Chalet Hotels Beneish M-Score Historical Data
The historical data trend for Chalet Hotels'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.
Chalet Hotels Beneish M-Score Chart
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Chalet Hotels Annual Data
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Mar14 |
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Mar20 |
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Mar23 |
| Beneish M-Score |
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-3.33 |
-2.40 |
-1.17 |
-2.26 |
-2.12 |
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Chalet Hotels Quarterly Data
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Dec18 |
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Dec23 |
| Beneish M-Score |
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-2.12 |
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Competitive Comparison of Chalet Hotels's Beneish M-Score
For the Lodging subindustry, Chalet Hotels'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.
Chalet Hotels's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Chalet Hotels's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Chalet Hotels's Beneish M-Score falls into.
Chalet Hotels 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 Chalet Hotels 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 * 0.5611 | + | 0.528 * 0.8406 | + | 0.404 * 1.0349 | + | 0.892 * 2.2222 | + | 0.115 * 1.093 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.961 | + | 4.679 * -0.059535 | - | 0.327 * 0.9865 |
| = | -2.12 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was ₹1,266 Mil.
Revenue was ₹11,285 Mil.
Gross Profit was ₹7,786 Mil.
Total Current Assets was ₹7,044 Mil.
Total Assets was ₹49,308 Mil.
Property, Plant and Equipment(Net PPE) was ₹22,471 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,173 Mil.
Selling, General, & Admin. Expense(SGA) was ₹653 Mil.
Total Current Liabilities was ₹10,776 Mil.
Long-Term Debt & Capital Lease Obligation was ₹20,767 Mil.
Net Income was ₹1,833 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹4,769 Mil.
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Total Receivables was ₹1,015 Mil.
Revenue was ₹5,078 Mil.
Gross Profit was ₹2,945 Mil.
Total Current Assets was ₹6,422 Mil.
Total Assets was ₹44,232 Mil.
Property, Plant and Equipment(Net PPE) was ₹20,653 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,184 Mil.
Selling, General, & Admin. Expense(SGA) was ₹306 Mil.
Total Current Liabilities was ₹8,411 Mil.
Long-Term Debt & Capital Lease Obligation was ₹20,273 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) |
| = | (1265.85 / 11284.67) | / | (1015.18 / 5078.07) |
| = | 0.112174 | / | 0.199915 |
| | = | 0.5611 |
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) |
| = | (2945.3 / 5078.07) | / | (7786.24 / 11284.67) |
| = | 0.580004 | / | 0.689984 |
| | = | 0.8406 |
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 - (7043.68 + 22471.11) / 49307.75) | / | (1 - (6421.96 + 20653.19) / 44232.01) |
| = | 0.401417 | / | 0.387883 |
| | = | 1.0349 |
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 |
| = | 11284.67 | / | 5078.07 |
| | = | 2.2222 |
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)) |
| = | (1184.23 / (1184.23 + 20653.19)) | / | (1173.09 / (1173.09 + 22471.11)) |
| = | 0.054229 | / | 0.049614 |
| | = | 1.093 |
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) |
| = | (652.91 / 11284.67) | / | (305.73 / 5078.07) |
| = | 0.057858 | / | 0.060206 |
| | = | 0.961 |
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) |
| = | ((20766.75 + 10776.37) / 49307.75) | / | ((20272.93 + 8410.76) / 44232.01) |
| = | 0.639719 | / | 0.648483 |
| | = | 0.9865 |
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 |
| = | (1833.32 - 0 | - | 4768.84) | / | 49307.75 |
| | = | -0.059535 |
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.
Chalet Hotels has a M-score of -2.12 suggests that the company is unlikely to be a manipulator.
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