Nara Cellar Co Beneish M-Score Historical Data
The historical data trend for Nara Cellar 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.
Nara Cellar Co Beneish M-Score Chart
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Nara Cellar Co Annual Data
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Trend |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
-2.86 |
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Nara Cellar Co Quarterly Data
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Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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- |
- |
-2.17 |
-2.74 |
-2.86 |
Competitive Comparison of Nara Cellar Co's Beneish M-Score
For the Beverages - Wineries & Distilleries subindustry, Nara Cellar 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.
Nara Cellar Co's Beneish M-Score Distribution in the Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Nara Cellar Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nara Cellar Co's Beneish M-Score falls into.
Nara Cellar 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 Nara Cellar 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 * 0.9709 | + | 0.528 * 1.0087 | + | 0.404 * 1.1421 | + | 0.892 * 0.9693 | + | 0.115 * 0.9047 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0239 | + | 4.679 * -0.073248 | - | 0.327 * 1.0865 |
| = | -2.86 |
* 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 ₩14,271 Mil.
Revenue was 21485.965 + 19641.832 + 17704.223 + 23875.199 = ₩82,707 Mil.
Gross Profit was 9165.378 + 9087.334 + 7966.985 + 10463.423 = ₩36,683 Mil.
Total Current Assets was ₩76,120 Mil.
Total Assets was ₩128,241 Mil.
Property, Plant and Equipment(Net PPE) was ₩43,907 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩4,293 Mil.
Selling, General, & Admin. Expense(SGA) was ₩14,002 Mil.
Total Current Liabilities was ₩51,212 Mil.
Long-Term Debt & Capital Lease Obligation was ₩9,337 Mil.
Net Income was -555.955 + -1437.129 + -2466.462 + -1251.657 = ₩-5,711 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 5585.074 + 182.016 + -4049.303 + 1964.375 = ₩3,682 Mil.
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Total Receivables was ₩15,163 Mil.
Revenue was 20887.401 + 20475.182 + 18551.488 + 25411.229 = ₩85,325 Mil.
Gross Profit was 8470.851 + 9417.627 + 8634.647 + 11648.933 = ₩38,172 Mil.
Total Current Assets was ₩83,499 Mil.
Total Assets was ₩131,254 Mil.
Property, Plant and Equipment(Net PPE) was ₩40,394 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,540 Mil.
Selling, General, & Admin. Expense(SGA) was ₩14,107 Mil.
Total Current Liabilities was ₩48,439 Mil.
Long-Term Debt & Capital Lease Obligation was ₩8,600 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) |
| = | (14270.881 / 82707.219) | / | (15163.237 / 85325.3) |
| = | 0.172547 | / | 0.177711 |
| | = | 0.9709 |
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) |
| = | (38172.058 / 85325.3) | / | (36683.12 / 82707.219) |
| = | 0.447371 | / | 0.44353 |
| | = | 1.0087 |
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 - (76119.603 + 43906.906) / 128241.346) | / | (1 - (83498.602 + 40393.649) / 131253.792) |
| = | 0.064058 | / | 0.056086 |
| | = | 1.1421 |
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 |
| = | 82707.219 | / | 85325.3 |
| | = | 0.9693 |
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)) |
| = | (3540.011 / (3540.011 + 40393.649)) | / | (4292.641 / (4292.641 + 43906.906)) |
| = | 0.080576 | / | 0.08906 |
| | = | 0.9047 |
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) |
| = | (14001.72 / 82707.219) | / | (14107.455 / 85325.3) |
| = | 0.169293 | / | 0.165337 |
| | = | 1.0239 |
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) |
| = | ((9336.592 + 51212.465) / 128241.346) | / | ((8599.574 + 48439.359) / 131253.792) |
| = | 0.472149 | / | 0.43457 |
| | = | 1.0865 |
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 |
| = | (-5711.203 - 0 | - | 3682.162) | / | 128241.346 |
| | = | -0.073248 |
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.
Nara Cellar Co has a M-score of -2.86 suggests that the company is unlikely to be a manipulator.
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