CI Capital Holding For Financial Investments (CAI:CICH) Beneish M-Score : -2.09 (As of May. 25, 2024)

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What is CI Capital Holding For Financial Investments Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.09 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for CI Capital Holding For Financial Investments's Beneish M-Score or its related term are showing as below:

CAI:CICH' s Beneish M-Score Range Over the Past 10 Years
Min: -2.1 Med: -1.52 Max: -0.01
Current: -2.09

During the past 7 years, the highest Beneish M-Score of CI Capital Holding For Financial Investments was -0.01. The lowest was -2.10. And the median was -1.52.

CI Capital Holding For Financial Investments Beneish M-Score Historical Data

The historical data trend for CI Capital Holding For Financial Investments'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.

* Premium members only.

CI Capital Holding For Financial Investments Beneish M-Score Chart

CI Capital Holding For Financial Investments Annual Data

Trend

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.52

-0.89

-2.10

-0.01

-2.09

CI Capital Holding For Financial Investments Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-0.01	-0.81	-1.25	-1.10	-2.09

Competitive Comparison of CI Capital Holding For Financial Investments's Beneish M-Score

For the Financial Conglomerates subindustry, CI Capital Holding For Financial Investments'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.

CI Capital Holding For Financial Investments's Beneish M-Score Distribution in the Diversified Financial Services Industry

For the Diversified Financial Services industry and Financial Services sector, CI Capital Holding For Financial Investments's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where CI Capital Holding For Financial Investments's Beneish M-Score falls into.

CI Capital Holding For Financial Investments 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 CI Capital Holding For Financial Investments for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.7159

0.528 * 1.2406

0.404 * 0.8581

0.892 * 1.7978

0.115 * 0.9625

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8216

4.679 * -0.036026

0.327 * 0.9741

-2.09

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was E£7,364 Mil.
Revenue was 1769.146 + 1513.73 + 1408.763 + 1289.435 = E£5,981 Mil.
Gross Profit was 433.596 + 377.324 + 352.828 + 362.517 = E£1,526 Mil.
Total Current Assets was E£10,785 Mil.
Total Assets was E£25,403 Mil.
Property, Plant and Equipment(Net PPE) was E£415 Mil.
Depreciation, Depletion and Amortization(DDA) was E£92 Mil.
Selling, General, & Admin. Expense(SGA) was E£306 Mil.
Total Current Liabilities was E£10,068 Mil.
Long-Term Debt & Capital Lease Obligation was E£9,659 Mil.
Net Income was 293.939 + 229.872 + 196.947 + 319.656 = E£1,040 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = E£0 Mil.
Cash Flow from Operations was 3286.961 + -1083.054 + 105.351 + -353.681 = E£1,956 Mil.

Total Receivables was E£5,721 Mil.
Revenue was 1106.454 + 840.786 + 741.403 + 638.231 = E£3,327 Mil.
Gross Profit was 348.02 + 240.518 + 228.372 + 236.348 = E£1,053 Mil.
Total Current Assets was E£7,969 Mil.
Total Assets was E£23,848 Mil.
Property, Plant and Equipment(Net PPE) was E£340 Mil.
Depreciation, Depletion and Amortization(DDA) was E£72 Mil.
Selling, General, & Admin. Expense(SGA) was E£207 Mil.
Total Current Liabilities was E£8,085 Mil.
Long-Term Debt & Capital Lease Obligation was E£10,927 Mil.

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)
	=	(7363.642 / 5981.074)	/	(5721.412 / 3326.874)
	=	1.231157	/	1.719756
	=	0.7159

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)
	=	(1053.258 / 3326.874)	/	(1526.265 / 5981.074)
	=	0.316591	/	0.255182
	=	1.2406

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 - (10785.121 + 415.497) / 25403.1)	/	(1 - (7969.485 + 340.493) / 23847.925)
	=	0.559085	/	0.651543
	=	0.8581

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
	=	5981.074	/	3326.874
	=	1.7978

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))
	=	(72.125 / (72.125 + 340.493))	/	(92.201 / (92.201 + 415.497))
	=	0.174798	/	0.181606
	=	0.9625

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)
	=	(305.551 / 5981.074)	/	(206.85 / 3326.874)
	=	0.051086	/	0.062175
	=	0.8216

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)
	=	((9659.388 + 10067.885) / 25403.1)	/	((10926.705 + 8084.765) / 23847.925)
	=	0.77657	/	0.797196
	=	0.9741

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
	=	(1040.414 - 0	-	1955.577)	/	25403.1
	=	-0.036026

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.

CI Capital Holding For Financial Investments has a M-score of -2.09 suggests that the company is unlikely to be a manipulator.

CI Capital Holding For Financial Investments Beneish M-Score Related Terms

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CI Capital Holding For Financial Investments (CAI:CICH) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Diversified Financial Services » CI Capital Holding For Financial Investments (CAI:CICH) » Definitions » Beneish M-Score

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Traded in Other Exchanges

N/A

Address

West Tower, 3rd Floor, Galleria 40, 26th of July Corridor, Sheikh Zayed City, Giza, EGY

Website

https://www.cicapital.com

CI Capital Holding For Financial Investments is a diversified financial services group, with investment banking, securities brokerage, research, asset management, custody, leasing, and microfinance franchises. It offers a range of financial services to a diversified client base that includes individual, high-net-worth and institutional investors, corporate clients, global and regional institutions, family offices, large corporates and SMEs.

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