Transurban Group Beneish M-Score Historical Data
The historical data trend for Transurban 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.
Transurban Group Beneish M-Score Chart
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Transurban Group Annual Data
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Jun15 |
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Jun20 |
Jun21 |
Jun22 |
Jun23 |
Jun24 |
| Beneish M-Score |
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-2.97 |
-1.74 |
-2.34 |
-2.45 |
-2.16 |
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Transurban Group Semi-Annual Data
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Dec14 |
Jun15 |
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Jun24 |
| Beneish M-Score |
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-2.34 |
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-2.45 |
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-2.16 |
Competitive Comparison of Transurban Group's Beneish M-Score
For the Infrastructure Operations subindustry, Transurban 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.
Transurban Group's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Transurban Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Transurban Group's Beneish M-Score falls into.
Transurban 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 Transurban 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 * 1.5756 | + | 0.528 * 0.9506 | + | 0.404 * 0.9892 | + | 0.892 * 0.9867 | + | 0.115 * 0.9912 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1226 | + | 4.679 * -0.027443 | - | 0.327 * 1.0564 |
| = | -2.16 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was €362 Mil.
Revenue was €2,541 Mil.
Gross Profit was €1,687 Mil.
Total Current Assets was €1,733 Mil.
Total Assets was €22,635 Mil.
Property, Plant and Equipment(Net PPE) was €307 Mil.
Depreciation, Depletion and Amortization(DDA) was €659 Mil.
Selling, General, & Admin. Expense(SGA) was €238 Mil.
Total Current Liabilities was €2,282 Mil.
Long-Term Debt & Capital Lease Obligation was €11,308 Mil.
Net Income was €201 Mil.
Gross Profit was €-184 Mil.
Cash Flow from Operations was €1,006 Mil.
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Total Receivables was €233 Mil.
Revenue was €2,575 Mil.
Gross Profit was €1,625 Mil.
Total Current Assets was €1,544 Mil.
Total Assets was €23,366 Mil.
Property, Plant and Equipment(Net PPE) was €330 Mil.
Depreciation, Depletion and Amortization(DDA) was €688 Mil.
Selling, General, & Admin. Expense(SGA) was €215 Mil.
Total Current Liabilities was €2,012 Mil.
Long-Term Debt & Capital Lease Obligation was €11,269 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) |
| = | (362.1 / 2540.871) | / | (232.918 / 2575.108) |
| = | 0.14251 | / | 0.09045 |
| | = | 1.5756 |
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) |
| = | (1624.852 / 2575.108) | / | (1686.511 / 2540.871) |
| = | 0.630984 | / | 0.663753 |
| | = | 0.9506 |
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 - (1733.393 + 307.199) / 22635.276) | / | (1 - (1544.321 + 329.554) / 23366.148) |
| = | 0.909849 | / | 0.919804 |
| | = | 0.9892 |
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 |
| = | 2540.871 | / | 2575.108 |
| | = | 0.9867 |
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)) |
| = | (688.223 / (688.223 + 329.554)) | / | (659.43 / (659.43 + 307.199)) |
| = | 0.676202 | / | 0.682196 |
| | = | 0.9912 |
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) |
| = | (238.11 / 2540.871) | / | (214.954 / 2575.108) |
| = | 0.093712 | / | 0.083474 |
| | = | 1.1226 |
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) |
| = | ((11308.385 + 2282.404) / 22635.276) | / | ((11268.653 + 2012.016) / 23366.148) |
| = | 0.600425 | / | 0.568372 |
| | = | 1.0564 |
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 |
| = | (201.098 - -183.826 | - | 1006.108) | / | 22635.276 |
| | = | -0.027443 |
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.
Transurban Group has a M-score of -2.16 suggests that the company is unlikely to be a manipulator.
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