Incitec Pivot Beneish M-Score Historical Data
The historical data trend for Incitec Pivot'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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Incitec Pivot Annual Data
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Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-2.60 |
-2.56 |
-2.36 |
-2.09 |
-2.86 |
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Incitec Pivot Semi-Annual Data
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Mar14 |
Sep14 |
Mar15 |
Sep15 |
Mar16 |
Sep16 |
Mar17 |
Sep17 |
Mar18 |
Sep18 |
Mar19 |
Sep19 |
Mar20 |
Sep20 |
Mar21 |
Sep21 |
Mar22 |
Sep22 |
Mar23 |
Sep23 |
| Beneish M-Score |
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-2.36 |
- |
-2.09 |
- |
-2.86 |
Competitive Comparison
For the Specialty Chemicals subindustry, Incitec Pivot'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.
Incitec Pivot Beneish M-Score Distribution
For the Chemicals industry and Basic Materials sector, Incitec Pivot's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Incitec Pivot's Beneish M-Score falls into.
Incitec Pivot 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 Incitec Pivot 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 * 0.8794 | + | 0.528 * 1.1521 | + | 0.404 * 0.7961 | + | 0.892 * 0.8568 | + | 0.115 * 0.8829 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2891 | + | 4.679 * -0.023603 | - | 0.327 * 0.8893 |
| = | -2.86 |
* 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 A$570 Mil.
Revenue was A$5,411 Mil.
Gross Profit was A$2,482 Mil.
Total Current Assets was A$4,253 Mil.
Total Assets was A$10,545 Mil.
Property, Plant and Equipment(Net PPE) was A$3,401 Mil.
Depreciation, Depletion and Amortization(DDA) was A$325 Mil.
Selling, General, & Admin. Expense(SGA) was A$1,255 Mil.
Total Current Liabilities was A$1,307 Mil.
Long-Term Debt & Capital Lease Obligation was A$1,904 Mil.
Net Income was A$560 Mil.
Gross Profit was A$108 Mil.
Cash Flow from Operations was A$701 Mil.
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Total Receivables was A$757 Mil.
Revenue was A$6,315 Mil.
Gross Profit was A$3,337 Mil.
Total Current Assets was A$2,654 Mil.
Total Assets was A$10,864 Mil.
Property, Plant and Equipment(Net PPE) was A$4,468 Mil.
Depreciation, Depletion and Amortization(DDA) was A$373 Mil.
Selling, General, & Admin. Expense(SGA) was A$1,136 Mil.
Total Current Liabilities was A$1,825 Mil.
Long-Term Debt & Capital Lease Obligation was A$1,895 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) |
| = | (570.1 / 5410.9) | / | (756.6 / 6315.3) |
| = | 0.105361 | / | 0.119804 |
| | = | 0.8794 |
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) |
| = | (3337.2 / 6315.3) | / | (2481.9 / 5410.9) |
| = | 0.528431 | / | 0.458685 |
| | = | 1.1521 |
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 - (4253.2 + 3400.7) / 10545.3) | / | (1 - (2654.3 + 4467.9) / 10863.7) |
| = | 0.274189 | / | 0.344404 |
| | = | 0.7961 |
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 |
| = | 5410.9 | / | 6315.3 |
| | = | 0.8568 |
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)) |
| = | (372.5 / (372.5 + 4467.9)) | / | (324.7 / (324.7 + 3400.7)) |
| = | 0.076956 | / | 0.087158 |
| | = | 0.8829 |
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) |
| = | (1255.1 / 5410.9) | / | (1136.4 / 6315.3) |
| = | 0.231958 | / | 0.179944 |
| | = | 1.2891 |
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) |
| = | ((1904 + 1307.4) / 10545.3) | / | ((1894.7 + 1825.3) / 10863.7) |
| = | 0.304534 | / | 0.342425 |
| | = | 0.8893 |
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 |
| = | (560 - 108.1 | - | 700.8) | / | 10545.3 |
| | = | -0.023603 |
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.
Incitec Pivot has a M-score of -2.86 suggests that the company is unlikely to be a manipulator.
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