Muhak Co Beneish M-Score Historical Data
The historical data trend for Muhak 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.
Muhak Co Beneish M-Score Chart
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Muhak Co Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-1.98 |
-3.35 |
-2.77 |
-2.46 |
-1.43 |
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Muhak Co Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.46 |
-2.61 |
-2.04 |
-1.20 |
-1.43 |
Competitive Comparison of Muhak Co's Beneish M-Score
For the Beverages - Wineries & Distilleries subindustry, Muhak 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.
Muhak Co's Beneish M-Score Distribution in the Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Muhak Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Muhak Co's Beneish M-Score falls into.
Muhak 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 Muhak 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 * 1.2739 | + | 0.528 * 0.9529 | + | 0.404 * 2.6002 | + | 0.892 * 1.0374 | + | 0.115 * 0.9871 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0624 | + | 4.679 * 0.039429 | - | 0.327 * 1.0997 |
| = | -1.43 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was ₩19,962 Mil.
Revenue was 37127.466 + 36400.551 + 40200.3 + 38330.934 = ₩152,059 Mil.
Gross Profit was 16601.631 + 15760.921 + 17977.955 + 16935.188 = ₩67,276 Mil.
Total Current Assets was ₩286,447 Mil.
Total Assets was ₩680,447 Mil.
Property, Plant and Equipment(Net PPE) was ₩181,030 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩15,601 Mil.
Selling, General, & Admin. Expense(SGA) was ₩32,444 Mil.
Total Current Liabilities was ₩107,171 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,254 Mil.
Net Income was 10905.079 + 6331.241 + 14924.45 + 16261.159 = ₩48,422 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 11639.854 + -1284.843 + 6724.183 + 4513.143 = ₩21,592 Mil.
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Total Receivables was ₩15,105 Mil.
Revenue was 34980.318 + 35759.224 + 37065.964 + 38768.194 = ₩146,574 Mil.
Gross Profit was 14891.685 + 14102.496 + 15923.393 + 16879.199 = ₩61,797 Mil.
Total Current Assets was ₩382,746 Mil.
Total Assets was ₩639,328 Mil.
Property, Plant and Equipment(Net PPE) was ₩179,626 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩15,262 Mil.
Selling, General, & Admin. Expense(SGA) was ₩29,438 Mil.
Total Current Liabilities was ₩91,702 Mil.
Long-Term Debt & Capital Lease Obligation was ₩937 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) |
| = | (19961.74 / 152059.251) | / | (15104.906 / 146573.7) |
| = | 0.131276 | / | 0.103053 |
| | = | 1.2739 |
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) |
| = | (61796.773 / 146573.7) | / | (67275.695 / 152059.251) |
| = | 0.421609 | / | 0.442431 |
| | = | 0.9529 |
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 - (286447.075 + 181029.682) / 680447.312) | / | (1 - (382745.565 + 179626.04) / 639327.517) |
| = | 0.312986 | / | 0.12037 |
| | = | 2.6002 |
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 |
| = | 152059.251 | / | 146573.7 |
| | = | 1.0374 |
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)) |
| = | (15262.466 / (15262.466 + 179626.04)) | / | (15600.765 / (15600.765 + 181029.682)) |
| = | 0.078314 | / | 0.079341 |
| | = | 0.9871 |
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) |
| = | (32444.22 / 152059.251) | / | (29438.174 / 146573.7) |
| = | 0.213366 | / | 0.200842 |
| | = | 1.0624 |
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) |
| = | ((1253.844 + 107170.857) / 680447.312) | / | ((937.426 + 91702.465) / 639327.517) |
| = | 0.159343 | / | 0.144902 |
| | = | 1.0997 |
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 |
| = | (48421.929 - 0 | - | 21592.337) | / | 680447.312 |
| | = | 0.039429 |
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.
Muhak Co has a M-score of -1.43 signals that the company is likely to be a manipulator.
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