Mirvac Group Beneish M-Score Historical Data
The historical data trend for Mirvac 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.
Mirvac Group Beneish M-Score Chart
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Mirvac 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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-2.25 |
-2.37 |
-3.20 |
-2.34 |
-2.29 |
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Mirvac Group Semi-Annual Data
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Jun14 |
Dec14 |
Jun15 |
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Jun18 |
Dec18 |
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Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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-2.34 |
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-2.29 |
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Competitive Comparison of Mirvac Group's Beneish M-Score
For the REIT - Diversified subindustry, Mirvac 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.
Mirvac Group's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Mirvac Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mirvac Group's Beneish M-Score falls into.
Mirvac 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 Mirvac 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 * 1.4979 | + | 0.528 * 0.8633 | + | 0.404 * 0.9216 | + | 0.892 * 0.802 | + | 0.115 * 0.9536 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2617 | + | 4.679 * 0.021621 | - | 0.327 * 1.1095 |
| = | -2.29 |
* 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 (Jun23) TTM: | Last Year (Jun22) TTM: |
Total Receivables was A$173 Mil.
Revenue was A$1,803 Mil.
Gross Profit was A$799 Mil.
Total Current Assets was A$2,622 Mil.
Total Assets was A$16,882 Mil.
Property, Plant and Equipment(Net PPE) was A$31 Mil.
Depreciation, Depletion and Amortization(DDA) was A$73 Mil.
Selling, General, & Admin. Expense(SGA) was A$170 Mil.
Total Current Liabilities was A$1,501 Mil.
Long-Term Debt & Capital Lease Obligation was A$4,282 Mil.
Net Income was A$-165 Mil.
Gross Profit was A$-473 Mil.
Cash Flow from Operations was A$-57 Mil.
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Total Receivables was A$144 Mil.
Revenue was A$2,248 Mil.
Gross Profit was A$860 Mil.
Total Current Assets was A$1,429 Mil.
Total Assets was A$17,205 Mil.
Property, Plant and Equipment(Net PPE) was A$41 Mil.
Depreciation, Depletion and Amortization(DDA) was A$83 Mil.
Selling, General, & Admin. Expense(SGA) was A$168 Mil.
Total Current Liabilities was A$1,310 Mil.
Long-Term Debt & Capital Lease Obligation was A$4,002 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) |
| = | (173 / 1803) | / | (144 / 2248) |
| = | 0.095951 | / | 0.064057 |
| | = | 1.4979 |
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) |
| = | (860 / 2248) | / | (799 / 1803) |
| = | 0.382562 | / | 0.44315 |
| | = | 0.8633 |
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 - (2622 + 31) / 16882) | / | (1 - (1429 + 41) / 17205) |
| = | 0.84285 | / | 0.91456 |
| | = | 0.9216 |
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 |
| = | 1803 | / | 2248 |
| | = | 0.802 |
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)) |
| = | (83 / (83 + 41)) | / | (73 / (73 + 31)) |
| = | 0.669355 | / | 0.701923 |
| | = | 0.9536 |
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) |
| = | (170 / 1803) | / | (168 / 2248) |
| = | 0.094287 | / | 0.074733 |
| | = | 1.2617 |
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) |
| = | ((4282 + 1501) / 16882) | / | ((4002 + 1310) / 17205) |
| = | 0.342554 | / | 0.308747 |
| | = | 1.1095 |
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 |
| = | (-165 - -473 | - | -57) | / | 16882 |
| | = | 0.021621 |
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.
Mirvac Group has a M-score of -2.29 suggests that the company is unlikely to be a manipulator.
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