Ariston Holdings Beneish M-Score Historical Data
The historical data trend for Ariston Holdings'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.
Ariston Holdings Beneish M-Score Chart
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Ariston Holdings Annual Data
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Sep14 |
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Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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49.80 |
-2.28 |
-0.21 |
9.34 |
-2.99 |
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Ariston Holdings Semi-Annual Data
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Mar24 |
| Beneish M-Score |
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9.34 |
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-2.99 |
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Competitive Comparison of Ariston Holdings's Beneish M-Score
For the Farm Products subindustry, Ariston Holdings'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.
Ariston Holdings's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Ariston Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ariston Holdings's Beneish M-Score falls into.
Ariston Holdings 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 Ariston Holdings 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 * 0.9097 | + | 0.528 * 1.2197 | + | 0.404 * 1.0448 | + | 0.892 * 1.148 | + | 0.115 * 0.2892 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0349 | + | 4.679 * -0.095228 | - | 0.327 * 1.4993 |
| = | -2.99 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was ZWG19,437 Mil.
Revenue was ZWG35,479 Mil.
Gross Profit was ZWG-9,355 Mil.
Total Current Assets was ZWG33,784 Mil.
Total Assets was ZWG173,672 Mil.
Property, Plant and Equipment(Net PPE) was ZWG131,370 Mil.
Depreciation, Depletion and Amortization(DDA) was ZWG12,378 Mil.
Selling, General, & Admin. Expense(SGA) was ZWG1,110 Mil.
Total Current Liabilities was ZWG36,021 Mil.
Long-Term Debt & Capital Lease Obligation was ZWG33,167 Mil.
Net Income was ZWG-33,070 Mil.
Gross Profit was ZWG0 Mil.
Cash Flow from Operations was ZWG-16,531 Mil.
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Total Receivables was ZWG18,612 Mil.
Revenue was ZWG30,905 Mil.
Gross Profit was ZWG-9,939 Mil.
Total Current Assets was ZWG38,994 Mil.
Total Assets was ZWG148,848 Mil.
Property, Plant and Equipment(Net PPE) was ZWG102,866 Mil.
Depreciation, Depletion and Amortization(DDA) was ZWG2,627 Mil.
Selling, General, & Admin. Expense(SGA) was ZWG934 Mil.
Total Current Liabilities was ZWG15,049 Mil.
Long-Term Debt & Capital Lease Obligation was ZWG24,501 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) |
| = | (19436.5 / 35478.907) | / | (18612.276 / 30905.002) |
| = | 0.547833 | / | 0.602242 |
| | = | 0.9097 |
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) |
| = | (-9939.448 / 30905.002) | / | (-9354.829 / 35478.907) |
| = | -0.321613 | / | -0.263673 |
| | = | 1.2197 |
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 - (33783.908 + 131370.104) / 173671.965) | / | (1 - (38994.153 + 102866.402) / 148847.872) |
| = | 0.049046 | / | 0.046943 |
| | = | 1.0448 |
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 |
| = | 35478.907 | / | 30905.002 |
| | = | 1.148 |
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)) |
| = | (2627.253 / (2627.253 + 102866.402)) | / | (12377.599 / (12377.599 + 131370.104)) |
| = | 0.024904 | / | 0.086106 |
| | = | 0.2892 |
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) |
| = | (1109.587 / 35478.907) | / | (933.957 / 30905.002) |
| = | 0.031275 | / | 0.03022 |
| | = | 1.0349 |
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) |
| = | ((33167.462 + 36021.096) / 173671.965) | / | ((24501.008 + 15048.846) / 148847.872) |
| = | 0.398386 | / | 0.265707 |
| | = | 1.4993 |
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 |
| = | (-33069.716 - 0 | - | -16531.347) | / | 173671.965 |
| | = | -0.095228 |
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.
Ariston Holdings has a M-score of -2.99 suggests that the company is unlikely to be a manipulator.
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