QIWI Beneish M-Score Historical Data
The historical data trend for QIWI'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.
QIWI Beneish M-Score Chart
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QIWI Annual Data
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Dec14 |
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Dec19 |
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Dec22 |
Dec23 |
| Beneish M-Score |
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-2.21 |
-2.95 |
36.10 |
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QIWI Quarterly Data
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Mar19 |
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Dec23 |
| Beneish M-Score |
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-4.31 |
-3.61 |
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Competitive Comparison of QIWI's Beneish M-Score
For the Software - Infrastructure subindustry, QIWI'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.
QIWI's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, QIWI's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where QIWI's Beneish M-Score falls into.
QIWI 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 QIWI 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 * 0.0183 | + | 0.528 * 0.6804 | + | 0.404 * 0.2488 | + | 0.892 * 1.7098 | + | 0.115 * 0.5063 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7858 | + | 4.679 * -0.07164 | - | 0.327 * 1.1147 |
| = | -3.61 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was ₽662 Mil.
Revenue was -45910 + 17206 + 18037 + 17872 = ₽7,205 Mil.
Gross Profit was -15999 + 5709 + 6160 + 5801 = ₽1,671 Mil.
Total Current Assets was ₽117,367 Mil.
Total Assets was ₽122,237 Mil.
Property, Plant and Equipment(Net PPE) was ₽66 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽1,345 Mil.
Selling, General, & Admin. Expense(SGA) was ₽923 Mil.
Total Current Liabilities was ₽61,923 Mil.
Long-Term Debt & Capital Lease Obligation was ₽8 Mil.
Net Income was -9090 + 2864 + 4653 + 4341 = ₽2,768 Mil.
Non Operating Income was -1663 + 983 + 1110 + 1220 = ₽1,650 Mil.
Cash Flow from Operations was 7238 + -4988 + 6183 + 1442 = ₽9,875 Mil.
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Total Receivables was ₽21,196 Mil.
Revenue was -32473 + 12955 + 14015 + 9717 = ₽4,214 Mil.
Gross Profit was -18911 + 6738 + 8206 + 4632 = ₽665 Mil.
Total Current Assets was ₽93,080 Mil.
Total Assets was ₽111,926 Mil.
Property, Plant and Equipment(Net PPE) was ₽1,163 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽1,085 Mil.
Selling, General, & Admin. Expense(SGA) was ₽687 Mil.
Total Current Liabilities was ₽50,741 Mil.
Long-Term Debt & Capital Lease Obligation was ₽133 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) |
| = | (662 / 7205) | / | (21196 / 4214) |
| = | 0.091881 | / | 5.0299 |
| | = | 0.0183 |
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) |
| = | (665 / 4214) | / | (1671 / 7205) |
| = | 0.157807 | / | 0.231922 |
| | = | 0.6804 |
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 - (117367 + 66) / 122237) | / | (1 - (93080 + 1163) / 111926) |
| = | 0.039301 | / | 0.157988 |
| | = | 0.2488 |
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 |
| = | 7205 | / | 4214 |
| | = | 1.7098 |
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)) |
| = | (1085 / (1085 + 1163)) | / | (1345 / (1345 + 66)) |
| = | 0.482651 | / | 0.953225 |
| | = | 0.5063 |
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) |
| = | (923 / 7205) | / | (687 / 4214) |
| = | 0.128105 | / | 0.163028 |
| | = | 0.7858 |
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) |
| = | ((8 + 61923) / 122237) | / | ((133 + 50741) / 111926) |
| = | 0.506647 | / | 0.454532 |
| | = | 1.1147 |
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 |
| = | (2768 - 1650 | - | 9875) | / | 122237 |
| | = | -0.07164 |
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.
QIWI has a M-score of -3.61 suggests that the company is unlikely to be a manipulator.
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