Williamson Magor Beneish M-Score Historical Data
The historical data trend for Williamson Magor'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.
Williamson Magor Beneish M-Score Chart
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Williamson Magor Annual Data
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Mar15 |
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Mar20 |
Mar21 |
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Mar23 |
Mar24 |
| Beneish M-Score |
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-3.18 |
-2.61 |
-3.79 |
4.31 |
2.68 |
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Williamson Magor Quarterly Data
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Mar20 |
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Dec24 |
| Beneish M-Score |
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2.68 |
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Competitive Comparison of Williamson Magor's Beneish M-Score
For the Credit Services subindustry, Williamson Magor'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.
Williamson Magor's Beneish M-Score Distribution in the Credit Services Industry
For the Credit Services industry and Financial Services sector, Williamson Magor's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Williamson Magor's Beneish M-Score falls into.
Williamson Magor 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 Williamson Magor 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 * 0.8771 | + | 0.528 * 9.7695 | + | 0.404 * 2.8411 | + | 0.892 * 1.0541 | + | 0.115 * 3.2957 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7728 | + | 4.679 * -0.102492 | - | 0.327 * 0.9056 |
| = | 2.68 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₹3,426.06 Mil.
Revenue was ₹23.90 Mil.
Gross Profit was ₹-8.69 Mil.
Total Current Assets was ₹4,332.13 Mil.
Total Assets was ₹5,929.52 Mil.
Property, Plant and Equipment(Net PPE) was ₹0.69 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹0.03 Mil.
Selling, General, & Admin. Expense(SGA) was ₹8.27 Mil.
Total Current Liabilities was ₹6,615.36 Mil.
Long-Term Debt & Capital Lease Obligation was ₹5,945.99 Mil.
Net Income was ₹-504.30 Mil.
Gross Profit was ₹0.00 Mil.
Cash Flow from Operations was ₹103.44 Mil.
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Total Receivables was ₹3,705.70 Mil.
Revenue was ₹22.67 Mil.
Gross Profit was ₹-80.58 Mil.
Total Current Assets was ₹4,740.03 Mil.
Total Assets was ₹5,237.13 Mil.
Property, Plant and Equipment(Net PPE) was ₹0.71 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹0.11 Mil.
Selling, General, & Admin. Expense(SGA) was ₹10.15 Mil.
Total Current Liabilities was ₹6,511.80 Mil.
Long-Term Debt & Capital Lease Obligation was ₹5,738.65 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) |
| = | (3426.058 / 23.899) | / | (3705.695 / 22.672) |
| = | 143.355705 | / | 163.448086 |
| | = | 0.8771 |
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) |
| = | (-80.575 / 22.672) | / | (-8.694 / 23.899) |
| = | -3.553943 | / | -0.363781 |
| | = | 9.7695 |
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 - (4332.129 + 0.685) / 5929.522) | / | (1 - (4740.033 + 0.713) / 5237.128) |
| = | 0.269281 | / | 0.094781 |
| | = | 2.8411 |
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 |
| = | 23.899 | / | 22.672 |
| | = | 1.0541 |
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)) |
| = | (0.106 / (0.106 + 0.713)) | / | (0.028 / (0.028 + 0.685)) |
| = | 0.129426 | / | 0.039271 |
| | = | 3.2957 |
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) |
| = | (8.269 / 23.899) | / | (10.151 / 22.672) |
| = | 0.345998 | / | 0.447733 |
| | = | 0.7728 |
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) |
| = | ((5945.988 + 6615.361) / 5929.522) | / | ((5738.652 + 6511.803) / 5237.128) |
| = | 2.118442 | / | 2.339155 |
| | = | 0.9056 |
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 |
| = | (-504.295 - 0 | - | 103.436) | / | 5929.522 |
| | = | -0.102492 |
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.
Williamson Magor has a M-score of 2.68 signals that the company is likely to be a manipulator.
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