FSN E-Commerce Ventures Beneish M-Score Historical Data
The historical data trend for FSN E-Commerce Ventures'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.
FSN E-Commerce Ventures Beneish M-Score Chart
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FSN E-Commerce Ventures Annual Data
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Trend |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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- |
- |
- |
-1.08 |
-2.01 |
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FSN E-Commerce Ventures Quarterly Data
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Mar19 |
Mar20 |
Jun20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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- |
-2.01 |
-2.01 |
-2.18 |
-2.17 |
Competitive Comparison of FSN E-Commerce Ventures's Beneish M-Score
For the Internet Retail subindustry, FSN E-Commerce Ventures'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.
FSN E-Commerce Ventures's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, FSN E-Commerce Ventures's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where FSN E-Commerce Ventures's Beneish M-Score falls into.
FSN E-Commerce Ventures 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 FSN E-Commerce Ventures 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 * 1.1169 | + | 0.528 * 1.0168 | + | 0.404 * 1.0361 | + | 0.892 * 1.25 | + | 0.115 * 0.6803 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * 0.008848 | - | 0.327 * 1.1453 |
| = | -2.17 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was ₹1,764 Mil.
Revenue was 17887.98 + 15070.24 + 14218.24 + 13017.24 = ₹60,194 Mil.
Gross Profit was 7607.48 + 6496.24 + 6186.25 + 4798.24 = ₹25,088 Mil.
Total Current Assets was ₹20,816 Mil.
Total Assets was ₹31,359 Mil.
Property, Plant and Equipment(Net PPE) was ₹5,092 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2,176 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹15,387 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,767 Mil.
Net Income was 161.86 + 58.46 + 33.03 + 24.11 = ₹277 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₹0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = ₹0 Mil.
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Total Receivables was ₹1,264 Mil.
Revenue was 14628.26 + 12308.29 + 11484.21 + 9733.2 = ₹48,154 Mil.
Gross Profit was 6346.7 + 5577.38 + 5098.79 + 3384.01 = ₹20,407 Mil.
Total Current Assets was ₹18,131 Mil.
Total Assets was ₹28,864 Mil.
Property, Plant and Equipment(Net PPE) was ₹5,891 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,507 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹10,426 Mil.
Long-Term Debt & Capital Lease Obligation was ₹3,361 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) |
| = | (1764.15 / 60193.7) | / | (1263.57 / 48153.96) |
| = | 0.029308 | / | 0.02624 |
| | = | 1.1169 |
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) |
| = | (20406.88 / 48153.96) | / | (25088.21 / 60193.7) |
| = | 0.423784 | / | 0.416791 |
| | = | 1.0168 |
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 - (20816.18 + 5092.1) / 31358.59) | / | (1 - (18130.59 + 5891.47) / 28863.93) |
| = | 0.173806 | / | 0.167748 |
| | = | 1.0361 |
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 |
| = | 60193.7 | / | 48153.96 |
| | = | 1.25 |
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)) |
| = | (1506.98 / (1506.98 + 5891.47)) | / | (2176.26 / (2176.26 + 5092.1)) |
| = | 0.203689 | / | 0.299416 |
| | = | 0.6803 |
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) |
| = | (0 / 60193.7) | / | (0 / 48153.96) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((1767.36 + 15387.2) / 31358.59) | / | ((3360.65 + 10425.9) / 28863.93) |
| = | 0.547045 | / | 0.477639 |
| | = | 1.1453 |
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 |
| = | (277.46 - 0 | - | 0) | / | 31358.59 |
| | = | 0.008848 |
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.
FSN E-Commerce Ventures has a M-score of -2.17 suggests that the company is unlikely to be a manipulator.
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