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Mitsubishi Beneish M-Score

: -2.21 (As of Today)
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The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.21 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Mitsubishi's Beneish M-Score or its related term are showing as below:

TSE:8058' s Beneish M-Score Range Over the Past 10 Years
Min: -11.87   Med: -2.49   Max: -1.58
Current: -2.21

During the past 13 years, the highest Beneish M-Score of Mitsubishi was -1.58. The lowest was -11.87. And the median was -2.49.


Mitsubishi Beneish M-Score Historical Data

The historical data trend for Mitsubishi'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.

* Premium members only.

Mitsubishi Annual Data
Trend Mar13 Mar14 Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.43 -1.58 -2.78 -2.68 -2.21

Mitsubishi Quarterly Data
Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.68 -2.42 -2.30 -2.21 -2.21

Competitive Comparison

For the Conglomerates subindustry, Mitsubishi'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.

   

Mitsubishi Beneish M-Score Distribution

For the Conglomerates industry and Industrials sector, Mitsubishi's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Mitsubishi's Beneish M-Score falls into.



Mitsubishi 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 Mitsubishi 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 * 0.9777+0.528 * 1+0.404 * 0.9095+0.892 * 1.34+0.115 * 1.0349
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7646+4.679 * -0.0054-0.327 * 0.9766
=-2.21

* 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 (Mar22) TTM:Last Year (Mar21) TTM:
Total Receivables was 円4,283,171 Mil.
Revenue was 4893690 + 4644403 + 3933005 + 3793730 = 円17,264,828 Mil.
Gross Profit was 682837 + 590117 + 456264 + 421546 = 円2,150,764 Mil.
Total Current Assets was 円9,531,045 Mil.
Total Assets was 円21,912,012 Mil.
Property, Plant and Equipment(Net PPE) was 円4,304,575 Mil.
Depreciation, Depletion and Amortization(DDA) was 円545,043 Mil.
Selling, General, & Admin. Expense(SGA) was 円1,432,039 Mil.
Total Current Liabilities was 円7,317,833 Mil.
Long-Term Debt & Capital Lease Obligation was 円5,378,537 Mil.
Net Income was 292761 + 284208 + 172988 + 187572 = 円937,529 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 433493 + 267584 + 230085 + 124682 = 円1,055,844 Mil.
Total Receivables was 円3,269,390 Mil.
Revenue was 3773985 + 3382189 + 3060912 + 2667435 = 円12,884,521 Mil.
Gross Profit was 437665 + 406195 + 381518 + 379728 = 円1,605,106 Mil.
Total Current Assets was 円7,102,893 Mil.
Total Assets was 円18,634,971 Mil.
Property, Plant and Equipment(Net PPE) was 円3,979,938 Mil.
Depreciation, Depletion and Amortization(DDA) was 円523,830 Mil.
Selling, General, & Admin. Expense(SGA) was 円1,397,707 Mil.
Total Current Liabilities was 円5,370,185 Mil.
Long-Term Debt & Capital Lease Obligation was 円5,686,496 Mil.




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)
=(4283171 / 17264828) / (3269390 / 12884521)
=0.24808651 / 0.25374556
=0.9777

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)
=(1605106 / 12884521) / (2150764 / 17264828)
=0.1245763 / 0.12457489
=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 - (9531045 + 4304575) / 21912012) / (1 - (7102893 + 3979938) / 18634971)
=0.36858286 / 0.40526706
=0.9095

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
=17264828 / 12884521
=1.34

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))
=(523830 / (523830 + 3979938)) / (545043 / (545043 + 4304575))
=0.11630928 / 0.11238885
=1.0349

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)
=(1432039 / 17264828) / (1397707 / 12884521)
=0.08294545 / 0.10847955
=0.7646

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)
=((5378537 + 7317833) / 21912012) / ((5686496 + 5370185) / 18634971)
=0.57942511 / 0.59332966
=0.9766

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
=(937529 - 0 - 1055844) / 21912012
=-0.0054

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.

Mitsubishi has a M-score of -2.21 suggests that the company is unlikely to be a manipulator.


Mitsubishi Beneish M-Score Related Terms

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Mitsubishi Business Description

Mitsubishi logo
Traded in Other Exchanges
Address
Mitsubishi Shoji Building 3-1, Marunouchi 2-chome, Chiyoda-ku, Tokyo, JPN, 100-8086
Mitsubishi Corp is a conglomerate that operates businesses in various industries. Its operating segments include Natural Gas, Industrial materials, Petroleum & chemicals, Mineral resource, Industrial Infrastructure, Automotive, Food & Consumer Industry, Power Solution, and Urban Development.

Mitsubishi Headlines

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