Tingo Group Beneish M-Score Historical Data
The historical data trend for Tingo 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.
Tingo Group Beneish M-Score Chart
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Tingo Group Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-2.16 |
0.60 |
6.32 |
37.69 |
-0.96 |
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Tingo Group Quarterly Data
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Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
| Beneish M-Score |
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-3.28 |
-0.96 |
11.40 |
27.31 |
39.42 |
TIOG vs AMJT, TRAK, PSQH: Beneish M-Score Comparison
For the Software - Application subindustry, Tingo 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.
Tingo Group Beneish M-Score vs Software Industry
For the Software industry and Technology sector, Tingo Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tingo Group's Beneish M-Score falls into.
Tingo 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 Tingo 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 * 0.3926 | + | 0.528 * 0.5524 | + | 0.404 * 0.8113 | + | 0.892 * 49.3598 | + | 0.115 * 2.0548 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.1408 | + | 4.679 * -0.035043 | - | 0.327 * 2.446 |
| = | 39.42 |
* 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 $375 Mil.
Revenue was 586.222 + 977.169 + 851.245 + 110.757 = $2,525 Mil.
Gross Profit was 137.886 + 346.016 + 386.854 + 58.26 = $929 Mil.
Total Current Assets was $622 Mil.
Total Assets was $1,929 Mil.
Property, Plant and Equipment(Net PPE) was $812 Mil.
Depreciation, Depletion and Amortization(DDA) was $322 Mil.
Selling, General, & Admin. Expense(SGA) was $337 Mil.
Total Current Liabilities was $458 Mil.
Long-Term Debt & Capital Lease Obligation was $211 Mil.
Net Income was 20.745 + 96.508 + 176.74 + -16.375 = $278 Mil.
Non Operating Income was 0.777 + -39.559 + 0.425 + 1.616 = $-37 Mil.
Cash Flow from Operations was 245.884 + -173.899 + 242.793 + 67.185 = $382 Mil.
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Total Receivables was $19 Mil.
Revenue was 13.757 + 11.958 + 9.563 + 15.885 = $51 Mil.
Gross Profit was 3.194 + 2.073 + 1.265 + 3.865 = $10 Mil.
Total Current Assets was $96 Mil.
Total Assets was $144 Mil.
Property, Plant and Equipment(Net PPE) was $2 Mil.
Depreciation, Depletion and Amortization(DDA) was $3 Mil.
Selling, General, & Admin. Expense(SGA) was $48 Mil.
Total Current Liabilities was $20 Mil.
Long-Term Debt & Capital Lease Obligation was $1 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) |
| = | (374.928 / 2525.393) | / | (19.348 / 51.163) |
| = | 0.148463 | / | 0.378164 |
| | = | 0.3926 |
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) |
| = | (10.397 / 51.163) | / | (929.016 / 2525.393) |
| = | 0.203213 | / | 0.36787 |
| | = | 0.5524 |
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 - (622.104 + 812.419) / 1929.161) | / | (1 - (96.287 + 2.322) / 144.169) |
| = | 0.256401 | / | 0.316018 |
| | = | 0.8113 |
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 |
| = | 2525.393 | / | 51.163 |
| | = | 49.3598 |
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)) |
| = | (3.253 / (3.253 + 2.322)) | / | (322.197 / (322.197 + 812.419)) |
| = | 0.583498 | / | 0.28397 |
| | = | 2.0548 |
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) |
| = | (337.064 / 2525.393) | / | (48.486 / 51.163) |
| = | 0.13347 | / | 0.947677 |
| | = | 0.1408 |
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) |
| = | ((210.865 + 457.793) / 1929.161) | / | ((0.763 + 19.666) / 144.169) |
| = | 0.346606 | / | 0.141702 |
| | = | 2.446 |
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 |
| = | (277.618 - -36.741 | - | 381.963) | / | 1929.161 |
| | = | -0.035043 |
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.
Tingo Group has a M-score of 39.42 signals that the company is likely to be a manipulator.
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