Deyaar Development PJSC Beneish M-Score Historical Data
The historical data trend for Deyaar Development PJSC'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.
Deyaar Development PJSC Beneish M-Score Chart
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Deyaar Development PJSC Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.51 |
-3.18 |
-2.49 |
-2.51 |
-2.06 |
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Deyaar Development PJSC Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.32 |
-2.37 |
-2.49 |
-2.06 |
-2.17 |
Competitive Comparison of Deyaar Development PJSC's Beneish M-Score
For the Real Estate - Development subindustry, Deyaar Development PJSC'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.
Deyaar Development PJSC's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Deyaar Development PJSC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Deyaar Development PJSC's Beneish M-Score falls into.
Deyaar Development PJSC 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 Deyaar Development PJSC 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 * 1.1996 | + | 0.528 * 1.042 | + | 0.404 * 0.8623 | + | 0.892 * 1.3307 | + | 0.115 * 1.0574 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0001 | + | 4.679 * -0.034788 | - | 0.327 * 0.935 |
| = | -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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was د.إ1,221 Mil.
Revenue was 327.848 + 314.485 + 310.871 + 316.393 = د.إ1,270 Mil.
Gross Profit was 107.493 + 91.726 + 107.502 + 91.617 = د.إ398 Mil.
Total Current Assets was د.إ3,730 Mil.
Total Assets was د.إ6,704 Mil.
Property, Plant and Equipment(Net PPE) was د.إ562 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ17 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ128 Mil.
Total Current Liabilities was د.إ1,131 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ526 Mil.
Net Income was 72.96 + 203.217 + 119.026 + 62.12 = د.إ457 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = د.إ0 Mil.
Cash Flow from Operations was 116.62 + 217.385 + 178.219 + 178.323 = د.إ691 Mil.
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Total Receivables was د.إ765 Mil.
Revenue was 312.539 + 226.259 + 207.723 + 207.53 = د.إ954 Mil.
Gross Profit was 101.777 + 76.852 + 67.223 + 66.063 = د.إ312 Mil.
Total Current Assets was د.إ3,118 Mil.
Total Assets was د.إ6,240 Mil.
Property, Plant and Equipment(Net PPE) was د.إ519 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ17 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ96 Mil.
Total Current Liabilities was د.إ839 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ810 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) |
| = | (1221.169 / 1269.597) | / | (764.958 / 954.051) |
| = | 0.961856 | / | 0.8018 |
| | = | 1.1996 |
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) |
| = | (311.915 / 954.051) | / | (398.338 / 1269.597) |
| = | 0.326937 | / | 0.313752 |
| | = | 1.042 |
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 - (3730.024 + 562.24) / 6704.076) | / | (1 - (3117.901 + 518.853) / 6239.986) |
| = | 0.359753 | / | 0.417186 |
| | = | 0.8623 |
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 |
| = | 1269.597 | / | 954.051 |
| | = | 1.3307 |
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)) |
| = | (16.847 / (16.847 + 518.853)) | / | (17.235 / (17.235 + 562.24)) |
| = | 0.031449 | / | 0.029742 |
| | = | 1.0574 |
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) |
| = | (127.971 / 1269.597) | / | (96.152 / 954.051) |
| = | 0.100797 | / | 0.100783 |
| | = | 1.0001 |
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) |
| = | ((525.992 + 1130.966) / 6704.076) | / | ((810.176 + 839.207) / 6239.986) |
| = | 0.247157 | / | 0.264325 |
| | = | 0.935 |
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 |
| = | (457.323 - 0 | - | 690.547) | / | 6704.076 |
| | = | -0.034788 |
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.
Deyaar Development PJSC has a M-score of -2.17 suggests that the company is unlikely to be a manipulator.
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