1834 Investments Beneish M-Score Historical Data
The historical data trend for 1834 Investments'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.
1834 Investments Beneish M-Score Chart
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1834 Investments Annual Data
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Trend |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
| Beneish M-Score |
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-2.43 |
5.61 |
-2.37 |
-2.64 |
-3.26 |
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1834 Investments Quarterly Data
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Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
| Beneish M-Score |
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-2.75 |
-4.21 |
-3.26 |
-3.63 |
-3.81 |
XJAM:1834 vs BLK, BX, BK: Beneish M-Score Comparison
For the Asset Management subindustry, 1834 Investments'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.
1834 Investments Beneish M-Score vs Asset Management Industry
For the Asset Management industry and Financial Services sector, 1834 Investments's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where 1834 Investments's Beneish M-Score falls into.
1834 Investments 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 1834 Investments 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 * 1.0902 | + | 0.528 * 1 | + | 0.404 * 0.8639 | + | 0.892 * 0.9413 | + | 0.115 * 0.8828 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 2.8663 | + | 4.679 * -0.134297 | - | 0.327 * 2.0398 |
| = | -3.81 |
* 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 (Sep22) TTM: | Last Year (Sep21) TTM: |
Total Receivables was JMD378.39 Mil.
Revenue was 5.864 + 6.417 + 4.577 + 6.768 = JMD23.63 Mil.
Gross Profit was 5.864 + 6.417 + 4.577 + 6.768 = JMD23.63 Mil.
Total Current Assets was JMD624.59 Mil.
Total Assets was JMD1,770.77 Mil.
Property, Plant and Equipment(Net PPE) was JMD0.03 Mil.
Depreciation, Depletion and Amortization(DDA) was JMD0.25 Mil.
Selling, General, & Admin. Expense(SGA) was JMD41.46 Mil.
Total Current Liabilities was JMD322.73 Mil.
Long-Term Debt & Capital Lease Obligation was JMD0.00 Mil.
Net Income was -18.136 + -29.705 + 20.014 + -20.378 = JMD-48.21 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = JMD0.00 Mil.
Cash Flow from Operations was 2.563 + -16.699 + -35.105 + 238.845 = JMD189.60 Mil.
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Total Receivables was JMD368.70 Mil.
Revenue was 5.594 + 7.401 + 7.392 + 4.712 = JMD25.10 Mil.
Gross Profit was 5.594 + 7.401 + 7.392 + 4.712 = JMD25.10 Mil.
Total Current Assets was JMD417.24 Mil.
Total Assets was JMD1,664.74 Mil.
Property, Plant and Equipment(Net PPE) was JMD0.28 Mil.
Depreciation, Depletion and Amortization(DDA) was JMD1.13 Mil.
Selling, General, & Admin. Expense(SGA) was JMD15.37 Mil.
Total Current Liabilities was JMD148.74 Mil.
Long-Term Debt & Capital Lease Obligation was JMD0.00 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) |
| = | (378.386 / 23.626) | / | (368.702 / 25.099) |
| = | 16.015661 | / | 14.689908 |
| | = | 1.0902 |
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) |
| = | (25.099 / 25.099) | / | (23.626 / 23.626) |
| = | 1 | / | 1 |
| | = | 1 |
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 - (624.587 + 0.026) / 1770.769) | / | (1 - (417.243 + 0.28) / 1664.742) |
| = | 0.647265 | / | 0.749197 |
| | = | 0.8639 |
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 |
| = | 23.626 | / | 25.099 |
| | = | 0.9413 |
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)) |
| = | (1.126 / (1.126 + 0.28)) | / | (0.254 / (0.254 + 0.026)) |
| = | 0.800853 | / | 0.907143 |
| | = | 0.8828 |
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) |
| = | (41.462 / 23.626) | / | (15.367 / 25.099) |
| = | 1.754931 | / | 0.612255 |
| | = | 2.8663 |
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) |
| = | ((0 + 322.726) / 1770.769) | / | ((0 + 148.738) / 1664.742) |
| = | 0.182252 | / | 0.089346 |
| | = | 2.0398 |
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 |
| = | (-48.205 - 0 | - | 189.604) | / | 1770.769 |
| | = | -0.134297 |
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.
1834 Investments has a M-score of -3.81 suggests that the company is unlikely to be a manipulator.
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