Recreate ASA Beneish M-Score Historical Data
The historical data trend for Recreate ASA'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.
Recreate ASA Beneish M-Score Chart
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Recreate ASA Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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- |
- |
- |
-2.31 |
-3.01 |
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Recreate ASA Quarterly Data
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Dec18 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Jun23 |
| Beneish M-Score |
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1.17 |
0.60 |
-1.67 |
-3.01 |
-4.61 |
Competitive Comparison of Recreate ASA's Beneish M-Score
For the Real Estate Services subindustry, Recreate ASA'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.
Recreate ASA's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Recreate ASA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Recreate ASA's Beneish M-Score falls into.
Recreate ASA 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 Recreate ASA 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 * 0.6939 | + | 0.528 * 1.0093 | + | 0.404 * 0.1266 | + | 0.892 * 0.7112 | + | 0.115 * 0.0238 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.7288 | + | 4.679 * -0.190057 | - | 0.327 * 1.3565 |
| = | -4.61 |
* 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 (Jun23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was kr28.1 Mil.
Revenue was 0 + 26.027 + 31.499 + 50.908 = kr108.4 Mil.
Gross Profit was 0 + 24.676 + 30.154 + 48.623 = kr103.5 Mil.
Total Current Assets was kr1,657.6 Mil.
Total Assets was kr2,091.9 Mil.
Property, Plant and Equipment(Net PPE) was kr194.9 Mil.
Depreciation, Depletion and Amortization(DDA) was kr125.6 Mil.
Selling, General, & Admin. Expense(SGA) was kr30.2 Mil.
Total Current Liabilities was kr1,638.9 Mil.
Long-Term Debt & Capital Lease Obligation was kr193.6 Mil.
Net Income was 0 + -244.72 + -113.562 + -49.302 = kr-407.6 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0.0 Mil.
Cash Flow from Operations was 0 + 22.74 + -15.819 + -16.923 = kr-10.0 Mil.
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Total Receivables was kr57.0 Mil.
Revenue was 58.979 + 31.032 + 29.496 + 32.964 = kr152.5 Mil.
Gross Profit was 56.415 + 29.611 + 28.552 + 32.247 = kr146.8 Mil.
Total Current Assets was kr87.0 Mil.
Total Assets was kr3,406.2 Mil.
Property, Plant and Equipment(Net PPE) was kr240.4 Mil.
Depreciation, Depletion and Amortization(DDA) was kr2.3 Mil.
Selling, General, & Admin. Expense(SGA) was kr24.6 Mil.
Total Current Liabilities was kr497.7 Mil.
Long-Term Debt & Capital Lease Obligation was kr1,702.0 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) |
| = | (28.107 / 108.434) | / | (56.957 / 152.471) |
| = | 0.259208 | / | 0.37356 |
| | = | 0.6939 |
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) |
| = | (146.825 / 152.471) | / | (103.453 / 108.434) |
| = | 0.96297 | / | 0.954064 |
| | = | 1.0093 |
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 - (1657.576 + 194.868) / 2091.912) | / | (1 - (86.985 + 240.364) / 3406.221) |
| = | 0.114473 | / | 0.903897 |
| | = | 0.1266 |
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 |
| = | 108.434 | / | 152.471 |
| | = | 0.7112 |
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)) |
| = | (2.262 / (2.262 + 240.364)) | / | (125.629 / (125.629 + 194.868)) |
| = | 0.009323 | / | 0.391982 |
| | = | 0.0238 |
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) |
| = | (30.194 / 108.434) | / | (24.558 / 152.471) |
| = | 0.278455 | / | 0.161067 |
| | = | 1.7288 |
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) |
| = | ((193.604 + 1638.929) / 2091.912) | / | ((1702.011 + 497.693) / 3406.221) |
| = | 0.876009 | / | 0.64579 |
| | = | 1.3565 |
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 |
| = | (-407.584 - 0 | - | -10.002) | / | 2091.912 |
| | = | -0.190057 |
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.
Recreate ASA has a M-score of -4.61 suggests that the company is unlikely to be a manipulator.
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