Astra Industrial Group Beneish M-Score Historical Data
The historical data trend for Astra Industrial Group'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.
Astra Industrial Group Beneish M-Score Chart
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Astra Industrial Group Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.78 |
-2.67 |
-2.01 |
-2.74 |
0.63 |
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Astra Industrial Group Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.74 |
-2.81 |
-2.64 |
-0.21 |
0.63 |
Competitive Comparison of Astra Industrial Group's Beneish M-Score
For the Conglomerates subindustry, Astra Industrial Group'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.
Astra Industrial Group's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, Astra Industrial Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Astra Industrial Group's Beneish M-Score falls into.
Astra Industrial Group 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 Astra Industrial Group 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 * 1.0841 | + | 0.528 * 0.9561 | + | 0.404 * 8.5529 | + | 0.892 * 1.0864 | + | 0.115 * 1.1866 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0172 | + | 4.679 * -0.032253 | - | 0.327 * 0.8108 |
| = | 0.63 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was ﷼1,159 Mil.
Revenue was 721.601 + 688.527 + 819.095 + 842.88 = ﷼3,072 Mil.
Gross Profit was 330.344 + 324.023 + 338.828 + 350.539 = ﷼1,344 Mil.
Total Current Assets was ﷼2,781 Mil.
Total Assets was ﷼4,328 Mil.
Property, Plant and Equipment(Net PPE) was ﷼818 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼81 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼232 Mil.
Total Current Liabilities was ﷼1,559 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼75 Mil.
Net Income was 131.439 + 139.414 + 168.747 + 149.741 = ﷼589 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ﷼0 Mil.
Cash Flow from Operations was 353.978 + 238.102 + 16.433 + 120.422 = ﷼729 Mil.
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Total Receivables was ﷼984 Mil.
Revenue was 776.715 + 643.206 + 659.588 + 748.278 = ﷼2,828 Mil.
Gross Profit was 333.703 + 259.198 + 277.695 + 311.973 = ﷼1,183 Mil.
Total Current Assets was ﷼3,432 Mil.
Total Assets was ﷼4,272 Mil.
Property, Plant and Equipment(Net PPE) was ﷼756 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼90 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼210 Mil.
Total Current Liabilities was ﷼1,829 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼160 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) |
| = | (1159.459 / 3072.103) | / | (984.441 / 2827.787) |
| = | 0.377415 | / | 0.348131 |
| | = | 1.0841 |
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) |
| = | (1182.569 / 2827.787) | / | (1343.734 / 3072.103) |
| = | 0.418196 | / | 0.437399 |
| | = | 0.9561 |
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 - (2781.084 + 818.402) / 4328.062) | / | (1 - (3431.811 + 756.215) / 4272.109) |
| = | 0.168338 | / | 0.019682 |
| | = | 8.5529 |
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 |
| = | 3072.103 | / | 2827.787 |
| | = | 1.0864 |
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)) |
| = | (90.429 / (90.429 + 756.215)) | / | (80.957 / (80.957 + 818.402)) |
| = | 0.106809 | / | 0.090016 |
| | = | 1.1866 |
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) |
| = | (231.571 / 3072.103) | / | (209.543 / 2827.787) |
| = | 0.075379 | / | 0.074101 |
| | = | 1.0172 |
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) |
| = | ((74.539 + 1559.125) / 4328.062) | / | ((159.713 + 1829.222) / 4272.109) |
| = | 0.377459 | / | 0.465563 |
| | = | 0.8108 |
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 |
| = | (589.341 - 0 | - | 728.935) | / | 4328.062 |
| | = | -0.032253 |
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.
Astra Industrial Group has a M-score of 0.63 signals that the company is likely to be a manipulator.
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