Altshuler Shaham Financial Beneish M-Score Historical Data
The historical data trend for Altshuler Shaham Financial'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.
Altshuler Shaham Financial Beneish M-Score Chart
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Altshuler Shaham Financial Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.73 |
-1.48 |
-0.89 |
-2.45 |
-3.30 |
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Altshuler Shaham Financial Quarterly Data
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Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
| Beneish M-Score |
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-2.83 |
-2.94 |
-3.30 |
-3.26 |
-2.94 |
Competitive Comparison of Altshuler Shaham Financial's Beneish M-Score
For the Asset Management subindustry, Altshuler Shaham Financial'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.
Altshuler Shaham Financial's Beneish M-Score Distribution in the Asset Management Industry
For the Asset Management industry and Financial Services sector, Altshuler Shaham Financial's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Altshuler Shaham Financial's Beneish M-Score falls into.
Altshuler Shaham Financial 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 Altshuler Shaham Financial 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 * 1.039 | + | 0.528 * 1.0257 | + | 0.404 * 0.9991 | + | 0.892 * 0.8474 | + | 0.115 * 0.9151 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1991 | + | 4.679 * -0.070914 | - | 0.327 * 0.9787 |
| = | -2.94 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was ₪43.4 Mil.
Revenue was 227.268 + 229.342 + 229.793 + 243.244 = ₪929.6 Mil.
Gross Profit was 146.743 + 147.367 + -41.868 + 155.821 = ₪408.1 Mil.
Total Current Assets was ₪144.0 Mil.
Total Assets was ₪1,158.8 Mil.
Property, Plant and Equipment(Net PPE) was ₪65.0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪70.8 Mil.
Selling, General, & Admin. Expense(SGA) was ₪148.3 Mil.
Total Current Liabilities was ₪115.2 Mil.
Long-Term Debt & Capital Lease Obligation was ₪91.4 Mil.
Net Income was 28.166 + 27.733 + 29.972 + 37.9 = ₪123.8 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₪0.0 Mil.
Cash Flow from Operations was 39.656 + 47.979 + 55.679 + 62.635 = ₪205.9 Mil.
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Total Receivables was ₪49.3 Mil.
Revenue was 250.242 + 267.02 + 276.387 + 303.375 = ₪1,097.0 Mil.
Gross Profit was 158.883 + 173.582 + -35.242 + 196.705 = ₪493.9 Mil.
Total Current Assets was ₪149.0 Mil.
Total Assets was ₪1,259.8 Mil.
Property, Plant and Equipment(Net PPE) was ₪77.2 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪70.4 Mil.
Selling, General, & Admin. Expense(SGA) was ₪145.9 Mil.
Total Current Liabilities was ₪124.4 Mil.
Long-Term Debt & Capital Lease Obligation was ₪105.1 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) |
| = | (43.381 / 929.647) | / | (49.269 / 1097.024) |
| = | 0.046664 | / | 0.044912 |
| | = | 1.039 |
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) |
| = | (493.928 / 1097.024) | / | (408.063 / 929.647) |
| = | 0.450244 | / | 0.438944 |
| | = | 1.0257 |
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 - (143.959 + 64.952) / 1158.839) | / | (1 - (149.016 + 77.15) / 1259.81) |
| = | 0.819724 | / | 0.820476 |
| | = | 0.9991 |
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 |
| = | 929.647 | / | 1097.024 |
| | = | 0.8474 |
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)) |
| = | (70.423 / (70.423 + 77.15)) | / | (70.79 / (70.79 + 64.952)) |
| = | 0.477208 | / | 0.521504 |
| | = | 0.9151 |
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) |
| = | (148.296 / 929.647) | / | (145.935 / 1097.024) |
| = | 0.159519 | / | 0.133028 |
| | = | 1.1991 |
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) |
| = | ((91.429 + 115.231) / 1158.839) | / | ((105.14 + 124.424) / 1259.81) |
| = | 0.178334 | / | 0.182221 |
| | = | 0.9787 |
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 |
| = | (123.771 - 0 | - | 205.949) | / | 1158.839 |
| | = | -0.070914 |
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.
Altshuler Shaham Financial has a M-score of -2.94 suggests that the company is unlikely to be a manipulator.
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