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Doverie Obed Hl (XBUL:DUH) Beneish M-Score : -3.34 (As of Apr. 24, 2024)


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What is Doverie Obed Hl Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -3.34 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Doverie Obed Hl's Beneish M-Score or its related term are showing as below:

XBUL:DUH' s Beneish M-Score Range Over the Past 10 Years
Min: -13.31   Med: -2.33   Max: 52.9
Current: -3.34

During the past 13 years, the highest Beneish M-Score of Doverie Obed Hl was 52.90. The lowest was -13.31. And the median was -2.33.


Doverie Obed Hl Beneish M-Score Historical Data

The historical data trend for Doverie Obed Hl'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.

* Premium members only.

Doverie Obed Hl Beneish M-Score Chart

Doverie Obed Hl Annual Data
Trend Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.06 52.90 -2.69 -2.32 -2.08

Doverie Obed Hl Quarterly Data
Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -1.91 -2.08 -2.30 -2.49 -3.34

Competitive Comparison of Doverie Obed Hl's Beneish M-Score

For the Banks - Regional subindustry, Doverie Obed Hl'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.


Doverie Obed Hl's Beneish M-Score Distribution in the Banks Industry

For the Banks industry and Financial Services sector, Doverie Obed Hl's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Doverie Obed Hl's Beneish M-Score falls into.



Doverie Obed Hl 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 Doverie Obed Hl 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 * 0.8064+0.528 * 1.088+0.404 * 1.2057+0.892 * 1.3136+0.115 * 0.9342
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9465+4.679 * 0.006978-0.327 * 4.4303
=-3.34

* 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 (Sep23) TTM:Last Year (Sep22) TTM:
Total Receivables was лв1,309.9 Mil.
Revenue was 148.196 + 141.047 + 147.509 + 142.716 = лв579.5 Mil.
Gross Profit was 49.909 + 55.456 + 60.416 + 64.755 = лв230.5 Mil.
Total Current Assets was лв2,537.0 Mil.
Total Assets was лв3,253.6 Mil.
Property, Plant and Equipment(Net PPE) was лв148.6 Mil.
Depreciation, Depletion and Amortization(DDA) was лв22.0 Mil.
Selling, General, & Admin. Expense(SGA) was лв33.8 Mil.
Total Current Liabilities was лв1,491.4 Mil.
Long-Term Debt & Capital Lease Obligation was лв158.9 Mil.
Net Income was 18.022 + 19.967 + 25.124 + 8.399 = лв71.5 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = лв0.0 Mil.
Cash Flow from Operations was -220.058 + 124.663 + 121.621 + 22.581 = лв48.8 Mil.
Total Receivables was лв1,236.5 Mil.
Revenue was 135.611 + 123.689 + 94.758 + 87.063 = лв441.1 Mil.
Gross Profit was 61.388 + 54.646 + 36.668 + 38.241 = лв190.9 Mil.
Total Current Assets was лв2,258.9 Mil.
Total Assets was лв2,806.2 Mil.
Property, Plant and Equipment(Net PPE) was лв141.0 Mil.
Depreciation, Depletion and Amortization(DDA) was лв19.3 Mil.
Selling, General, & Admin. Expense(SGA) was лв27.2 Mil.
Total Current Liabilities was лв145.6 Mil.
Long-Term Debt & Capital Lease Obligation was лв175.7 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)
=(1309.92 / 579.468) / (1236.539 / 441.121)
=2.260556 / 2.803174
=0.8064

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)
=(190.943 / 441.121) / (230.536 / 579.468)
=0.432859 / 0.397841
=1.088

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 - (2537.037 + 148.581) / 3253.602) / (1 - (2258.902 + 141.016) / 2806.215)
=0.174571 / 0.144785
=1.2057

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
=579.468 / 441.121
=1.3136

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))
=(19.293 / (19.293 + 141.016)) / (21.971 / (21.971 + 148.581))
=0.120349 / 0.128823
=0.9342

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)
=(33.799 / 579.468) / (27.184 / 441.121)
=0.058328 / 0.061625
=0.9465

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)
=((158.856 + 1491.428) / 3253.602) / ((175.714 + 145.567) / 2806.215)
=0.507218 / 0.114489
=4.4303

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
=(71.512 - 0 - 48.807) / 3253.602
=0.006978

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.

Doverie Obed Hl has a M-score of -3.34 suggests that the company is unlikely to be a manipulator.


Doverie Obed Hl Beneish M-Score Related Terms

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Doverie Obed Hl (XBUL:DUH) Business Description

Traded in Other Exchanges
N/A
Address
5 Lachezar Stanchev Str., Building A, floor 7, Sopharma Business Towers, Sofia, BGR, 1756
Doverie Obed Hl is a holding company that unites companies which carry out their activities in the field of commercial banking, health care, wine making, residential building, household chemicals, purchase/sale of DIY goods, renting out real estate and movable property and others. The company has the following operating segments Banking sector, Insurance sector Trade in 'do it yourself' goods, Non-financial enterprises performing financial services, Medical services, Detergents & household chemicals and Others The majority of revenue is from the Banking sector.

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