Grab Holdings Beneish M-Score Historical Data
The historical data trend for Grab Holdings'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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Grab Holdings Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
- |
- |
- |
-7.81 |
-2.73 |
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Grab Holdings Quarterly Data
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Dec19 |
Jun20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
-7.81 |
-3.98 |
-3.00 |
-2.74 |
-2.73 |
Competitive Comparison
For the Software - Application subindustry, Grab Holdings'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.
Grab Holdings Beneish M-Score Distribution
For the Software industry and Technology sector, Grab Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Grab Holdings's Beneish M-Score falls into.
Grab Holdings 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 Grab Holdings 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 * 0.7268 | + | 0.528 * 0.1475 | + | 0.404 * 0.8763 | + | 0.892 * 1.6469 | + | 0.115 * 1.0532 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.554 | + | 4.679 * -0.037648 | - | 0.327 * 0.9545 |
| = | -2.73 |
* 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 $486 Mil.
Revenue was 653 + 615 + 567 + 525 = $2,360 Mil.
Gross Profit was 276 + 240 + 191 + 153 = $860 Mil.
Total Current Assets was $5,768 Mil.
Total Assets was $8,792 Mil.
Property, Plant and Equipment(Net PPE) was $512 Mil.
Depreciation, Depletion and Amortization(DDA) was $145 Mil.
Selling, General, & Admin. Expense(SGA) was $843 Mil.
Total Current Liabilities was $1,478 Mil.
Long-Term Debt & Capital Lease Obligation was $668 Mil.
Net Income was 62 + -99 + -135 + -244 = $-416 Mil.
Non Operating Income was 13 + -53 + -82 + -51 = $-173 Mil.
Cash Flow from Operations was -26 + 322 + -51 + -157 = $88 Mil.
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Total Receivables was $406 Mil.
Revenue was 502 + 382 + 321 + 228 = $1,433 Mil.
Gross Profit was 114 + 61 + -16 + -82 = $77 Mil.
Total Current Assets was $5,688 Mil.
Total Assets was $9,170 Mil.
Property, Plant and Equipment(Net PPE) was $492 Mil.
Depreciation, Depletion and Amortization(DDA) was $149 Mil.
Selling, General, & Admin. Expense(SGA) was $924 Mil.
Total Current Liabilities was $1,097 Mil.
Long-Term Debt & Capital Lease Obligation was $1,248 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) |
| = | (486 / 2360) | / | (406 / 1433) |
| = | 0.205932 | / | 0.283322 |
| | = | 0.7268 |
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) |
| = | (77 / 1433) | / | (860 / 2360) |
| = | 0.053733 | / | 0.364407 |
| | = | 0.1475 |
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 - (5768 + 512) / 8792) | / | (1 - (5688 + 492) / 9170) |
| = | 0.285714 | / | 0.326063 |
| | = | 0.8763 |
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 |
| = | 2360 | / | 1433 |
| | = | 1.6469 |
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)) |
| = | (149 / (149 + 492)) | / | (145 / (145 + 512)) |
| = | 0.232449 | / | 0.2207 |
| | = | 1.0532 |
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) |
| = | (843 / 2360) | / | (924 / 1433) |
| = | 0.357203 | / | 0.644801 |
| | = | 0.554 |
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) |
| = | ((668 + 1478) / 8792) | / | ((1248 + 1097) / 9170) |
| = | 0.244086 | / | 0.255725 |
| | = | 0.9545 |
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 |
| = | (-416 - -173 | - | 88) | / | 8792 |
| | = | -0.037648 |
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.
Grab Holdings has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.
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