Wizz Air Holdings Beneish M-Score Historical Data
The historical data trend for Wizz Air 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.
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Wizz Air Holdings Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.99 |
-3.13 |
-3.00 |
-1.62 |
-0.68 |
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Wizz Air Holdings Quarterly Data
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Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-0.68 |
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Competitive Comparison
For the Airlines subindustry, Wizz Air 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.
Wizz Air Holdings Beneish M-Score Distribution
For the Transportation industry and Industrials sector, Wizz Air Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Wizz Air Holdings's Beneish M-Score falls into.
Wizz Air Holdings 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 Wizz Air 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 * 0.891 | + | 0.528 * 3.3157 | + | 0.404 * 1.0291 | + | 0.892 * 2.2767 | + | 0.115 * 0.959 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8883 | + | 4.679 * -0.134326 | - | 0.327 * 1.1048 |
| = | -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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was $418 Mil.
Revenue was $4,171 Mil.
Gross Profit was $-281 Mil.
Total Current Assets was $2,316 Mil.
Total Assets was $7,531 Mil.
Property, Plant and Equipment(Net PPE) was $4,996 Mil.
Depreciation, Depletion and Amortization(DDA) was $644 Mil.
Selling, General, & Admin. Expense(SGA) was $100 Mil.
Total Current Liabilities was $3,340 Mil.
Long-Term Debt & Capital Lease Obligation was $4,311 Mil.
Net Income was $-560 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $452 Mil.
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Total Receivables was $206 Mil.
Revenue was $1,832 Mil.
Gross Profit was $-409 Mil.
Total Current Assets was $1,732 Mil.
Total Assets was $5,899 Mil.
Property, Plant and Equipment(Net PPE) was $3,999 Mil.
Depreciation, Depletion and Amortization(DDA) was $492 Mil.
Selling, General, & Admin. Expense(SGA) was $49 Mil.
Total Current Liabilities was $1,513 Mil.
Long-Term Debt & Capital Lease Obligation was $3,911 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) |
| = | (417.559 / 4170.985) | / | (205.837 / 1832.048) |
| = | 0.10011 | / | 0.112353 |
| | = | 0.891 |
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) |
| = | (-409.471 / 1832.048) | / | (-281.156 / 4170.985) |
| = | -0.223505 | / | -0.067408 |
| | = | 3.3157 |
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 - (2315.525 + 4995.717) / 7531.478) | / | (1 - (1731.828 + 3999.339) / 5898.789) |
| = | 0.029242 | / | 0.028416 |
| | = | 1.0291 |
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 |
| = | 4170.985 | / | 1832.048 |
| | = | 2.2767 |
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)) |
| = | (491.52 / (491.52 + 3999.339)) | / | (643.576 / (643.576 + 4995.717)) |
| = | 0.109449 | / | 0.114124 |
| | = | 0.959 |
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) |
| = | (99.786 / 4170.985) | / | (49.339 / 1832.048) |
| = | 0.023924 | / | 0.026931 |
| | = | 0.8883 |
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) |
| = | ((4310.707 + 3340.471) / 7531.478) | / | ((3911.233 + 1512.885) / 5898.789) |
| = | 1.015893 | / | 0.919531 |
| | = | 1.1048 |
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 |
| = | (-559.957 - 0 | - | 451.713) | / | 7531.478 |
| | = | -0.134326 |
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.
Wizz Air Holdings has a M-score of -0.86 signals that the company is likely to be a manipulator.
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