Murapol Beneish M-Score Historical Data
The historical data trend for Murapol'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.
Murapol Beneish M-Score Chart
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Murapol Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
- |
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Murapol Quarterly Data
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Dec20 |
Dec21 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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- |
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-2.50 |
Competitive Comparison of Murapol's Beneish M-Score
For the Residential Construction subindustry, Murapol'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.
Murapol's Beneish M-Score Distribution in the Homebuilding & Construction Industry
For the Homebuilding & Construction industry and Consumer Cyclical sector, Murapol's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Murapol's Beneish M-Score falls into.
Murapol 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 Murapol 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 * 0.9813 | + | 0.528 * 1.0719 | + | 0.404 * 0.8322 | + | 0.892 * 0.8921 | + | 0.115 * 0.9678 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2194 | + | 4.679 * 0.042461 | - | 0.327 * 1.0406 |
| = | -2.48 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was zł111 Mil.
Revenue was 202.231 + 256.859 + 327.233 + 249.052 = zł1,035 Mil.
Gross Profit was 57.583 + 75.811 + 102.057 + 73.189 = zł309 Mil.
Total Current Assets was zł2,219 Mil.
Total Assets was zł2,311 Mil.
Property, Plant and Equipment(Net PPE) was zł21 Mil.
Depreciation, Depletion and Amortization(DDA) was zł5 Mil.
Selling, General, & Admin. Expense(SGA) was zł110 Mil.
Total Current Liabilities was zł1,058 Mil.
Long-Term Debt & Capital Lease Obligation was zł577 Mil.
Net Income was 29.483 + 41.175 + 61.104 + 29.223 = zł161 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0 Mil.
Cash Flow from Operations was -38.203 + 2.126 + 65.443 + 33.474 = zł63 Mil.
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Total Receivables was zł127 Mil.
Revenue was 297.11 + 235.031 + 434.75 + 193.737 = zł1,161 Mil.
Gross Profit was 82.811 + 78.965 + 148.427 + 60.654 = zł371 Mil.
Total Current Assets was zł1,680 Mil.
Total Assets was zł1,763 Mil.
Property, Plant and Equipment(Net PPE) was zł18 Mil.
Depreciation, Depletion and Amortization(DDA) was zł4 Mil.
Selling, General, & Admin. Expense(SGA) was zł101 Mil.
Total Current Liabilities was zł778 Mil.
Long-Term Debt & Capital Lease Obligation was zł421 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) |
| = | (110.949 / 1035.375) | / | (126.741 / 1160.628) |
| = | 0.107158 | / | 0.1092 |
| | = | 0.9813 |
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) |
| = | (370.857 / 1160.628) | / | (308.64 / 1035.375) |
| = | 0.319531 | / | 0.298095 |
| | = | 1.0719 |
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 - (2219.454 + 20.979) / 2311.414) | / | (1 - (1679.802 + 18.493) / 1763.364) |
| = | 0.030709 | / | 0.0369 |
| | = | 0.8322 |
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 |
| = | 1035.375 | / | 1160.628 |
| | = | 0.8921 |
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)) |
| = | (4.433 / (4.433 + 18.493)) | / | (5.238 / (5.238 + 20.979)) |
| = | 0.193361 | / | 0.199794 |
| | = | 0.9678 |
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) |
| = | (110.365 / 1035.375) | / | (101.455 / 1160.628) |
| = | 0.106594 | / | 0.087414 |
| | = | 1.2194 |
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) |
| = | ((577.379 + 1058.087) / 2311.414) | / | ((421.383 + 777.678) / 1763.364) |
| = | 0.707561 | / | 0.679985 |
| | = | 1.0406 |
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 |
| = | (160.985 - 0 | - | 62.84) | / | 2311.414 |
| | = | 0.042461 |
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.
Murapol has a M-score of -2.48 suggests that the company is unlikely to be a manipulator.
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