of airport facilities. The company's airport services include the operation and maintenance of terminals, taxiways, and aircraft parks. It also provides services that support the airport operations such as operating retail outlets within the airport perimeter, advertising sites, and rental of offices and warehouses. The company manages its business in the segments of Airport; Retail and Property; and Others, of which a majority of revenue is derived from the Airport segment.

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