Hyundai Motor Co Beneish M-Score Historical Data
The historical data trend for Hyundai Motor Co'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.
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Hyundai Motor Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.43 |
-2.48 |
-2.32 |
-2.40 |
-2.21 |
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Hyundai Motor Co 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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-2.40 |
-2.30 |
-2.33 |
-2.29 |
-2.21 |
Competitive Comparison
For the Auto Manufacturers subindustry, Hyundai Motor Co'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.
Hyundai Motor Co Beneish M-Score Distribution
For the Vehicles & Parts industry and Consumer Cyclical sector, Hyundai Motor Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hyundai Motor Co's Beneish M-Score falls into.
Hyundai Motor Co 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 Hyundai Motor Co 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 * 0.8343 | + | 0.528 * 0.9662 | + | 0.404 * 1.0544 | + | 0.892 * 1.1443 | + | 0.115 * 1.0871 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8015 | + | 4.679 * 0.051265 | - | 0.327 * 0.9935 |
| = | -2.21 |
* 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 ₩8,781,652 Mil.
Revenue was 41632528 + 41002663 + 42249695 + 37778693 = ₩162,663,579 Mil.
Gross Profit was 8407639 + 8461358 + 8893386 + 7722013 = ₩33,484,396 Mil.
Total Current Assets was ₩58,604,033 Mil.
Total Assets was ₩282,463,355 Mil.
Property, Plant and Equipment(Net PPE) was ₩69,623,161 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩4,946,495 Mil.
Selling, General, & Admin. Expense(SGA) was ₩11,656,741 Mil.
Total Current Liabilities was ₩73,362,103 Mil.
Long-Term Debt & Capital Lease Obligation was ₩91,437,305 Mil.
Net Income was 2225464 + 3189680 + 3235034 + 3311539 = ₩11,961,717 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -2168989 + -202719 + -204725 + 57673 = ₩-2,518,760 Mil.
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Total Receivables was ₩9,198,667 Mil.
Revenue was 38147563 + 37705442 + 35999896 + 30298568 = ₩142,151,469 Mil.
Gross Profit was 7741199 + 7357191 + 7400304 + 5773206 = ₩28,271,900 Mil.
Total Current Assets was ₩58,351,905 Mil.
Total Assets was ₩255,742,462 Mil.
Property, Plant and Equipment(Net PPE) was ₩64,952,017 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩5,047,622 Mil.
Selling, General, & Admin. Expense(SGA) was ₩12,709,579 Mil.
Total Current Liabilities was ₩74,236,472 Mil.
Long-Term Debt & Capital Lease Obligation was ₩75,950,960 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) |
| = | (8781652 / 162663579) | / | (9198667 / 142151469) |
| = | 0.053987 | / | 0.06471 |
| | = | 0.8343 |
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) |
| = | (28271900 / 142151469) | / | (33484396 / 162663579) |
| = | 0.198886 | / | 0.205851 |
| | = | 0.9662 |
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 - (58604033 + 69623161) / 282463355) | / | (1 - (58351905 + 64952017) / 255742462) |
| = | 0.54604 | / | 0.517859 |
| | = | 1.0544 |
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 |
| = | 162663579 | / | 142151469 |
| | = | 1.1443 |
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)) |
| = | (5047622 / (5047622 + 64952017)) | / | (4946495 / (4946495 + 69623161)) |
| = | 0.072109 | / | 0.066334 |
| | = | 1.0871 |
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) |
| = | (11656741 / 162663579) | / | (12709579 / 142151469) |
| = | 0.071662 | / | 0.089409 |
| | = | 0.8015 |
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) |
| = | ((91437305 + 73362103) / 282463355) | / | ((75950960 + 74236472) / 255742462) |
| = | 0.583436 | / | 0.58726 |
| | = | 0.9935 |
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 |
| = | (11961717 - 0 | - | -2518760) | / | 282463355 |
| | = | 0.051265 |
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.
Hyundai Motor Co has a M-score of -2.21 suggests that the company is unlikely to be a manipulator.
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