Capital Hotel Beneish M-Score Historical Data
The historical data trend for Capital Hotel'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.
Capital Hotel Beneish M-Score Chart
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Capital Hotel Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
| Beneish M-Score |
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|
-2.58 |
-1.72 |
-1.88 |
-2.52 |
-0.86 |
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Capital Hotel Semi-Annual Data
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Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
| Beneish M-Score |
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|
-2.58 |
-1.72 |
-1.88 |
-2.52 |
-0.86 |
Competitive Comparison of Capital Hotel's Beneish M-Score
For the Lodging subindustry, Capital Hotel'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.
Capital Hotel's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Capital Hotel's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Capital Hotel's Beneish M-Score falls into.
Capital Hotel 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 Capital Hotel 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 * 0.8026 | + | 0.528 * 0.9288 | + | 0.404 * 6.2622 | + | 0.892 * 0.868 | + | 0.115 * 1.1012 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0858 | + | 4.679 * -0.040264 | - | 0.327 * 0.9389 |
| = | -0.86 |
* 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 (Dec19) TTM: | Last Year (Dec18) TTM: |
Total Receivables was ₦902 Mil.
Revenue was ₦5,188 Mil.
Gross Profit was ₦1,056 Mil.
Total Current Assets was ₦3,662 Mil.
Total Assets was ₦9,901 Mil.
Property, Plant and Equipment(Net PPE) was ₦6,078 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦495 Mil.
Selling, General, & Admin. Expense(SGA) was ₦257 Mil.
Total Current Liabilities was ₦2,427 Mil.
Long-Term Debt & Capital Lease Obligation was ₦0 Mil.
Net Income was ₦402 Mil.
Gross Profit was ₦0 Mil.
Cash Flow from Operations was ₦800 Mil.
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Total Receivables was ₦1,294 Mil.
Revenue was ₦5,977 Mil.
Gross Profit was ₦1,130 Mil.
Total Current Assets was ₦5,698 Mil.
Total Assets was ₦10,077 Mil.
Property, Plant and Equipment(Net PPE) was ₦4,352 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦393 Mil.
Selling, General, & Admin. Expense(SGA) was ₦273 Mil.
Total Current Liabilities was ₦2,630 Mil.
Long-Term Debt & Capital Lease Obligation was ₦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) |
| = | (901.618 / 5188.276) | / | (1294.277 / 5977.436) |
| = | 0.17378 | / | 0.216527 |
| | = | 0.8026 |
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) |
| = | (1130.085 / 5977.436) | / | (1056.119 / 5188.276) |
| = | 0.189058 | / | 0.203559 |
| | = | 0.9288 |
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 - (3662.208 + 6077.946) / 9900.732) | / | (1 - (5698.293 + 4352.425) / 10076.819) |
| = | 0.016219 | / | 0.00259 |
| | = | 6.2622 |
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 |
| = | 5188.276 | / | 5977.436 |
| | = | 0.868 |
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)) |
| = | (393.492 / (393.492 + 4352.425)) | / | (494.893 / (494.893 + 6077.946)) |
| = | 0.082912 | / | 0.075294 |
| | = | 1.1012 |
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) |
| = | (256.932 / 5188.276) | / | (272.626 / 5977.436) |
| = | 0.049522 | / | 0.045609 |
| | = | 1.0858 |
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) |
| = | ((0 + 2426.717) / 9900.732) | / | ((0 + 2630.478) / 10076.819) |
| = | 0.245105 | / | 0.261042 |
| | = | 0.9389 |
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 |
| = | (401.775 - 0 | - | 800.421) | / | 9900.732 |
| | = | -0.040264 |
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.
Capital Hotel has a M-score of -0.86 signals that the company is likely to be a manipulator.
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