Market Cap : 434.26 M | Enterprise Value : 224.44 M | PE Ratio : | PB Ratio : 1.29 |
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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 -3.27 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
During the past 9 years, the highest Beneish M-Score of Tuniu was 14.39. The lowest was -3.60. And the median was -2.41.
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
* The bar in red indicates where Tuniu's Beneish M-Score falls into.
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 Tuniu 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 * 1.8584 | + | 0.528 * 1.0117 | + | 0.404 * 0.9615 | + | 0.892 * 0.3378 | + | 0.115 * 1 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 2.2695 | + | 4.679 * -0.1713 | - | 0.327 * 0.864 | |||||||
= | -3.27 |
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
This Year (Sep20) TTM: | Last Year (Sep19) TTM: |
Accounts Receivable was $45.9 Mil. Revenue was 18.140105130238 + 4.8045639403525 + 24.781853144363 + 64.343071417369 = $112.1 Mil. Gross Profit was 9.5546647872434 + 1.0918436511523 + 13.178690976426 + 30.890970529107 = $54.7 Mil. Total Current Assets was $402.8 Mil. Total Assets was $655.9 Mil. Property, Plant and Equipment(Net PPE) was $33.4 Mil. Depreciation, Depletion and Amortization(DDA) was $0.0 Mil. Selling, General, & Admin. Expense(SGA) was $157.8 Mil. Total Current Liabilities was $304.9 Mil. Long-Term Debt & Capital Lease Obligation was $8.2 Mil. Net Income was -8.355210994626 + -20.844724356078 + -28.70749946585 + -52.345694854356 = $-110.3 Mil. Non Operating Income was 2.0313922415059 + -0.40400474469047 + -0.36963179260736 + 0.86687483068851 = $2.1 Mil. Cash Flow from Operations was 0 + 0 + 0 + 0 = $0.0 Mil. |
Accounts Receivable was $73.1 Mil. Revenue was 119.84157330222 + 75.435290024211 + 68.066717322964 + 68.456643956012 = $331.8 Mil. Gross Profit was 53.485106203523 + 33.77937573394 + 37.37213009729 + 39.254615976873 = $163.9 Mil. Total Current Assets was $600.0 Mil. Total Assets was $1,004.2 Mil. Property, Plant and Equipment(Net PPE) was $54.3 Mil. Depreciation, Depletion and Amortization(DDA) was $0.0 Mil. Selling, General, & Admin. Expense(SGA) was $205.8 Mil. Total Current Liabilities was $541.8 Mil. Long-Term Debt & Capital Lease Obligation was $12.9 Mil. |
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Accounts Receivable 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) |
= | (45.906821719085 / 112.06959363232) | / | (73.134936812067 / 331.80022460541) | |
= | 0.40962781 | / | 0.22041859 | |
= | 1.8584 |
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) | |
= | (163.89122801163 / 331.80022460541) | / | (54.716169943929 / 112.06959363232) | |
= | 0.4939455 | / | 0.48823386 | |
= | 1.0117 |
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 - (402.80621384313 + 33.41673274014) / 655.94778727278) | / | (1 - (600.02544386184 + 54.306197899827) / 1004.169981866) | |
= | 0.33497306 | / | 0.34838558 | |
= | 0.9615 |
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 | |
= | 112.06959363232 | / | 331.80022460541 | |
= | 0.3378 |
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)) |
= | (0 / (0 + 54.306197899827)) | / | (0 / (0 + 33.41673274014)) | |
= | 0 | / | 0 | |
= | 1 |
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) |
= | (157.79303776219 / 112.06959363232) | / | (205.84720247493 / 331.80022460541) | |
= | 1.40799152 | / | 0.62039501 | |
= | 2.2695 |
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) |
= | ((8.1900273103691 + 304.87534137961) / 655.94778727278) | / | ((12.907066646049 + 541.76349860129) / 1004.169981866) | |
= | 0.47727178 | / | 0.5523672 | |
= | 0.864 |
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 | |
= | (-110.25312967091 - 2.1246305348966 | - | 0) | / | 655.94778727278 | |
= | -0.1713 |
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.
Tuniu has a M-score of -3.27 suggests that the company is unlikely to be a manipulator.
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