Nexus Select Trust Beneish M-Score Historical Data
The historical data trend for Nexus Select Trust'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.
Nexus Select Trust Beneish M-Score Chart
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Nexus Select Trust Annual Data
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Trend |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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- |
- |
- |
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Nexus Select Trust Quarterly Data
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Mar20 |
Mar21 |
Mar22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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- |
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2.44 |
-2.04 |
Competitive Comparison of Nexus Select Trust's Beneish M-Score
For the REIT - Retail subindustry, Nexus Select Trust'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.
Nexus Select Trust's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Nexus Select Trust's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nexus Select Trust's Beneish M-Score falls into.
Nexus Select Trust 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 Nexus Select Trust 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 * 0.1961 | + | 0.528 * 0.9862 | + | 0.404 * 0.9569 | + | 0.892 * 2.7524 | + | 0.115 * 0.5538 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9864 | + | 4.679 * -0.04873 | - | 0.327 * 1.2422 |
| = | -2.04 |
* 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 (Dec24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was ₹756 Mil.
Revenue was 5918.95 + 5512.71 + 5295.3 + 5641.36 = ₹22,368 Mil.
Gross Profit was 5133.3 + 4695.98 + 4613.82 + 4896.36 = ₹19,339 Mil.
Total Current Assets was ₹21,762 Mil.
Total Assets was ₹205,920 Mil.
Property, Plant and Equipment(Net PPE) was ₹6,862 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹5,901 Mil.
Selling, General, & Admin. Expense(SGA) was ₹1,545 Mil.
Total Current Liabilities was ₹12,052 Mil.
Long-Term Debt & Capital Lease Obligation was ₹48,979 Mil.
Net Income was 1187.28 + 1102.36 + 1463.58 + 1068.55 = ₹4,822 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₹0 Mil.
Cash Flow from Operations was 4146.16 + 3514.28 + 3801.77 + 3394.02 = ₹14,856 Mil.
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Total Receivables was ₹1,402 Mil.
Revenue was 5312.28 + 2814.46 + 0 + 0 = ₹8,127 Mil.
Gross Profit was 4483.68 + 2445.58 + 0 + 0 = ₹6,929 Mil.
Total Current Assets was ₹14,015 Mil.
Total Assets was ₹205,116 Mil.
Property, Plant and Equipment(Net PPE) was ₹6,535 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2,249 Mil.
Selling, General, & Admin. Expense(SGA) was ₹569 Mil.
Total Current Liabilities was ₹7,512 Mil.
Long-Term Debt & Capital Lease Obligation was ₹41,428 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) |
| = | (756.43 / 22368.32) | / | (1401.56 / 8126.74) |
| = | 0.033817 | / | 0.172463 |
| | = | 0.1961 |
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) |
| = | (6929.26 / 8126.74) | / | (19339.46 / 22368.32) |
| = | 0.852649 | / | 0.864592 |
| | = | 0.9862 |
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 - (21761.89 + 6862.47) / 205919.91) | / | (1 - (14014.8 + 6535.01) / 205116.34) |
| = | 0.860993 | / | 0.899814 |
| | = | 0.9569 |
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 |
| = | 22368.32 | / | 8126.74 |
| | = | 2.7524 |
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)) |
| = | (2248.86 / (2248.86 + 6535.01)) | / | (5900.57 / (5900.57 + 6862.47)) |
| = | 0.256022 | / | 0.462317 |
| | = | 0.5538 |
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) |
| = | (1545.46 / 22368.32) | / | (569.23 / 8126.74) |
| = | 0.069091 | / | 0.070044 |
| | = | 0.9864 |
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) |
| = | ((48979.21 + 12051.65) / 205919.91) | / | ((41428.04 + 7512.45) / 205116.34) |
| = | 0.296382 | / | 0.238599 |
| | = | 1.2422 |
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 |
| = | (4821.77 - 0 | - | 14856.23) | / | 205919.91 |
| | = | -0.04873 |
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.
Nexus Select Trust has a M-score of -2.04 suggests that the company is unlikely to be a manipulator.
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