Kruk Beneish M-Score Historical Data
The historical data trend for Kruk'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.
Kruk Beneish M-Score Chart
|
Kruk Annual Data
|
|
Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-3.24 |
-1.53 |
-1.77 |
-1.20 |
-1.68 |
|
Kruk Quarterly Data
|
|
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-1.20 |
-1.51 |
-1.57 |
-1.58 |
-1.68 |
Competitive Comparison of Kruk's Beneish M-Score
For the Credit Services subindustry, Kruk'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.
Kruk's Beneish M-Score Distribution in the Credit Services Industry
For the Credit Services industry and Financial Services sector, Kruk's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kruk's Beneish M-Score falls into.
Kruk 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 Kruk 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 * 0.9638 | + | 0.528 * 0.9981 | + | 0.404 * 1.0249 | + | 0.892 * 1.2271 | + | 0.115 * 0.9454 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0223 | + | 4.679 * 0.135042 | - | 0.327 * 1.0082 |
| = | -1.68 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was zł53 Mil.
Revenue was 610.515 + 564.594 + 520.204 + 508.268 = zł2,204 Mil.
Gross Profit was 322.323 + 305.581 + 275.384 + 268.779 = zł1,172 Mil.
Total Current Assets was zł3,598 Mil.
Total Assets was zł11,649 Mil.
Property, Plant and Equipment(Net PPE) was zł90 Mil.
Depreciation, Depletion and Amortization(DDA) was zł62 Mil.
Selling, General, & Admin. Expense(SGA) was zł583 Mil.
Total Current Liabilities was zł616 Mil.
Long-Term Debt & Capital Lease Obligation was zł6,352 Mil.
Net Income was 115.201 + 356.096 + 264.323 + 338.334 = zł1,074 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0 Mil.
Cash Flow from Operations was -594.332 + -238.278 + 101.895 + 231.58 = zł-499 Mil.
|
Total Receivables was zł45 Mil.
Revenue was 478.256 + 464.149 + 431.142 + 422.227 = zł1,796 Mil.
Gross Profit was 227.957 + 252.281 + 236.289 + 236.832 = zł953 Mil.
Total Current Assets was zł3,216 Mil.
Total Assets was zł9,929 Mil.
Property, Plant and Equipment(Net PPE) was zł92 Mil.
Depreciation, Depletion and Amortization(DDA) was zł58 Mil.
Selling, General, & Admin. Expense(SGA) was zł465 Mil.
Total Current Liabilities was zł752 Mil.
Long-Term Debt & Capital Lease Obligation was zł5,138 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) |
| = | (53.392 / 2203.581) | / | (45.145 / 1795.774) |
| = | 0.02423 | / | 0.02514 |
| | = | 0.9638 |
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) |
| = | (953.359 / 1795.774) | / | (1172.067 / 2203.581) |
| = | 0.53089 | / | 0.531892 |
| | = | 0.9981 |
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 - (3598.199 + 89.572) / 11648.879) | / | (1 - (3216.329 + 91.777) / 9928.505) |
| = | 0.683423 | / | 0.666807 |
| | = | 1.0249 |
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 |
| = | 2203.581 | / | 1795.774 |
| | = | 1.2271 |
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)) |
| = | (58.297 / (58.297 + 91.777)) | / | (62.479 / (62.479 + 89.572)) |
| = | 0.388455 | / | 0.410908 |
| | = | 0.9454 |
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) |
| = | (582.808 / 2203.581) | / | (464.586 / 1795.774) |
| = | 0.264482 | / | 0.258711 |
| | = | 1.0223 |
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) |
| = | ((6352.006 + 615.74) / 11648.879) | / | ((5138.084 + 752.479) / 9928.505) |
| = | 0.598147 | / | 0.593298 |
| | = | 1.0082 |
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 |
| = | (1073.954 - 0 | - | -499.135) | / | 11648.879 |
| | = | 0.135042 |
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.
Kruk has a M-score of -1.68 signals that the company is likely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
WAR:KRU has been successfully added to your