HVM Co Beneish M-Score Historical Data
The historical data trend for HVM 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.
HVM Co Beneish M-Score Chart
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HVM Co Annual Data
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Trend |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
-44.41 |
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HVM Co Quarterly Data
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Dec21 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
- |
-44.41 |
Competitive Comparison of HVM Co's Beneish M-Score
For the Other Industrial Metals & Mining subindustry, HVM 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.
HVM Co's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, HVM Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where HVM Co's Beneish M-Score falls into.
HVM 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 HVM 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 * 1.1873 | + | 0.528 * -79.6947 | + | 0.404 * 1.5193 | + | 0.892 * 1.0888 | + | 0.115 * 1.0346 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.6472 | + | 4.679 * 0.047002 | - | 0.327 * 0.6934 |
| = | -44.41 |
* 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 ₩8,902 Mil.
Revenue was 12287.721 + 9140.247 + 15543.438 + 8169.034 = ₩45,140 Mil.
Gross Profit was -5952.938 + 2348.338 + 1893.849 + 1600.618 = ₩-110 Mil.
Total Current Assets was ₩66,524 Mil.
Total Assets was ₩119,614 Mil.
Property, Plant and Equipment(Net PPE) was ₩51,276 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,200 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,824 Mil.
Total Current Liabilities was ₩39,526 Mil.
Long-Term Debt & Capital Lease Obligation was ₩11,660 Mil.
Net Income was -8828.287 + 155.576 + -144.552 + 429.064 = ₩-8,388 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -527.591 + -8666.7 + -2016.437 + -2799.593 = ₩-14,010 Mil.
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Total Receivables was ₩6,886 Mil.
Revenue was 12659.825 + 9557.737 + 9098.573 + 10141.27 = ₩41,457 Mil.
Gross Profit was 3007.441 + 2459.542 + -282.848 + 2877.445 = ₩8,062 Mil.
Total Current Assets was ₩47,460 Mil.
Total Assets was ₩85,201 Mil.
Property, Plant and Equipment(Net PPE) was ₩36,891 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩2,387 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,017 Mil.
Total Current Liabilities was ₩38,881 Mil.
Long-Term Debt & Capital Lease Obligation was ₩13,697 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) |
| = | (8901.691 / 45140.44) | / | (6885.97 / 41457.405) |
| = | 0.1972 | / | 0.166097 |
| | = | 1.1873 |
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) |
| = | (8061.58 / 41457.405) | / | (-110.133 / 45140.44) |
| = | 0.194455 | / | -0.00244 |
| | = | -79.6947 |
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 - (66524.494 + 51275.967) / 119613.5) | / | (1 - (47459.967 + 36890.834) / 85200.793) |
| = | 0.015157 | / | 0.009976 |
| | = | 1.5193 |
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 |
| = | 45140.44 | / | 41457.405 |
| | = | 1.0888 |
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)) |
| = | (2387.286 / (2387.286 + 36890.834)) | / | (3200.204 / (3200.204 + 51275.967)) |
| = | 0.060779 | / | 0.058745 |
| | = | 1.0346 |
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) |
| = | (1823.757 / 45140.44) | / | (1016.877 / 41457.405) |
| = | 0.040402 | / | 0.024528 |
| | = | 1.6472 |
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) |
| = | ((11660.415 + 39525.735) / 119613.5) | / | ((13697.158 + 38880.929) / 85200.793) |
| = | 0.42793 | / | 0.617108 |
| | = | 0.6934 |
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 |
| = | (-8388.199 - 0 | - | -14010.321) | / | 119613.5 |
| | = | 0.047002 |
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.
HVM Co has a M-score of -44.41 suggests that the company is unlikely to be a manipulator.
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