Creverse Beneish M-Score Historical Data
The historical data trend for Creverse'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.
Creverse Beneish M-Score Chart
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Creverse Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.66 |
-3.10 |
-3.34 |
-3.03 |
-3.00 |
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Creverse Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-3.22 |
-3.34 |
-3.18 |
-3.00 |
-3.00 |
Competitive Comparison of Creverse's Beneish M-Score
For the Education & Training Services subindustry, Creverse'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.
Creverse's Beneish M-Score Distribution in the Education Industry
For the Education industry and Consumer Defensive sector, Creverse's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Creverse's Beneish M-Score falls into.
Creverse 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 Creverse 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 * 1.0492 | + | 0.528 * 1 | + | 0.404 * 1.0431 | + | 0.892 * 0.9978 | + | 0.115 * 0.9055 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0462 | + | 4.679 * -0.118705 | - | 0.327 * 1.0303 |
| = | -3.00 |
* 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 ₩15,665 Mil.
Revenue was 61169.217 + 55315.807 + 57552.013 + 57796.732 = ₩231,834 Mil.
Gross Profit was 61169.217 + 55315.807 + 57552.013 + 57796.732 = ₩231,834 Mil.
Total Current Assets was ₩56,082 Mil.
Total Assets was ₩212,257 Mil.
Property, Plant and Equipment(Net PPE) was ₩72,651 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩24,772 Mil.
Selling, General, & Admin. Expense(SGA) was ₩118,191 Mil.
Total Current Liabilities was ₩133,530 Mil.
Long-Term Debt & Capital Lease Obligation was ₩0 Mil.
Net Income was 2341.109 + 2247.432 + 3261.632 + 3767.688 = ₩11,618 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 5331.416 + 8385.124 + 7840.512 + 15256.766 = ₩36,814 Mil.
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Total Receivables was ₩14,963 Mil.
Revenue was 62820.569 + 56803.834 + 55366.288 + 57363.744 = ₩232,354 Mil.
Gross Profit was 62820.569 + 56803.834 + 55366.288 + 57363.744 = ₩232,354 Mil.
Total Current Assets was ₩64,198 Mil.
Total Assets was ₩229,235 Mil.
Property, Plant and Equipment(Net PPE) was ₩78,563 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩23,498 Mil.
Selling, General, & Admin. Expense(SGA) was ₩113,224 Mil.
Total Current Liabilities was ₩113,964 Mil.
Long-Term Debt & Capital Lease Obligation was ₩26,000 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) |
| = | (15664.597 / 231833.769) | / | (14963.361 / 232354.435) |
| = | 0.067568 | / | 0.064399 |
| | = | 1.0492 |
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) |
| = | (232354.435 / 232354.435) | / | (231833.769 / 231833.769) |
| = | 1 | / | 1 |
| | = | 1 |
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 - (56082.238 + 72651.009) / 212256.618) | / | (1 - (64197.802 + 78563.324) / 229235.39) |
| = | 0.393502 | / | 0.377229 |
| | = | 1.0431 |
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 |
| = | 231833.769 | / | 232354.435 |
| | = | 0.9978 |
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)) |
| = | (23497.79 / (23497.79 + 78563.324)) | / | (24771.795 / (24771.795 + 72651.009)) |
| = | 0.230233 | / | 0.254271 |
| | = | 0.9055 |
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) |
| = | (118191.482 / 231833.769) | / | (113223.843 / 232354.435) |
| = | 0.509811 | / | 0.487289 |
| | = | 1.0462 |
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) |
| = | ((0 + 133530.267) / 212256.618) | / | ((26000 + 113963.825) / 229235.39) |
| = | 0.629098 | / | 0.610568 |
| | = | 1.0303 |
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 |
| = | (11617.861 - 0 | - | 36813.818) | / | 212256.618 |
| | = | -0.118705 |
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.
Creverse has a M-score of -3.00 suggests that the company is unlikely to be a manipulator.
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