Obzen Beneish M-Score Historical Data
The historical data trend for Obzen'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.
Obzen Beneish M-Score Chart
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Obzen Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
- |
- |
- |
-3.37 |
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Obzen Quarterly Data
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|
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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- |
- |
-4.08 |
-3.37 |
-3.99 |
Competitive Comparison of Obzen's Beneish M-Score
For the Software - Application subindustry, Obzen'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.
Obzen's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Obzen's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Obzen's Beneish M-Score falls into.
Obzen 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 Obzen 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 * 0.9004 | + | 0.528 * 1 | + | 0.404 * 1.3313 | + | 0.892 * 0.5617 | + | 0.115 * 1.3458 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2135 | + | 4.679 * -0.192834 | - | 0.327 * 1.7954 |
| = | -3.99 |
* 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 ₩2,907 Mil.
Revenue was 2873.935 + 4327.473 + 3612.14 + 3533.433 = ₩14,347 Mil.
Gross Profit was 2873.935 + 4327.473 + 3612.14 + 3533.433 = ₩14,347 Mil.
Total Current Assets was ₩14,546 Mil.
Total Assets was ₩17,430 Mil.
Property, Plant and Equipment(Net PPE) was ₩1,766 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩979 Mil.
Selling, General, & Admin. Expense(SGA) was ₩13,472 Mil.
Total Current Liabilities was ₩4,675 Mil.
Long-Term Debt & Capital Lease Obligation was ₩573 Mil.
Net Income was -1943.834 + -517.434 + -1410.556 + -2329.395 = ₩-6,201 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -1941.823 + 991.784 + -362.123 + -1528.038 = ₩-2,840 Mil.
|
Total Receivables was ₩5,749 Mil.
Revenue was 5513.271 + 6705.685 + 6732.097 + 6592.203 = ₩25,543 Mil.
Gross Profit was 5513.271 + 6705.685 + 6732.097 + 6592.203 = ₩25,543 Mil.
Total Current Assets was ₩19,525 Mil.
Total Assets was ₩21,562 Mil.
Property, Plant and Equipment(Net PPE) was ₩999 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩922 Mil.
Selling, General, & Admin. Expense(SGA) was ₩19,764 Mil.
Total Current Liabilities was ₩3,581 Mil.
Long-Term Debt & Capital Lease Obligation was ₩35 Mil.
|
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) |
| = | (2907.427 / 14346.981) | / | (5748.898 / 25543.256) |
| = | 0.202651 | / | 0.225065 |
| | = | 0.9004 |
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) |
| = | (25543.256 / 25543.256) | / | (14346.981 / 14346.981) |
| = | 1 | / | 1 |
| | = | 1 |
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 - (14545.927 + 1765.987) / 17429.616) | / | (1 - (19525.042 + 998.605) / 21562.228) |
| = | 0.064127 | / | 0.048167 |
| | = | 1.3313 |
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 |
| = | 14346.981 | / | 25543.256 |
| | = | 0.5617 |
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)) |
| = | (921.519 / (921.519 + 998.605)) | / | (978.805 / (978.805 + 1765.987)) |
| = | 0.479927 | / | 0.356604 |
| | = | 1.3458 |
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) |
| = | (13471.73 / 14346.981) | / | (19764.287 / 25543.256) |
| = | 0.938994 | / | 0.773758 |
| | = | 1.2135 |
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) |
| = | ((573.001 + 4674.879) / 17429.616) | / | ((35.295 + 3580.648) / 21562.228) |
| = | 0.30109 | / | 0.167698 |
| | = | 1.7954 |
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 |
| = | (-6201.219 - 0 | - | -2840.2) | / | 17429.616 |
| | = | -0.192834 |
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.
Obzen has a M-score of -3.99 suggests that the company is unlikely to be a manipulator.
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