Kvutzat Acro Beneish M-Score Historical Data
The historical data trend for Kvutzat Acro'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.
Kvutzat Acro Beneish M-Score Chart
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Kvutzat Acro Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-0.64 |
-2.60 |
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Kvutzat Acro Quarterly Data
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Dec18 |
Dec19 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-0.64 |
-1.47 |
-1.76 |
-2.14 |
-2.60 |
Competitive Comparison of Kvutzat Acro's Beneish M-Score
For the Real Estate - Development subindustry, Kvutzat Acro'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.
Kvutzat Acro's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Kvutzat Acro's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kvutzat Acro's Beneish M-Score falls into.
Kvutzat Acro 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 Kvutzat Acro 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 * 0.7341 | + | 0.528 * 1.1308 | + | 0.404 * 1.0673 | + | 0.892 * 1.0362 | + | 0.115 * 0.8784 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.853 | + | 4.679 * -0.002547 | - | 0.327 * 1.0158 |
| = | -2.60 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was ₪309.3 Mil.
Revenue was 222.475 + 247.795 + 200.926 + 226.408 = ₪897.6 Mil.
Gross Profit was 59.13 + 70.28 + 44.228 + 60.314 = ₪234.0 Mil.
Total Current Assets was ₪1,366.4 Mil.
Total Assets was ₪6,274.2 Mil.
Property, Plant and Equipment(Net PPE) was ₪24.5 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪1.6 Mil.
Selling, General, & Admin. Expense(SGA) was ₪22.6 Mil.
Total Current Liabilities was ₪1,147.7 Mil.
Long-Term Debt & Capital Lease Obligation was ₪2,829.6 Mil.
Net Income was 20.494 + -1.315 + 9.62 + 18.925 = ₪47.7 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₪0.0 Mil.
Cash Flow from Operations was -29.95 + -20.61 + 2.895 + 111.367 = ₪63.7 Mil.
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Total Receivables was ₪406.6 Mil.
Revenue was 182.729 + 302.214 + 188.218 + 193.112 = ₪866.3 Mil.
Gross Profit was 41.653 + 123.187 + 47.667 + 42.813 = ₪255.3 Mil.
Total Current Assets was ₪1,614.1 Mil.
Total Assets was ₪6,056.8 Mil.
Property, Plant and Equipment(Net PPE) was ₪25.6 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪1.5 Mil.
Selling, General, & Admin. Expense(SGA) was ₪25.6 Mil.
Total Current Liabilities was ₪1,390.1 Mil.
Long-Term Debt & Capital Lease Obligation was ₪2,389.8 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) |
| = | (309.271 / 897.604) | / | (406.607 / 866.273) |
| = | 0.344552 | / | 0.469375 |
| | = | 0.7341 |
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) |
| = | (255.32 / 866.273) | / | (233.952 / 897.604) |
| = | 0.294734 | / | 0.260641 |
| | = | 1.1308 |
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 - (1366.393 + 24.47) / 6274.179) | / | (1 - (1614.103 + 25.641) / 6056.811) |
| = | 0.77832 | / | 0.729273 |
| | = | 1.0673 |
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 |
| = | 897.604 | / | 866.273 |
| | = | 1.0362 |
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)) |
| = | (1.491 / (1.491 + 25.641)) | / | (1.633 / (1.633 + 24.47)) |
| = | 0.054954 | / | 0.06256 |
| | = | 0.8784 |
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) |
| = | (22.633 / 897.604) | / | (25.607 / 866.273) |
| = | 0.025215 | / | 0.02956 |
| | = | 0.853 |
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) |
| = | ((2829.571 + 1147.742) / 6274.179) | / | ((2389.837 + 1390.066) / 6056.811) |
| = | 0.633918 | / | 0.624075 |
| | = | 1.0158 |
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 |
| = | (47.724 - 0 | - | 63.702) | / | 6274.179 |
| | = | -0.002547 |
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.
Kvutzat Acro has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.
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