Accordant Group (NZSE:AGL) Beneish M-Score : -2.61 (As of May. 21, 2024)

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What is Accordant Group 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 -2.61 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Accordant Group's Beneish M-Score or its related term are showing as below:

NZSE:AGL' s Beneish M-Score Range Over the Past 10 Years
Min: -3.31 Med: -2.48 Max: -2.16
Current: -2.61

During the past 13 years, the highest Beneish M-Score of Accordant Group was -2.16. The lowest was -3.31. And the median was -2.48.

Accordant Group Beneish M-Score Historical Data

The historical data trend for Accordant Group'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.

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Accordant Group Beneish M-Score Chart

Accordant Group Annual Data

Trend

Mar14

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Beneish M-Score

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-3.01

-2.19

-3.31

-2.82

-2.61

Accordant Group Semi-Annual Data
	Mar14	Sep14	Mar15	Sep15	Mar16	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23
Beneish M-Score	Get a 7-Day Free Trial															-	-2.82	-	-2.61	-

Competitive Comparison of Accordant Group's Beneish M-Score

For the Staffing & Employment Services subindustry, Accordant Group'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.

Accordant Group's Beneish M-Score Distribution in the Business Services Industry

For the Business Services industry and Industrials sector, Accordant Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Accordant Group's Beneish M-Score falls into.

Accordant Group 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 Accordant Group 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 * 0.8952

0.528 * 0.9989

0.404 * 1.1276

0.892 * 1.0265

0.115 * 1.0337

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9918

4.679 * -0.023714

0.327 * 0.9934

-2.61

This Year (Mar23) TTM:

Last Year (Mar22) TTM:

Total Receivables was NZ$23.8 Mil.
Revenue was NZ$227.4 Mil.
Gross Profit was NZ$225.2 Mil.
Total Current Assets was NZ$25.9 Mil.
Total Assets was NZ$94.9 Mil.
Property, Plant and Equipment(Net PPE) was NZ$9.8 Mil.
Depreciation, Depletion and Amortization(DDA) was NZ$4.6 Mil.
Selling, General, & Admin. Expense(SGA) was NZ$119.9 Mil.
Total Current Liabilities was NZ$25.8 Mil.
Long-Term Debt & Capital Lease Obligation was NZ$28.9 Mil.
Net Income was NZ$2.0 Mil.
Gross Profit was NZ$-0.5 Mil.
Cash Flow from Operations was NZ$4.7 Mil.

Total Receivables was NZ$25.9 Mil.
Revenue was NZ$221.5 Mil.
Gross Profit was NZ$219.1 Mil.
Total Current Assets was NZ$30.9 Mil.
Total Assets was NZ$91.4 Mil.
Property, Plant and Equipment(Net PPE) was NZ$9.9 Mil.
Depreciation, Depletion and Amortization(DDA) was NZ$4.9 Mil.
Selling, General, & Admin. Expense(SGA) was NZ$117.8 Mil.
Total Current Liabilities was NZ$29.5 Mil.
Long-Term Debt & Capital Lease Obligation was NZ$23.5 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)
	=	(23.771 / 227.371)	/	(25.868 / 221.509)
	=	0.104547	/	0.116781
	=	0.8952

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)
	=	(219.133 / 221.509)	/	(225.185 / 227.371)
	=	0.989274	/	0.990386
	=	0.9989

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 - (25.946 + 9.768) / 94.879)	/	(1 - (30.937 + 9.927) / 91.419)
	=	0.623584	/	0.553003
	=	1.1276

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
	=	227.371	/	221.509
	=	1.0265

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))
	=	(4.941 / (4.941 + 9.927))	/	(4.628 / (4.628 + 9.768))
	=	0.332324	/	0.321478
	=	1.0337

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)
	=	(119.883 / 227.371)	/	(117.757 / 221.509)
	=	0.527257	/	0.531613
	=	0.9918

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)
	=	((28.874 + 25.842) / 94.879)	/	((23.525 + 29.548) / 91.419)
	=	0.576692	/	0.580547
	=	0.9934

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
	=	(1.977 - -0.488	-	4.715)	/	94.879
	=	-0.023714

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.

Accordant Group has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.

Accordant Group Beneish M-Score Related Terms

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Accordant Group (NZSE:AGL) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Business Services » Accordant Group Ltd (NZSE:AGL) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

51 Shortland Street, Level 6, P.O. Box 105675, Auckland, NTL, NZL, 1010

Website

https://www.accordant.nz

Accordant Group Ltd is a recruitment and staffing provider company. The group has two reportable segments: AWF and Madison, Absolute IT, and JacksonStone & Partners. The AWF brands derive their revenues from temporary staffing services to the industry. The Madison, Absolute IT, and JacksonStone & Partners brands, which is the key revenue driver, derive revenues from the temporary, contract, and permanent staff services to commerce.