Transat AT Beneish M-Score Historical Data
The historical data trend for Transat AT'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.
Transat AT Beneish M-Score Chart
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Transat AT Annual Data
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Trend |
Oct14 |
Oct15 |
Oct16 |
Oct17 |
Oct18 |
Oct19 |
Oct20 |
Oct21 |
Oct22 |
Oct23 |
| Beneish M-Score |
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-3.16 |
-4.41 |
6.03 |
29.01 |
-3.69 |
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Transat AT Quarterly Data
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Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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72.92 |
-5.44 |
-3.88 |
-3.69 |
-3.19 |
Competitive Comparison of Transat AT's Beneish M-Score
For the Travel Services subindustry, Transat AT'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.
Transat AT's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Transat AT's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Transat AT's Beneish M-Score falls into.
Transat AT 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 Transat AT 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 * 0.7877 | + | 0.528 * -0.0529 | + | 0.404 * 1.026 | + | 0.892 * 1.5028 | + | 0.115 * 0.9155 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9991 | + | 4.679 * -0.087179 | - | 0.327 * 1.0006 |
| = | -3.19 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was C$153 Mil.
Revenue was 785.498 + 764.467 + 746.317 + 870.111 = C$3,166 Mil.
Gross Profit was 34.809 + 121.41 + 137.615 + 117.638 = C$411 Mil.
Total Current Assets was C$1,422 Mil.
Total Assets was C$2,786 Mil.
Property, Plant and Equipment(Net PPE) was C$1,082 Mil.
Depreciation, Depletion and Amortization(DDA) was C$195 Mil.
Selling, General, & Admin. Expense(SGA) was C$226 Mil.
Total Current Liabilities was C$1,631 Mil.
Long-Term Debt & Capital Lease Obligation was C$1,653 Mil.
Net Income was -60.977 + 3.195 + 57.303 + -29.18 = C$-30 Mil.
Non Operating Income was -11.252 + -3.144 + 16.194 + -25.932 = C$-24 Mil.
Cash Flow from Operations was 110.702 + -56.363 + -7.534 + 190.559 = C$237 Mil.
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Total Receivables was C$130 Mil.
Revenue was 667.457 + 573.139 + 508.304 + 358.157 = C$2,107 Mil.
Gross Profit was 39.02 + 21.085 + -37.431 + -37.16 = C$-14 Mil.
Total Current Assets was C$1,308 Mil.
Total Assets was C$2,527 Mil.
Property, Plant and Equipment(Net PPE) was C$969 Mil.
Depreciation, Depletion and Amortization(DDA) was C$158 Mil.
Selling, General, & Admin. Expense(SGA) was C$150 Mil.
Total Current Liabilities was C$1,391 Mil.
Long-Term Debt & Capital Lease Obligation was C$1,586 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) |
| = | (153.438 / 3166.393) | / | (129.623 / 2107.057) |
| = | 0.048458 | / | 0.061519 |
| | = | 0.7877 |
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) |
| = | (-14.486 / 2107.057) | / | (411.472 / 3166.393) |
| = | -0.006875 | / | 0.12995 |
| | = | -0.0529 |
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 - (1421.702 + 1082.125) / 2786.111) | / | (1 - (1308.156 + 969.346) / 2527.062) |
| = | 0.101318 | / | 0.098755 |
| | = | 1.026 |
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 |
| = | 3166.393 | / | 2107.057 |
| | = | 1.5028 |
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)) |
| = | (157.848 / (157.848 + 969.346)) | / | (195.411 / (195.411 + 1082.125)) |
| = | 0.140036 | / | 0.152959 |
| | = | 0.9155 |
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) |
| = | (225.917 / 3166.393) | / | (150.47 / 2107.057) |
| = | 0.071348 | / | 0.071412 |
| | = | 0.9991 |
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) |
| = | ((1653.307 + 1630.733) / 2786.111) | / | ((1586.143 + 1390.652) / 2527.062) |
| = | 1.178718 | / | 1.177967 |
| | = | 1.0006 |
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 |
| = | (-29.659 - -24.134 | - | 237.364) | / | 2786.111 |
| | = | -0.087179 |
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.
Transat AT has a M-score of -3.19 suggests that the company is unlikely to be a manipulator.
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