Market Cap : 7.07 B | Enterprise Value : 10.65 B | PE Ratio : At Loss | PB Ratio : 1.98 |
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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 -2.73 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Dun & Bradstreet Holdings's Beneish M-Score or its related term are showing as below:
During the past 5 years, the highest Beneish M-Score of Dun & Bradstreet Holdings was -2.22. The lowest was -2.75. And the median was -2.43.
The historical data trend for Dun & Bradstreet Holdings'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.
For the Financial Data & Stock Exchanges subindustry, Dun & Bradstreet Holdings'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.
For the Capital Markets industry and Financial Services sector, Dun & Bradstreet Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dun & Bradstreet Holdings'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 Dun & Bradstreet Holdings 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 * 0.8576 | + | 0.528 * 0.9923 | + | 0.404 * 0.9874 | + | 0.892 * 1.1353 | + | 0.115 * 0.9547 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0211 | + | 4.679 * -0.045 | - | 0.327 * 1.0366 | |||||||
= | -2.73 |
* 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 (Jun22) TTM: | Last Year (Jun21) TTM: |
Total Receivables was $322 Mil. Revenue was 537.3 + 536 + 598.3 + 541.9 = $2,214 Mil. Gross Profit was 355.7 + 359.3 + 598.3 + 541.9 = $1,855 Mil. Total Current Assets was $748 Mil. Total Assets was $9,697 Mil. Property, Plant and Equipment(Net PPE) was $153 Mil. Depreciation, Depletion and Amortization(DDA) was $610 Mil. Selling, General, & Admin. Expense(SGA) was $735 Mil. Total Current Liabilities was $948 Mil. Long-Term Debt & Capital Lease Obligation was $3,727 Mil. Net Income was -1.8 + -31.3 + -11.6 + 16.6 = $-28 Mil. Non Operating Income was 8.8 + -14.6 + -22 + 8.5 = $-19 Mil. Cash Flow from Operations was 77.7 + 138.8 + 102.5 + 108.7 = $428 Mil. |
Total Receivables was $330 Mil. Revenue was 520.9 + 504.5 + 479.9 + 444.4 = $1,950 Mil. Gross Profit was 353.6 + 343.6 + 479.9 + 444.4 = $1,622 Mil. Total Current Assets was $624 Mil. Total Assets was $9,860 Mil. Property, Plant and Equipment(Net PPE) was $177 Mil. Depreciation, Depletion and Amortization(DDA) was $573 Mil. Selling, General, & Admin. Expense(SGA) was $634 Mil. Total Current Liabilities was $973 Mil. Long-Term Debt & Capital Lease Obligation was $3,613 Mil. |
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) |
= | (321.7 / 2213.5) | / | (330.4 / 1949.7) | |
= | 0.14533544 | / | 0.16946197 | |
= | 0.8576 |
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) | |
= | (1621.5 / 1949.7) | / | (1855.2 / 2213.5) | |
= | 0.83166641 | / | 0.83812966 | |
= | 0.9923 |
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 - (748.1 + 152.6) / 9696.6) | / | (1 - (624.2 + 177.2) / 9860.4) | |
= | 0.90711177 | / | 0.91872541 | |
= | 0.9874 |
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 | |
= | 2213.5 | / | 1949.7 | |
= | 1.1353 |
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)) |
= | (572.7 / (572.7 + 177.2)) | / | (610.3 / (610.3 + 152.6)) | |
= | 0.76370183 | / | 0.79997378 | |
= | 0.9547 |
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) |
= | (735.4 / 2213.5) | / | (634.4 / 1949.7) | |
= | 0.33223402 | / | 0.32538339 | |
= | 1.0211 |
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) |
= | ((3726.9 + 948) / 9696.6) | / | ((3613.3 + 972.9) / 9860.4) | |
= | 0.48211744 | / | 0.46511298 | |
= | 1.0366 |
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 | |
= | (-28.1 - -19.3 | - | 427.7) | / | 9696.6 | |
= | -0.045 |
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.
Dun & Bradstreet Holdings has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.
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