Colliers International Group Beneish M-Score Historical Data
The historical data trend for Colliers International Group'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.
Colliers International Group Beneish M-Score Chart
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Colliers International Group 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 |
-2.21 |
-2.59 |
-2.25 |
-2.28 |
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Colliers International Group Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.25 |
-2.30 |
-2.45 |
-2.44 |
-2.28 |
Competitive Comparison of Colliers International Group's Beneish M-Score
For the Real Estate Services subindustry, Colliers International Group'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.
Colliers International Group's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Colliers International Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Colliers International Group's Beneish M-Score falls into.
Colliers International Group 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 Colliers International Group 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 * 1.3634 | + | 0.528 * 0.9563 | + | 0.404 * 0.9398 | + | 0.892 * 0.9721 | + | 0.115 * 1.02 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1126 | + | 4.679 * -0.010335 | - | 0.327 * 0.9269 |
| = | -2.26 |
* 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 $988 Mil.
Revenue was 1235.168 + 1056.032 + 1078.038 + 965.903 = $4,335 Mil.
Gross Profit was 503.914 + 417.373 + 437.388 + 379.643 = $1,738 Mil.
Total Current Assets was $1,474 Mil.
Total Assets was $5,482 Mil.
Property, Plant and Equipment(Net PPE) was $593 Mil.
Depreciation, Depletion and Amortization(DDA) was $203 Mil.
Selling, General, & Admin. Expense(SGA) was $1,185 Mil.
Total Current Liabilities was $1,441 Mil.
Long-Term Debt & Capital Lease Obligation was $1,876 Mil.
Net Income was 67.433 + 25.113 + -6.851 + -20.152 = $66 Mil.
Non Operating Income was 7.318 + -14.565 + -13.064 + -23.148 = $-43 Mil.
Cash Flow from Operations was 157.103 + 42.153 + 98.973 + -132.568 = $166 Mil.
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Total Receivables was $745 Mil.
Revenue was 1222.405 + 1108.324 + 1127.846 + 1000.912 = $4,459 Mil.
Gross Profit was 490.36 + 425.739 + 424.544 + 369.359 = $1,710 Mil.
Total Current Assets was $1,213 Mil.
Total Assets was $5,098 Mil.
Property, Plant and Equipment(Net PPE) was $506 Mil.
Depreciation, Depletion and Amortization(DDA) was $177 Mil.
Selling, General, & Admin. Expense(SGA) was $1,096 Mil.
Total Current Liabilities was $1,342 Mil.
Long-Term Debt & Capital Lease Obligation was $1,987 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) |
| = | (987.865 / 4335.141) | / | (745.354 / 4459.487) |
| = | 0.227874 | / | 0.167139 |
| | = | 1.3634 |
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) |
| = | (1710.002 / 4459.487) | / | (1738.318 / 4335.141) |
| = | 0.383453 | / | 0.400983 |
| | = | 0.9563 |
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 - (1474.264 + 593.402) / 5482.126) | / | (1 - (1213.426 + 506.116) / 5098.177) |
| = | 0.622835 | / | 0.662714 |
| | = | 0.9398 |
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 |
| = | 4335.141 | / | 4459.487 |
| | = | 0.9721 |
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)) |
| = | (177.421 / (177.421 + 506.116)) | / | (202.536 / (202.536 + 593.402)) |
| = | 0.259563 | / | 0.254462 |
| | = | 1.02 |
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) |
| = | (1185.469 / 4335.141) | / | (1096.107 / 4459.487) |
| = | 0.273456 | / | 0.245792 |
| | = | 1.1126 |
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) |
| = | ((1876.297 + 1441.213) / 5482.126) | / | ((1986.769 + 1341.582) / 5098.177) |
| = | 0.60515 | / | 0.652851 |
| | = | 0.9269 |
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 |
| = | (65.543 - -43.459 | - | 165.661) | / | 5482.126 |
| | = | -0.010335 |
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.
Colliers International Group has a M-score of -2.26 suggests that the company is unlikely to be a manipulator.
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