Hod-Assaf Industries (XTAE:HOD) Beneish M-Score : -3.28 (As of Mar. 30, 2025)

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What is Hod-Assaf Industries 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.

Good Sign:

Beneish M-Score -3.28 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Hod-Assaf Industries's Beneish M-Score or its related term are showing as below:

XTAE:HOD' s Beneish M-Score Range Over the Past 10 Years
Min: -3.28 Med: -2.66 Max: -2.03
Current: -3.28

During the past 11 years, the highest Beneish M-Score of Hod-Assaf Industries was -2.03. The lowest was -3.28. And the median was -2.66.

Hod-Assaf Industries Beneish M-Score Historical Data

The historical data trend for Hod-Assaf Industries'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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Hod-Assaf Industries Beneish M-Score Chart

Hod-Assaf Industries Annual Data

Trend

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Dec23

Beneish M-Score

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-2.66

Hod-Assaf Industries Quarterly Data
	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-	-2.66	-2.32	-2.90	-3.28

Competitive Comparison of Hod-Assaf Industries's Beneish M-Score

For the Steel subindustry, Hod-Assaf Industries'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.

Hod-Assaf Industries's Beneish M-Score Distribution in the Steel Industry

For the Steel industry and Basic Materials sector, Hod-Assaf Industries's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Hod-Assaf Industries's Beneish M-Score falls into.

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Hod-Assaf Industries 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 Hod-Assaf Industries 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 * 0.9559

0.528 * 0.8438

0.404 * 1.1433

0.892 * 0.9913

0.115 * 0.9947

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1053

4.679 * -0.158294

0.327 * 0.8952

-3.28

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was ₪466 Mil.
Revenue was 643.932 + 533.463 + 363.957 + 330.813 = ₪1,872 Mil.
Gross Profit was 89.117 + 50.989 + 35.486 + 21.763 = ₪197 Mil.
Total Current Assets was ₪830 Mil.
Total Assets was ₪1,224 Mil.
Property, Plant and Equipment(Net PPE) was ₪388 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪43 Mil.
Selling, General, & Admin. Expense(SGA) was ₪53 Mil.
Total Current Liabilities was ₪443 Mil.
Long-Term Debt & Capital Lease Obligation was ₪23 Mil.
Net Income was 38.792 + 16.443 + 7.085 + -11.19 = ₪51 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₪0 Mil.
Cash Flow from Operations was -34.014 + 192.533 + 43.272 + 43.157 = ₪245 Mil.

Total Receivables was ₪492 Mil.
Revenue was 482.597 + 444.754 + 496.036 + 465.238 = ₪1,889 Mil.
Gross Profit was 41.068 + 51.964 + 50.833 + 24.118 = ₪168 Mil.
Total Current Assets was ₪863 Mil.
Total Assets was ₪1,228 Mil.
Property, Plant and Equipment(Net PPE) was ₪360 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪39 Mil.
Selling, General, & Admin. Expense(SGA) was ₪48 Mil.
Total Current Liabilities was ₪514 Mil.
Long-Term Debt & Capital Lease Obligation was ₪9 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)
	=	(466.248 / 1872.165)	/	(492.041 / 1888.625)
	=	0.249042	/	0.260529
	=	0.9559

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)
	=	(167.983 / 1888.625)	/	(197.355 / 1872.165)
	=	0.088945	/	0.105415
	=	0.8438

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 - (829.558 + 387.662) / 1224.419)	/	(1 - (862.643 + 359.538) / 1228.499)
	=	0.00588	/	0.005143
	=	1.1433

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
	=	1872.165	/	1888.625
	=	0.9913

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))
	=	(39.375 / (39.375 + 359.538))	/	(42.706 / (42.706 + 387.662))
	=	0.098706	/	0.099231
	=	0.9947

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)
	=	(52.909 / 1872.165)	/	(48.288 / 1888.625)
	=	0.028261	/	0.025568
	=	1.1053

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)
	=	((23.495 + 442.966) / 1224.419)	/	((8.699 + 514.133) / 1228.499)
	=	0.380965	/	0.425586
	=	0.8952

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
	=	(51.13 - 0	-	244.948)	/	1224.419
	=	-0.158294

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.

Hod-Assaf Industries has a M-score of -3.28 suggests that the company is unlikely to be a manipulator.

Hod-Assaf Industries Beneish M-Score Related Terms

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Hod-Assaf Industries Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Steel » Hod-Assaf Industries Ltd (XTAE:HOD) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

P.O. Box 493, Akko, ISR, 24100

Website

http://www.hodmetal.co.il

Hod-Assaf Industries Ltd produces, processes and sells concrete reinforcement steel products. The company produces steel, steel wire, welded nuts, fencing products. Its products are used for the construction, infrastructure, defense and agriculture industries. It operates steel production and processing plants in Acre and Kiryat Gat.

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