Stonebridge Ventures Beneish M-Score Historical Data
The historical data trend for Stonebridge Ventures'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.
Stonebridge Ventures Beneish M-Score Chart
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Stonebridge Ventures Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-0.90 |
- |
- |
-1.11 |
-1.06 |
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Stonebridge Ventures Quarterly Data
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.19 |
0.91 |
1.86 |
-1.06 |
-3.14 |
Competitive Comparison of Stonebridge Ventures's Beneish M-Score
For the Asset Management subindustry, Stonebridge Ventures'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.
Stonebridge Ventures's Beneish M-Score Distribution in the Asset Management Industry
For the Asset Management industry and Financial Services sector, Stonebridge Ventures's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Stonebridge Ventures's Beneish M-Score falls into.
Stonebridge Ventures 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 Stonebridge Ventures 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 | + | 0.528 * 0.8421 | + | 0.404 * 1.4075 | + | 0.892 * 0.5253 | + | 0.115 * 0.1987 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.8266 | + | 4.679 * 0.108629 | - | 0.327 * 0 |
| = | -3.14 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₩0 Mil.
Revenue was 0 + 4931.491 + 4788.121 + 3903.775 = ₩13,623 Mil.
Gross Profit was 0 + 3143.661 + 4671.96 + 3560.478 = ₩11,376 Mil.
Total Current Assets was ₩0 Mil.
Total Assets was ₩95,942 Mil.
Property, Plant and Equipment(Net PPE) was ₩0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩520 Mil.
Selling, General, & Admin. Expense(SGA) was ₩2,056 Mil.
Total Current Liabilities was ₩0 Mil.
Long-Term Debt & Capital Lease Obligation was ₩0 Mil.
Net Income was 825.848 + -346.38 + 2090.399 + 1616.7 = ₩4,187 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 0 + -1652.459 + -3410.927 + -1172.16 = ₩-6,236 Mil.
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Total Receivables was ₩2,001 Mil.
Revenue was 5378.669 + 784.565 + 7462.889 + 12308.864 = ₩25,935 Mil.
Gross Profit was 5195.656 + -4088.076 + 6083.167 + 11047.287 = ₩18,238 Mil.
Total Current Assets was ₩26,193 Mil.
Total Assets was ₩96,068 Mil.
Property, Plant and Equipment(Net PPE) was ₩1,619 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩401 Mil.
Selling, General, & Admin. Expense(SGA) was ₩2,143 Mil.
Total Current Liabilities was ₩5,433 Mil.
Long-Term Debt & Capital Lease Obligation was ₩0 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) |
| = | (0 / 13623.387) | / | (2001.459 / 25934.987) |
| = | 0 | / | 0.077172 |
| | = | 0 |
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) |
| = | (18238.034 / 25934.987) | / | (11376.099 / 13623.387) |
| = | 0.703221 | / | 0.835042 |
| | = | 0.8421 |
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 - (0 + 0) / 95941.878) | / | (1 - (26193.021 + 1618.891) / 96067.545) |
| = | 1 | / | 0.710496 |
| | = | 1.4075 |
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 |
| = | 13623.387 | / | 25934.987 |
| | = | 0.5253 |
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)) |
| = | (401.469 / (401.469 + 1618.891)) | / | (519.954 / (519.954 + 0)) |
| = | 0.198712 | / | 1 |
| | = | 0.1987 |
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) |
| = | (2056.115 / 13623.387) | / | (2142.887 / 25934.987) |
| = | 0.150925 | / | 0.082625 |
| | = | 1.8266 |
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 + 0) / 95941.878) | / | ((0 + 5433.029) / 96067.545) |
| = | 0 | / | 0.056554 |
| | = | 0 |
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 |
| = | (4186.567 - 0 | - | -6235.546) | / | 95941.878 |
| | = | 0.108629 |
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.
Stonebridge Ventures has a M-score of -3.14 suggests that the company is unlikely to be a manipulator.
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