Marvipol Development Beneish M-Score Historical Data
The historical data trend for Marvipol Development'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.
Marvipol Development Beneish M-Score Chart
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Marvipol Development Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.63 |
-1.90 |
2.12 |
-2.43 |
-3.05 |
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Marvipol Development 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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-2.43 |
-1.87 |
-3.43 |
-3.02 |
-3.05 |
Competitive Comparison of Marvipol Development's Beneish M-Score
For the Real Estate - Development subindustry, Marvipol Development'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.
Marvipol Development's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Marvipol Development's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Marvipol Development's Beneish M-Score falls into.
Marvipol Development 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 Marvipol Development 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 * 1.1285 | + | 0.528 * 0.7734 | + | 0.404 * 0.7338 | + | 0.892 * 0.6414 | + | 0.115 * 0.7928 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.5519 | + | 4.679 * -0.006259 | - | 0.327 * 0.9761 |
| = | -3.05 |
* 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 zł6.7 Mil.
Revenue was 22.47 + 86.988 + 197.227 + 70.826 = zł377.5 Mil.
Gross Profit was 8.362 + 32.338 + 63.783 + 13.995 = zł118.5 Mil.
Total Current Assets was zł1,122.3 Mil.
Total Assets was zł1,461.2 Mil.
Property, Plant and Equipment(Net PPE) was zł128.5 Mil.
Depreciation, Depletion and Amortization(DDA) was zł9.6 Mil.
Selling, General, & Admin. Expense(SGA) was zł19.5 Mil.
Total Current Liabilities was zł384.8 Mil.
Long-Term Debt & Capital Lease Obligation was zł334.4 Mil.
Net Income was -14.337 + 24.342 + 39.609 + 5.663 = zł55.3 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.0 Mil.
Cash Flow from Operations was 13.415 + 13.304 + 41.305 + -3.601 = zł64.4 Mil.
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Total Receivables was zł9.3 Mil.
Revenue was 176.597 + 85.284 + 205.104 + 121.6 = zł588.6 Mil.
Gross Profit was 50.384 + 21.311 + 41.659 + 29.502 = zł142.9 Mil.
Total Current Assets was zł977.6 Mil.
Total Assets was zł1,377.4 Mil.
Property, Plant and Equipment(Net PPE) was zł129.5 Mil.
Depreciation, Depletion and Amortization(DDA) was zł7.5 Mil.
Selling, General, & Admin. Expense(SGA) was zł19.5 Mil.
Total Current Liabilities was zł310.7 Mil.
Long-Term Debt & Capital Lease Obligation was zł383.8 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) |
| = | (6.719 / 377.511) | / | (9.283 / 588.585) |
| = | 0.017798 | / | 0.015772 |
| | = | 1.1285 |
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) |
| = | (142.856 / 588.585) | / | (118.478 / 377.511) |
| = | 0.242711 | / | 0.31384 |
| | = | 0.7734 |
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 - (1122.338 + 128.52) / 1461.237) | / | (1 - (977.601 + 129.531) / 1377.356) |
| = | 0.143973 | / | 0.19619 |
| | = | 0.7338 |
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 |
| = | 377.511 | / | 588.585 |
| | = | 0.6414 |
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)) |
| = | (7.534 / (7.534 + 129.531)) | / | (9.575 / (9.575 + 128.52)) |
| = | 0.054967 | / | 0.069336 |
| | = | 0.7928 |
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) |
| = | (19.455 / 377.511) | / | (19.545 / 588.585) |
| = | 0.051535 | / | 0.033207 |
| | = | 1.5519 |
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) |
| = | ((334.354 + 384.813) / 1461.237) | / | ((383.827 + 310.663) / 1377.356) |
| = | 0.492163 | / | 0.50422 |
| | = | 0.9761 |
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 |
| = | (55.277 - 0 | - | 64.423) | / | 1461.237 |
| | = | -0.006259 |
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.
Marvipol Development has a M-score of -3.05 suggests that the company is unlikely to be a manipulator.
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