1st Holdings, Beneish M-Score Historical Data
The historical data trend for 1st 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.
1st Holdings, Beneish M-Score Chart
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1st Holdings, Annual Data
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1st Holdings, Quarterly Data
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Competitive Comparison of 1st Holdings,'s Beneish M-Score
For the Information Technology Services subindustry, 1st 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.
1st Holdings,'s Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, 1st Holdings,'s Beneish M-Score distribution charts can be found below:
* The bar in red indicates where 1st Holdings,'s Beneish M-Score falls into.
1st 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 1st 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 * 1.0222 | + | 0.528 * 1.0224 | + | 0.404 * 1.0957 | + | 0.892 * 1.0444 | + | 0.115 * 0.7974 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0554 | + | 4.679 * -0.085434 | - | 0.327 * 0.7973 |
| = | -2.74 |
* 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 (May13) TTM: | Last Year (May12) TTM: |
Total Receivables was 円1,274 Mil.
Revenue was 3082.141 + 3101.73 + 3136.161 + 3452.025 = 円12,772 Mil.
Gross Profit was 2401.777 + 2372.6 + 2382.478 + 2710.334 = 円9,867 Mil.
Total Current Assets was 円4,058 Mil.
Total Assets was 円13,996 Mil.
Property, Plant and Equipment(Net PPE) was 円2,157 Mil.
Depreciation, Depletion and Amortization(DDA) was 円613 Mil.
Selling, General, & Admin. Expense(SGA) was 円6,077 Mil.
Total Current Liabilities was 円7,166 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 Mil.
Net Income was 399.817 + 224.273 + 535.832 + 537.204 = 円1,697 Mil.
Non Operating Income was -31.099 + -187.748 + 0.255 + -56.417 = 円-275 Mil.
Cash Flow from Operations was 0 + 1453.667 + 0 + 1714.195 = 円3,168 Mil.
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Total Receivables was 円1,194 Mil.
Revenue was 3178.146 + 2929.674 + 3119.689 + 3001.002 = 円12,229 Mil.
Gross Profit was 2556.158 + 2309.411 + 2438.645 + 2354.942 = 円9,659 Mil.
Total Current Assets was 円5,510 Mil.
Total Assets was 円15,393 Mil.
Property, Plant and Equipment(Net PPE) was 円2,073 Mil.
Depreciation, Depletion and Amortization(DDA) was 円444 Mil.
Selling, General, & Admin. Expense(SGA) was 円5,513 Mil.
Total Current Liabilities was 円6,607 Mil.
Long-Term Debt & Capital Lease Obligation was 円3,278 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) |
| = | (1274.419 / 12772.057) | / | (1193.65 / 12228.511) |
| = | 0.099782 | / | 0.097612 |
| | = | 1.0222 |
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) |
| = | (9659.156 / 12228.511) | / | (9867.189 / 12772.057) |
| = | 0.789888 | / | 0.772561 |
| | = | 1.0224 |
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 - (4058.282 + 2156.873) / 13995.98) | / | (1 - (5509.66 + 2073.245) / 15393.428) |
| = | 0.555933 | / | 0.507393 |
| | = | 1.0957 |
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 |
| = | 12772.057 | / | 12228.511 |
| | = | 1.0444 |
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)) |
| = | (444.15 / (444.15 + 2073.245)) | / | (612.819 / (612.819 + 2156.873)) |
| = | 0.176432 | / | 0.221259 |
| | = | 0.7974 |
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) |
| = | (6077.105 / 12772.057) | / | (5512.865 / 12228.511) |
| = | 0.475813 | / | 0.450821 |
| | = | 1.0554 |
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 + 7165.734) / 13995.98) | / | ((3277.932 + 6606.821) / 15393.428) |
| = | 0.511985 | / | 0.642141 |
| | = | 0.7973 |
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 |
| = | (1697.126 - -275.009 | - | 3167.862) | / | 13995.98 |
| | = | -0.085434 |
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.
1st Holdings, has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.
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