AB Akola Group Beneish M-Score Historical Data
The historical data trend for AB Akola Group'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.
AB Akola Group Beneish M-Score Chart
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AB Akola Group Annual Data
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Trend |
Jun14 |
Jun15 |
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Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-2.22 |
-3.08 |
-2.66 |
-1.35 |
-2.13 |
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AB Akola Group Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.11 |
-2.13 |
-1.95 |
-2.97 |
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Competitive Comparison of AB Akola Group's Beneish M-Score
For the Farm Products subindustry, AB Akola Group'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.
AB Akola Group's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, AB Akola Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where AB Akola Group's Beneish M-Score falls into.
AB Akola Group 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 AB Akola Group 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 * 1.1719 | + | 0.528 * 1.2305 | + | 0.404 * 1.2515 | + | 0.892 * 0.7928 | + | 0.115 * 0.9526 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3102 | + | 4.679 * -0.146678 | - | 0.327 * 0.9561 |
| = | -3.01 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was €234 Mil.
Revenue was 365.973 + 338.061 + 420.405 + 499.258 = €1,624 Mil.
Gross Profit was 27.017 + 28.453 + 48.25 + 24.85 = €129 Mil.
Total Current Assets was €604 Mil.
Total Assets was €874 Mil.
Property, Plant and Equipment(Net PPE) was €232 Mil.
Depreciation, Depletion and Amortization(DDA) was €28 Mil.
Selling, General, & Admin. Expense(SGA) was €12 Mil.
Total Current Liabilities was €450 Mil.
Long-Term Debt & Capital Lease Obligation was €110 Mil.
Net Income was -3.786 + -2.441 + 14.287 + -4.26 = €4 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 69.994 + 8.065 + 1.969 + 51.95 = €132 Mil.
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Total Receivables was €252 Mil.
Revenue was 366.433 + 543.863 + 590.063 + 547.789 = €2,048 Mil.
Gross Profit was 5.77 + 51.29 + 56.059 + 86.437 = €200 Mil.
Total Current Assets was €717 Mil.
Total Assets was €944 Mil.
Property, Plant and Equipment(Net PPE) was €194 Mil.
Depreciation, Depletion and Amortization(DDA) was €23 Mil.
Selling, General, & Admin. Expense(SGA) was €12 Mil.
Total Current Liabilities was €577 Mil.
Long-Term Debt & Capital Lease Obligation was €55 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) |
| = | (233.814 / 1623.697) | / | (251.683 / 2048.148) |
| = | 0.144001 | / | 0.122883 |
| | = | 1.1719 |
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) |
| = | (199.556 / 2048.148) | / | (128.57 / 1623.697) |
| = | 0.097432 | / | 0.079183 |
| | = | 1.2305 |
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 - (604.122 + 231.681) / 873.872) | / | (1 - (717.326 + 194.075) / 944.27) |
| = | 0.043564 | / | 0.034809 |
| | = | 1.2515 |
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 |
| = | 1623.697 | / | 2048.148 |
| | = | 0.7928 |
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)) |
| = | (22.55 / (22.55 + 194.075)) | / | (28.424 / (28.424 + 231.681)) |
| = | 0.104097 | / | 0.109279 |
| | = | 0.9526 |
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) |
| = | (12.214 / 1623.697) | / | (11.758 / 2048.148) |
| = | 0.007522 | / | 0.005741 |
| | = | 1.3102 |
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) |
| = | ((110.292 + 449.534) / 873.872) | / | ((55.408 + 577.29) / 944.27) |
| = | 0.640627 | / | 0.670039 |
| | = | 0.9561 |
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 |
| = | (3.8 - 0 | - | 131.978) | / | 873.872 |
| | = | -0.146678 |
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.
AB Akola Group has a M-score of -3.01 suggests that the company is unlikely to be a manipulator.
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