VistaREIT Beneish M-Score Historical Data
The historical data trend for VistaREIT'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.
VistaREIT Beneish M-Score Chart
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VistaREIT Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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- |
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VistaREIT Quarterly Data
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Dec20 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
| Beneish M-Score |
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- |
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-1.47 |
-2.63 |
Competitive Comparison of VistaREIT's Beneish M-Score
For the REIT - Retail subindustry, VistaREIT'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.
VistaREIT's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, VistaREIT's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where VistaREIT's Beneish M-Score falls into.
VistaREIT 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 VistaREIT 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 * 0.5942 | + | 0.528 * 1 | + | 0.404 * 1.0271 | + | 0.892 * 1.2554 | + | 0.115 * 0.3114 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0901 | + | 4.679 * 0.078332 | - | 0.327 * 1.8768 |
| = | -2.63 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was ₱1,570 Mil.
Revenue was 622.441 + 501.635 + 814.624 + 248.216 = ₱2,187 Mil.
Gross Profit was 622.441 + 501.635 + 814.624 + 248.216 = ₱2,187 Mil.
Total Current Assets was ₱1,797 Mil.
Total Assets was ₱40,230 Mil.
Property, Plant and Equipment(Net PPE) was ₱13 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱12 Mil.
Selling, General, & Admin. Expense(SGA) was ₱282 Mil.
Total Current Liabilities was ₱1,053 Mil.
Long-Term Debt & Capital Lease Obligation was ₱0 Mil.
Net Income was 330.125 + 13269.521 + 294.607 + -11148.495 = ₱2,746 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 377.848 + 486.065 + -254.182 + -1015.263 = ₱-406 Mil.
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Total Receivables was ₱2,104 Mil.
Revenue was 804.011 + 804.011 + 134.001 + 0 = ₱1,742 Mil.
Gross Profit was 804.011 + 804.011 + 134.001 + 0 = ₱1,742 Mil.
Total Current Assets was ₱2,696 Mil.
Total Assets was ₱38,700 Mil.
Property, Plant and Equipment(Net PPE) was ₱20 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱3 Mil.
Selling, General, & Admin. Expense(SGA) was ₱206 Mil.
Total Current Liabilities was ₱540 Mil.
Long-Term Debt & Capital Lease Obligation was ₱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) |
| = | (1569.571 / 2186.916) | / | (2104.01 / 1742.023) |
| = | 0.71771 | / | 1.207797 |
| | = | 0.5942 |
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) |
| = | (1742.023 / 1742.023) | / | (2186.916 / 2186.916) |
| = | 1 | / | 1 |
| | = | 1 |
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 - (1796.67 + 13.414) / 40230.165) | / | (1 - (2696.141 + 20.28) / 38700.145) |
| = | 0.955007 | / | 0.929809 |
| | = | 1.0271 |
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 |
| = | 2186.916 | / | 1742.023 |
| | = | 1.2554 |
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)) |
| = | (3.434 / (3.434 + 20.28)) | / | (11.66 / (11.66 + 13.414)) |
| = | 0.144809 | / | 0.465024 |
| | = | 0.3114 |
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) |
| = | (282.025 / 2186.916) | / | (206.076 / 1742.023) |
| = | 0.12896 | / | 0.118297 |
| | = | 1.0901 |
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) |
| = | ((0 + 1052.677) / 40230.165) | / | ((0 + 539.573) / 38700.145) |
| = | 0.026166 | / | 0.013942 |
| | = | 1.8768 |
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 |
| = | (2745.758 - 0 | - | -405.532) | / | 40230.165 |
| | = | 0.078332 |
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.
VistaREIT has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
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