Orian SH.M. Beneish M-Score Historical Data
The historical data trend for Orian SH.M.'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.
Orian SH.M. Beneish M-Score Chart
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Orian SH.M. Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.73 |
-2.19 |
-4.04 |
-3.25 |
-2.66 |
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Orian SH.M. Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-3.25 |
-2.86 |
-2.90 |
-2.79 |
-2.66 |
Competitive Comparison of Orian SH.M.'s Beneish M-Score
For the Integrated Freight & Logistics subindustry, Orian SH.M.'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.
Orian SH.M.'s Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Orian SH.M.'s Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Orian SH.M.'s Beneish M-Score falls into.
Orian SH.M. 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 Orian SH.M. 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 * 1.1345 | + | 0.528 * 0.877 | + | 0.404 * 0.7854 | + | 0.892 * 1.1213 | + | 0.115 * 1.1551 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8651 | + | 4.679 * -0.0607 | - | 0.327 * 1.0396 |
| = | -2.66 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was ₪274 Mil.
Revenue was 274.74 + 282.956 + 247.436 + 257.98 = ₪1,063 Mil.
Gross Profit was 28.021 + 26.247 + 26.408 + 29.888 = ₪111 Mil.
Total Current Assets was ₪351 Mil.
Total Assets was ₪1,728 Mil.
Property, Plant and Equipment(Net PPE) was ₪1,298 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪85 Mil.
Selling, General, & Admin. Expense(SGA) was ₪8 Mil.
Total Current Liabilities was ₪353 Mil.
Long-Term Debt & Capital Lease Obligation was ₪1,003 Mil.
Net Income was 0.457 + -8.05 + 16.633 + 13.855 = ₪23 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₪0 Mil.
Cash Flow from Operations was 53.001 + 3.213 + 44.264 + 27.323 = ₪128 Mil.
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Total Receivables was ₪215 Mil.
Revenue was 214.852 + 234.657 + 234.335 + 264.257 = ₪948 Mil.
Gross Profit was 19.719 + 20.694 + 19.19 + 26.873 = ₪86 Mil.
Total Current Assets was ₪337 Mil.
Total Assets was ₪1,482 Mil.
Property, Plant and Equipment(Net PPE) was ₪1,058 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪81 Mil.
Selling, General, & Admin. Expense(SGA) was ₪8 Mil.
Total Current Liabilities was ₪282 Mil.
Long-Term Debt & Capital Lease Obligation was ₪836 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) |
| = | (273.522 / 1063.112) | / | (215.021 / 948.101) |
| = | 0.257284 | / | 0.226791 |
| | = | 1.1345 |
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) |
| = | (86.476 / 948.101) | / | (110.564 / 1063.112) |
| = | 0.09121 | / | 0.104 |
| | = | 0.877 |
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 - (350.542 + 1298.076) / 1728.264) | / | (1 - (336.684 + 1058.29) / 1481.927) |
| = | 0.046084 | / | 0.058676 |
| | = | 0.7854 |
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 |
| = | 1063.112 | / | 948.101 |
| | = | 1.1213 |
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)) |
| = | (81.149 / (81.149 + 1058.29)) | / | (85.292 / (85.292 + 1298.076)) |
| = | 0.071218 | / | 0.061655 |
| | = | 1.1551 |
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) |
| = | (8.122 / 1063.112) | / | (8.373 / 948.101) |
| = | 0.00764 | / | 0.008831 |
| | = | 0.8651 |
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) |
| = | ((1003.189 + 352.829) / 1728.264) | / | ((836.407 + 282.086) / 1481.927) |
| = | 0.784613 | / | 0.754756 |
| | = | 1.0396 |
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 |
| = | (22.895 - 0 | - | 127.801) | / | 1728.264 |
| | = | -0.0607 |
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.
Orian SH.M. has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.
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