Radius Global Infrastructure Beneish M-Score Historical Data
The historical data trend for Radius Global Infrastructure'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.
Radius Global Infrastructure Beneish M-Score Chart
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Radius Global Infrastructure Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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- |
- |
-2.19 |
-2.48 |
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Radius Global Infrastructure Quarterly Data
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Sep19 |
Dec19 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
| Beneish M-Score |
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-2.12 |
1.05 |
-2.48 |
-2.42 |
-2.44 |
Competitive Comparison of Radius Global Infrastructure's Beneish M-Score
For the Real Estate Services subindustry, Radius Global Infrastructure'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.
Radius Global Infrastructure's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Radius Global Infrastructure's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Radius Global Infrastructure's Beneish M-Score falls into.
Radius Global Infrastructure 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 Radius Global Infrastructure 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 * 0.9303 | + | 0.528 * 1.016 | + | 0.404 * 1.0643 | + | 0.892 * 1.3779 | + | 0.115 * 1.0743 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9845 | + | 4.679 * -0.054894 | - | 0.327 * 1.0556 |
| = | -2.44 |
* 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 €9.7 Mil.
Revenue was 39.204 + 38.494 + 34.922 + 35.648 = €148.3 Mil.
Gross Profit was 36.97 + 36.727 + 32.687 + 33.918 = €140.3 Mil.
Total Current Assets was €317.8 Mil.
Total Assets was €2,420.6 Mil.
Property, Plant and Equipment(Net PPE) was €424.2 Mil.
Depreciation, Depletion and Amortization(DDA) was €84.0 Mil.
Selling, General, & Admin. Expense(SGA) was €122.9 Mil.
Total Current Liabilities was €100.7 Mil.
Long-Term Debt & Capital Lease Obligation was €1,583.6 Mil.
Net Income was -38.633 + -42.576 + -96.254 + 23.782 = €-153.7 Mil.
Non Operating Income was -8.982 + -12.435 + -72.087 + 64.839 = €-28.7 Mil.
Cash Flow from Operations was 13.044 + -1.884 + 5.532 + -8.83 = €7.9 Mil.
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Total Receivables was €7.6 Mil.
Revenue was 30.809 + 27.784 + 25.665 + 23.344 = €107.6 Mil.
Gross Profit was 28.892 + 27.02 + 24.66 + 22.878 = €103.5 Mil.
Total Current Assets was €491.6 Mil.
Total Assets was €2,281.7 Mil.
Property, Plant and Equipment(Net PPE) was €303.4 Mil.
Depreciation, Depletion and Amortization(DDA) was €65.5 Mil.
Selling, General, & Admin. Expense(SGA) was €90.6 Mil.
Total Current Liabilities was €81.9 Mil.
Long-Term Debt & Capital Lease Obligation was €1,422.1 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) |
| = | (9.688 / 148.268) | / | (7.558 / 107.602) |
| = | 0.065341 | / | 0.07024 |
| | = | 0.9303 |
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) |
| = | (103.45 / 107.602) | / | (140.302 / 148.268) |
| = | 0.961413 | / | 0.946273 |
| | = | 1.016 |
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 - (317.817 + 424.232) / 2420.647) | / | (1 - (491.571 + 303.447) / 2281.712) |
| = | 0.69345 | / | 0.65157 |
| | = | 1.0643 |
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 |
| = | 148.268 | / | 107.602 |
| | = | 1.3779 |
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)) |
| = | (65.503 / (65.503 + 303.447)) | / | (83.992 / (83.992 + 424.232)) |
| = | 0.177539 | / | 0.165266 |
| | = | 1.0743 |
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) |
| = | (122.92 / 148.268) | / | (90.607 / 107.602) |
| = | 0.829039 | / | 0.842057 |
| | = | 0.9845 |
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) |
| = | ((1583.599 + 100.67) / 2420.647) | / | ((1422.094 + 81.853) / 2281.712) |
| = | 0.695793 | / | 0.659131 |
| | = | 1.0556 |
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 |
| = | (-153.681 - -28.665 | - | 7.862) | / | 2420.647 |
| | = | -0.054894 |
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.
Radius Global Infrastructure has a M-score of -2.44 suggests that the company is unlikely to be a manipulator.
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