NEX Group Beneish M-Score Historical Data
The historical data trend for NEX 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.
NEX Group Beneish M-Score Chart
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NEX Group Annual Data
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Mar09 |
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Mar15 |
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Mar18 |
| Beneish M-Score |
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-2.30 |
-1.81 |
-0.96 |
0.78 |
-2.35 |
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NEX Group Semi-Annual Data
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Sep08 |
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Mar18 |
| Beneish M-Score |
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-0.96 |
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0.78 |
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-2.35 |
Competitive Comparison of NEX Group's Beneish M-Score
For the Capital Markets subindustry, NEX 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.
NEX Group's Beneish M-Score Distribution in the Capital Markets Industry
For the Capital Markets industry and Financial Services sector, NEX Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NEX Group's Beneish M-Score falls into.
NEX 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 NEX 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 * 0.9636 | + | 0.528 * 1.0607 | + | 0.404 * 1.0422 | + | 0.892 * 1.2358 | + | 0.115 * 1.1179 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1651 | + | 4.679 * 0.012791 | - | 0.327 * 1.054 |
| = | -2.23 |
* 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 (Mar18) TTM: | Last Year (Mar17) TTM: |
Total Receivables was $111.7 Mil.
Revenue was $825.4 Mil.
Gross Profit was $336.6 Mil.
Total Current Assets was $676.0 Mil.
Total Assets was $2,402.2 Mil.
Property, Plant and Equipment(Net PPE) was $50.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $76.8 Mil.
Selling, General, & Admin. Expense(SGA) was $39.1 Mil.
Total Current Liabilities was $958.1 Mil.
Long-Term Debt & Capital Lease Obligation was $18.2 Mil.
Net Income was $156.4 Mil.
Gross Profit was $0.0 Mil.
Cash Flow from Operations was $125.7 Mil.
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Total Receivables was $93.8 Mil.
Revenue was $667.9 Mil.
Gross Profit was $288.9 Mil.
Total Current Assets was $742.0 Mil.
Total Assets was $2,379.0 Mil.
Property, Plant and Equipment(Net PPE) was $44.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $92.6 Mil.
Selling, General, & Admin. Expense(SGA) was $27.2 Mil.
Total Current Liabilities was $380.2 Mil.
Long-Term Debt & Capital Lease Obligation was $537.0 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) |
| = | (111.732 / 825.419) | / | (93.827 / 667.901) |
| = | 0.135364 | / | 0.14048 |
| | = | 0.9636 |
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) |
| = | (288.889 / 667.901) | / | (336.592 / 825.419) |
| = | 0.432533 | / | 0.407783 |
| | = | 1.0607 |
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 - (675.978 + 50.279) / 2402.235) | / | (1 - (741.975 + 44.444) / 2379.012) |
| = | 0.697674 | / | 0.669435 |
| | = | 1.0422 |
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 |
| = | 825.419 | / | 667.901 |
| | = | 1.2358 |
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)) |
| = | (92.593 / (92.593 + 44.444)) | / | (76.816 / (76.816 + 50.279)) |
| = | 0.675679 | / | 0.604398 |
| | = | 1.1179 |
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) |
| = | (39.106 / 825.419) | / | (27.16 / 667.901) |
| = | 0.047377 | / | 0.040665 |
| | = | 1.1651 |
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) |
| = | ((18.156 + 958.101) / 2402.235) | / | ((537.037 + 380.247) / 2379.012) |
| = | 0.406395 | / | 0.385574 |
| | = | 1.054 |
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 |
| = | (156.425 - 0 | - | 125.698) | / | 2402.235 |
| | = | 0.012791 |
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.
NEX Group has a M-score of -2.23 suggests that the company is unlikely to be a manipulator.
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