Hagag Group Real Estate Development (XTAE:HGG) Beneish M-Score : -0.59 (As of Apr. 05, 2025)

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What is Hagag Group Real Estate Development Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Warning Sign:

Beneish M-Score -0.59 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Hagag Group Real Estate Development's Beneish M-Score or its related term are showing as below:

XTAE:HGG' s Beneish M-Score Range Over the Past 10 Years
Min: -2.49 Med: -1.28 Max: 4.43
Current: -0.59

During the past 11 years, the highest Beneish M-Score of Hagag Group Real Estate Development was 4.43. The lowest was -2.49. And the median was -1.28.

Hagag Group Real Estate Development Beneish M-Score Historical Data

The historical data trend for Hagag Group Real Estate Development'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.

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Hagag Group Real Estate Development Beneish M-Score Chart

Hagag Group Real Estate Development Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.91

-1.26

-0.92

-1.11

-0.65

Hagag Group Real Estate Development Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-1.37	-0.65	-0.98	-1.11	-0.59

Competitive Comparison of Hagag Group Real Estate Development's Beneish M-Score

For the Real Estate Services subindustry, Hagag Group Real Estate Development'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.

Hagag Group Real Estate Development's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Hagag Group Real Estate Development's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Hagag Group Real Estate Development's Beneish M-Score falls into.

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Hagag Group Real Estate Development 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 Hagag Group Real Estate Development for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.5641

0.528 * 1.1616

0.404 * 1.0821

0.892 * 2.9873

0.115 * 0.921

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.335

4.679 * 0.05951

0.327 * 0.9438

-0.59

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was ₪600.0 Mil.
Revenue was 114.977 + 113.356 + 85.113 + 407.398 = ₪720.8 Mil.
Gross Profit was 40.829 + 51.916 + 29.948 + 137.527 = ₪260.2 Mil.
Total Current Assets was ₪2,696.5 Mil.
Total Assets was ₪3,879.6 Mil.
Property, Plant and Equipment(Net PPE) was ₪180.0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪6.3 Mil.
Selling, General, & Admin. Expense(SGA) was ₪11.5 Mil.
Total Current Liabilities was ₪1,905.3 Mil.
Long-Term Debt & Capital Lease Obligation was ₪517.0 Mil.
Net Income was 10.985 + 4.087 + 2.987 + 105.441 = ₪123.5 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₪0.0 Mil.
Cash Flow from Operations was -13.307 + -32.439 + 54.09 + -115.719 = ₪-107.4 Mil.

Total Receivables was ₪356.0 Mil.
Revenue was 55.642 + 72.405 + 41.487 + 71.769 = ₪241.3 Mil.
Gross Profit was 27.068 + 37.843 + 11.626 + 24.647 = ₪101.2 Mil.
Total Current Assets was ₪2,718.1 Mil.
Total Assets was ₪3,808.3 Mil.
Property, Plant and Equipment(Net PPE) was ₪180.2 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪5.8 Mil.
Selling, General, & Admin. Expense(SGA) was ₪11.5 Mil.
Total Current Liabilities was ₪1,860.7 Mil.
Long-Term Debt & Capital Lease Obligation was ₪658.8 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)
	=	(599.97 / 720.844)	/	(356.009 / 241.303)
	=	0.832316	/	1.475361
	=	0.5641

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)
	=	(101.184 / 241.303)	/	(260.22 / 720.844)
	=	0.419323	/	0.360994
	=	1.1616

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 - (2696.468 + 180.009) / 3879.613)	/	(1 - (2718.08 + 180.241) / 3808.302)
	=	0.258566	/	0.238947
	=	1.0821

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
	=	720.844	/	241.303
	=	2.9873

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))
	=	(5.772 / (5.772 + 180.241))	/	(6.276 / (6.276 + 180.009))
	=	0.03103	/	0.03369
	=	0.921

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)
	=	(11.489 / 720.844)	/	(11.481 / 241.303)
	=	0.015938	/	0.047579
	=	0.335

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)
	=	((517.031 + 1905.339) / 3879.613)	/	((658.843 + 1860.717) / 3808.302)
	=	0.624384	/	0.661597
	=	0.9438

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
	=	(123.5 - 0	-	-107.375)	/	3879.613
	=	0.05951

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.

Hagag Group Real Estate Development has a M-score of -0.59 signals that the company is likely to be a manipulator.

Hagag Group Real Estate Development Beneish M-Score Related Terms

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Hagag Group Real Estate Development Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Hagag Group Real Estate Development Ltd (XTAE:HGG) » Definitions » Beneish M-Score

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Address

30 Ha'arba'a Street, Ha'arba'a Towers (Southern Tower), Tel Aviv, ISR, 67021

Website

http://hagag-group.co.il

Hagag Group Real Estate Development Ltd. is engaged in the development, management and marketing of residential and commercial real estates. The company's projects include North Star - Meir Yaari 11, Master Piece - Netanya, Port TLV, H - Shadal, H-Tower Recital, Ha'gush Ha'gadol Einstein BLVD and H Bar Kohva Tower.

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