Mendelson Infrastructures & Industries (XTAE:MNIN) Beneish M-Score : -2.88 (As of Apr. 07, 2025)

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What is Mendelson Infrastructures & 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 -2.88 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XTAE:MNIN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.04 Med: -2.64 Max: -1.88
Current: -2.88

During the past 12 years, the highest Beneish M-Score of Mendelson Infrastructures & Industries was -1.88. The lowest was -3.04. And the median was -2.64.

Mendelson Infrastructures & Industries Beneish M-Score Historical Data

The historical data trend for Mendelson Infrastructures & 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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Mendelson Infrastructures & Industries Beneish M-Score Chart

Mendelson Infrastructures & Industries Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.74

-1.88

-2.26

-3.04

-2.88

Mendelson Infrastructures & Industries Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-3.04	-3.08	-2.92	-2.96	-2.88

Competitive Comparison of Mendelson Infrastructures & Industries's Beneish M-Score

For the Steel subindustry, Mendelson Infrastructures & 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.

Mendelson Infrastructures & Industries's Beneish M-Score Distribution in the Steel Industry

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

* The bar in red indicates where Mendelson Infrastructures & Industries's Beneish M-Score falls into.

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Mendelson Infrastructures & 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 Mendelson Infrastructures & 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 * 1.0258

0.528 * 0.9686

0.404 * 0.9785

0.892 * 0.9667

0.115 * 1.0356

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0062

4.679 * -0.084748

0.327 * 0.929

-2.88

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was ₪427 Mil.
Revenue was 273.844 + 281.887 + 227.404 + 240.763 = ₪1,024 Mil.
Gross Profit was 73.694 + 74.942 + 62.376 + 66.174 = ₪277 Mil.
Total Current Assets was ₪738 Mil.
Total Assets was ₪984 Mil.
Property, Plant and Equipment(Net PPE) was ₪159 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪9 Mil.
Selling, General, & Admin. Expense(SGA) was ₪42 Mil.
Total Current Liabilities was ₪346 Mil.
Long-Term Debt & Capital Lease Obligation was ₪135 Mil.
Net Income was 14.808 + 13.888 + 8.109 + 11.126 = ₪48 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₪0 Mil.
Cash Flow from Operations was 28.523 + 20.179 + 18.103 + 64.532 = ₪131 Mil.

Total Receivables was ₪430 Mil.
Revenue was 243.212 + 270.595 + 252.692 + 292.689 = ₪1,059 Mil.
Gross Profit was 64.79 + 72.502 + 67.064 + 73.381 = ₪278 Mil.
Total Current Assets was ₪722 Mil.
Total Assets was ₪979 Mil.
Property, Plant and Equipment(Net PPE) was ₪168 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪10 Mil.
Selling, General, & Admin. Expense(SGA) was ₪43 Mil.
Total Current Liabilities was ₪353 Mil.
Long-Term Debt & Capital Lease Obligation was ₪163 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)
	=	(426.698 / 1023.898)	/	(430.298 / 1059.188)
	=	0.416739	/	0.406253
	=	1.0258

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)
	=	(277.737 / 1059.188)	/	(277.186 / 1023.898)
	=	0.262217	/	0.270716
	=	0.9686

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 - (738.453 + 158.932) / 984.165)	/	(1 - (722.401 + 168.465) / 979.1)
	=	0.088176	/	0.090117
	=	0.9785

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
	=	1023.898	/	1059.188
	=	0.9667

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))
	=	(9.503 / (9.503 + 168.465))	/	(8.64 / (8.64 + 158.932))
	=	0.053397	/	0.05156
	=	1.0356

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)
	=	(42.111 / 1023.898)	/	(43.295 / 1059.188)
	=	0.041128	/	0.040876
	=	1.0062

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)
	=	((135.037 + 346.457) / 984.165)	/	((162.947 + 352.671) / 979.1)
	=	0.489241	/	0.526624
	=	0.929

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
	=	(47.931 - 0	-	131.337)	/	984.165
	=	-0.084748

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.

Mendelson Infrastructures & Industries has a M-score of -2.88 suggests that the company is unlikely to be a manipulator.

Mendelson Infrastructures & Industries Beneish M-Score Related Terms

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Mendelson Infrastructures & Industries Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Steel » Mendelson Infrastructures & Industries Ltd (XTAE:MNIN) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

The Ma'apilim 5, Kiryat Ata, ISR

Website

http://www.iml.co.il

Mendelson Infrastructures & Industries Ltd is engaged in the field of conveying fluid. It supplies piping products for the petro-chemical, food processing, fire protection and heating and ventilation sectors. The Company's products include pipes, fittings, flanges, valves and control valves and fire protection products.

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