Carasso Real Estate Beneish M-Score Historical Data
The historical data trend for Carasso Real Estate'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.
Carasso Real Estate Beneish M-Score Chart
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Carasso Real Estate Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-2.65 |
0.15 |
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Carasso Real Estate Quarterly Data
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Dec19 |
Dec20 |
Mar21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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0.06 |
0.15 |
-1.68 |
-1.81 |
-2.00 |
Competitive Comparison of Carasso Real Estate's Beneish M-Score
For the Real Estate - Development subindustry, Carasso Real Estate'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.
Carasso Real Estate's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Carasso Real Estate's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Carasso Real Estate's Beneish M-Score falls into.
Carasso Real Estate 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 Carasso Real Estate 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 * 1.1355 | + | 0.528 * 0.8237 | + | 0.404 * 0.9441 | + | 0.892 * 1.1467 | + | 0.115 * 0.661 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9576 | + | 4.679 * 0.08284 | - | 0.327 * 1.0502 |
| = | -2.00 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was ₪208.2 Mil.
Revenue was 174.605 + 199.069 + 104.919 + 103.431 = ₪582.0 Mil.
Gross Profit was 57.715 + 133.76 + 33.348 + 32.941 = ₪257.8 Mil.
Total Current Assets was ₪1,378.4 Mil.
Total Assets was ₪4,128.1 Mil.
Property, Plant and Equipment(Net PPE) was ₪25.2 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪3.2 Mil.
Selling, General, & Admin. Expense(SGA) was ₪27.7 Mil.
Total Current Liabilities was ₪890.5 Mil.
Long-Term Debt & Capital Lease Obligation was ₪1,690.9 Mil.
Net Income was 13.435 + 70.462 + 8.391 + 0.605 = ₪92.9 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₪0.0 Mil.
Cash Flow from Operations was -46.867 + -86.541 + -33.879 + -81.791 = ₪-249.1 Mil.
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Total Receivables was ₪159.9 Mil.
Revenue was 120.772 + 117.205 + 115.099 + 154.51 = ₪507.6 Mil.
Gross Profit was 34.167 + 47.312 + 28.759 + 74.923 = ₪185.2 Mil.
Total Current Assets was ₪1,032.6 Mil.
Total Assets was ₪3,516.9 Mil.
Property, Plant and Equipment(Net PPE) was ₪25.7 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪2.1 Mil.
Selling, General, & Admin. Expense(SGA) was ₪25.2 Mil.
Total Current Liabilities was ₪718.4 Mil.
Long-Term Debt & Capital Lease Obligation was ₪1,375.8 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) |
| = | (208.232 / 582.024) | / | (159.932 / 507.586) |
| = | 0.357772 | / | 0.315084 |
| | = | 1.1355 |
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) |
| = | (185.161 / 507.586) | / | (257.764 / 582.024) |
| = | 0.364787 | / | 0.442875 |
| | = | 0.8237 |
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 - (1378.374 + 25.242) / 4128.115) | / | (1 - (1032.648 + 25.692) / 3516.923) |
| = | 0.659986 | / | 0.699072 |
| | = | 0.9441 |
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 |
| = | 582.024 | / | 507.586 |
| | = | 1.1467 |
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)) |
| = | (2.086 / (2.086 + 25.692)) | / | (3.235 / (3.235 + 25.242)) |
| = | 0.075095 | / | 0.1136 |
| | = | 0.661 |
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) |
| = | (27.718 / 582.024) | / | (25.243 / 507.586) |
| = | 0.047623 | / | 0.049731 |
| | = | 0.9576 |
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) |
| = | ((1690.928 + 890.523) / 4128.115) | / | ((1375.821 + 718.389) / 3516.923) |
| = | 0.625334 | / | 0.595467 |
| | = | 1.0502 |
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 |
| = | (92.893 - 0 | - | -249.078) | / | 4128.115 |
| | = | 0.08284 |
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.
Carasso Real Estate has a M-score of -2.00 suggests that the company is unlikely to be a manipulator.
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