Canaccord Genuity Group Beneish M-Score Historical Data
The historical data trend for Canaccord Genuity 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.
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Canaccord Genuity Group Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.31 |
-2.49 |
-2.67 |
-2.45 |
-1.80 |
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Canaccord Genuity Group Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.66 |
-1.80 |
-2.28 |
-2.21 |
-2.55 |
Competitive Comparison
For the Capital Markets subindustry, Canaccord Genuity 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.
Canaccord Genuity Group Beneish M-Score Distribution
For the Capital Markets industry and Financial Services sector, Canaccord Genuity Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Canaccord Genuity Group's Beneish M-Score falls into.
Canaccord Genuity 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 Canaccord Genuity 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 * 0.8071 | + | 0.528 * 0.9479 | + | 0.404 * 1.2248 | + | 0.892 * 0.9496 | + | 0.115 * 1.2114 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2224 | + | 4.679 * 0.016246 | - | 0.327 * 0.922 |
| = | -2.55 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was C$2,176 Mil.
Revenue was 389.143 + 337.29 + 343.324 + 430.389 = C$1,500 Mil.
Gross Profit was 144.881 + 117.775 + 135.423 + 130.906 = C$529 Mil.
Total Current Assets was C$3,673 Mil.
Total Assets was C$4,885 Mil.
Property, Plant and Equipment(Net PPE) was C$214 Mil.
Depreciation, Depletion and Amortization(DDA) was C$68 Mil.
Selling, General, & Admin. Expense(SGA) was C$234 Mil.
Total Current Liabilities was C$2,953 Mil.
Long-Term Debt & Capital Lease Obligation was C$434 Mil.
Net Income was 17.198 + -16.129 + -10.536 + -4.326 = C$-14 Mil.
Non Operating Income was 0 + -9.917 + -3.376 + 2.639 = C$-11 Mil.
Cash Flow from Operations was 221.709 + -93.469 + -358.617 + 147.882 = C$-82 Mil.
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Total Receivables was C$2,840 Mil.
Revenue was 382.116 + 380.522 + 317.37 + 499.793 = C$1,580 Mil.
Gross Profit was 117.704 + 134.654 + 94.178 + 181.51 = C$528 Mil.
Total Current Assets was C$4,906 Mil.
Total Assets was C$6,080 Mil.
Property, Plant and Equipment(Net PPE) was C$160 Mil.
Depreciation, Depletion and Amortization(DDA) was C$66 Mil.
Selling, General, & Admin. Expense(SGA) was C$201 Mil.
Total Current Liabilities was C$4,182 Mil.
Long-Term Debt & Capital Lease Obligation was C$391 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) |
| = | (2176.181 / 1500.146) | / | (2839.563 / 1579.801) |
| = | 1.450646 | / | 1.797418 |
| | = | 0.8071 |
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) |
| = | (528.046 / 1579.801) | / | (528.985 / 1500.146) |
| = | 0.334248 | / | 0.352622 |
| | = | 0.9479 |
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 - (3673.422 + 213.724) / 4884.749) | / | (1 - (4906.101 + 160.085) / 6079.979) |
| = | 0.204228 | / | 0.166743 |
| | = | 1.2248 |
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 |
| = | 1500.146 | / | 1579.801 |
| | = | 0.9496 |
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)) |
| = | (66.221 / (66.221 + 160.085)) | / | (68.069 / (68.069 + 213.724)) |
| = | 0.292617 | / | 0.241557 |
| | = | 1.2114 |
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) |
| = | (233.553 / 1500.146) | / | (201.198 / 1579.801) |
| = | 0.155687 | / | 0.127357 |
| | = | 1.2224 |
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) |
| = | ((433.974 + 2953.494) / 4884.749) | / | ((390.682 + 4182.42) / 6079.979) |
| = | 0.693478 | / | 0.752158 |
| | = | 0.922 |
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 |
| = | (-13.793 - -10.654 | - | -82.495) | / | 4884.749 |
| | = | 0.016246 |
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.
Canaccord Genuity Group has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.
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