DL E&C Co Beneish M-Score Historical Data
The historical data trend for DL E&C 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.
DL E&C Co Beneish M-Score Chart
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DL E&C Co Annual Data
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Trend |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
-2.28 |
-2.40 |
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DL E&C Co Quarterly Data
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Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.28 |
-2.58 |
-2.31 |
-2.72 |
-2.40 |
Competitive Comparison of DL E&C Co's Beneish M-Score
For the Engineering & Construction subindustry, DL E&C 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.
DL E&C Co's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, DL E&C Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where DL E&C Co's Beneish M-Score falls into.
DL E&C 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 DL E&C 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 * 1.1022 | + | 0.528 * 0.9626 | + | 0.404 * 1.036 | + | 0.892 * 1.041 | + | 0.115 * 0.626 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0738 | + | 4.679 * 0.004258 | - | 0.327 * 1.0249 |
| = | -2.40 |
* 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 ₩2,625,412 Mil.
Revenue was 2438814.761 + 1918868.748 + 2070221.32 + 1890537.605 = ₩8,318,442 Mil.
Gross Profit was 287403.213 + 209944.785 + 167459.737 + 180957.434 = ₩845,765 Mil.
Total Current Assets was ₩6,005,539 Mil.
Total Assets was ₩9,712,402 Mil.
Property, Plant and Equipment(Net PPE) was ₩91,404 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩84,579 Mil.
Selling, General, & Admin. Expense(SGA) was ₩179,704 Mil.
Total Current Liabilities was ₩3,854,536 Mil.
Long-Term Debt & Capital Lease Obligation was ₩871,051 Mil.
Net Income was 117312.67 + 45278.071 + 40644.556 + 25988.447 = ₩229,224 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -28629.701 + 200821.342 + -261674.483 + 277352.453 = ₩187,870 Mil.
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Total Receivables was ₩2,288,292 Mil.
Revenue was 2332994.791 + 1837421.187 + 1970578.742 + 1850068.897 = ₩7,991,064 Mil.
Gross Profit was 221151.925 + 176661.684 + 191375.904 + 192921.072 = ₩782,111 Mil.
Total Current Assets was ₩5,782,746 Mil.
Total Assets was ₩9,344,059 Mil.
Property, Plant and Equipment(Net PPE) was ₩203,877 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩87,741 Mil.
Selling, General, & Admin. Expense(SGA) was ₩160,763 Mil.
Total Current Liabilities was ₩3,748,598 Mil.
Long-Term Debt & Capital Lease Obligation was ₩687,276 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) |
| = | (2625412.049 / 8318442.434) | / | (2288292.252 / 7991063.617) |
| = | 0.315613 | / | 0.286356 |
| | = | 1.1022 |
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) |
| = | (782110.585 / 7991063.617) | / | (845765.169 / 8318442.434) |
| = | 0.097873 | / | 0.101674 |
| | = | 0.9626 |
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 - (6005539.219 + 91403.852) / 9712402.22) | / | (1 - (5782745.972 + 203877.413) / 9344058.758) |
| = | 0.372252 | / | 0.359312 |
| | = | 1.036 |
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 |
| = | 8318442.434 | / | 7991063.617 |
| | = | 1.041 |
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)) |
| = | (87741 / (87741 + 203877.413)) | / | (84579 / (84579 + 91403.852)) |
| = | 0.300876 | / | 0.480609 |
| | = | 0.626 |
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) |
| = | (179704.327 / 8318442.434) | / | (160763.392 / 7991063.617) |
| = | 0.021603 | / | 0.020118 |
| | = | 1.0738 |
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) |
| = | ((871051.226 + 3854535.631) / 9712402.22) | / | ((687276.076 + 3748597.999) / 9344058.758) |
| = | 0.486552 | / | 0.474727 |
| | = | 1.0249 |
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 |
| = | (229223.744 - 0 | - | 187869.611) | / | 9712402.22 |
| | = | 0.004258 |
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.
DL E&C Co has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.
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