SSI Group Beneish M-Score Historical Data
The historical data trend for SSI 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.
SSI Group Beneish M-Score Chart
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SSI Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.07 |
-2.70 |
-3.16 |
-3.17 |
-2.52 |
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SSI Group Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-3.17 |
-2.98 |
-2.71 |
-2.37 |
-2.52 |
Competitive Comparison of SSI Group's Beneish M-Score
For the Apparel Retail subindustry, SSI 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.
SSI Group's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, SSI Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where SSI Group's Beneish M-Score falls into.
SSI 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 SSI Group 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 * 0.7525 | + | 0.528 * 0.9646 | + | 0.404 * 1.0534 | + | 0.892 * 1.1657 | + | 0.115 * 1.0103 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.087 | + | 4.679 * 0.002974 | - | 0.327 * 0.8754 |
| = | -2.52 |
* 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 ₱541 Mil.
Revenue was 8773.432 + 6538.489 + 6194.885 + 6239.155 = ₱27,746 Mil.
Gross Profit was 4094.429 + 2726.04 + 2952.167 + 2815.666 = ₱12,588 Mil.
Total Current Assets was ₱15,825 Mil.
Total Assets was ₱23,334 Mil.
Property, Plant and Equipment(Net PPE) was ₱5,019 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱1,485 Mil.
Selling, General, & Admin. Expense(SGA) was ₱6,132 Mil.
Total Current Liabilities was ₱6,487 Mil.
Long-Term Debt & Capital Lease Obligation was ₱1,235 Mil.
Net Income was 1052.926 + 520.4 + 550.285 + 455.97 = ₱2,580 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 2585.581 + 173.922 + -624.688 + 375.36 = ₱2,510 Mil.
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Total Receivables was ₱617 Mil.
Revenue was 8093.551 + 5657.356 + 5557.859 + 4493.375 = ₱23,802 Mil.
Gross Profit was 3690.925 + 2488.978 + 2573.552 + 1662.733 = ₱10,416 Mil.
Total Current Assets was ₱14,834 Mil.
Total Assets was ₱21,399 Mil.
Property, Plant and Equipment(Net PPE) was ₱4,397 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱1,319 Mil.
Selling, General, & Admin. Expense(SGA) was ₱4,840 Mil.
Total Current Liabilities was ₱6,875 Mil.
Long-Term Debt & Capital Lease Obligation was ₱1,213 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) |
| = | (541.281 / 27745.961) | / | (617.018 / 23802.141) |
| = | 0.019508 | / | 0.025923 |
| | = | 0.7525 |
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) |
| = | (10416.188 / 23802.141) | / | (12588.302 / 27745.961) |
| = | 0.437616 | / | 0.453699 |
| | = | 0.9646 |
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 - (15825.174 + 5018.868) / 23334.093) | / | (1 - (14834.13 + 4397.439) / 21399.35) |
| = | 0.106713 | / | 0.101301 |
| | = | 1.0534 |
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 |
| = | 27745.961 | / | 23802.141 |
| | = | 1.1657 |
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)) |
| = | (1318.925 / (1318.925 + 4397.439)) | / | (1485.471 / (1485.471 + 5018.868)) |
| = | 0.230728 | / | 0.228382 |
| | = | 1.0103 |
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) |
| = | (6132.103 / 27745.961) | / | (4839.562 / 23802.141) |
| = | 0.221009 | / | 0.203325 |
| | = | 1.087 |
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) |
| = | ((1234.977 + 6486.506) / 23334.093) | / | ((1213.479 + 6875.441) / 21399.35) |
| = | 0.33091 | / | 0.377998 |
| | = | 0.8754 |
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 |
| = | (2579.581 - 0 | - | 2510.175) | / | 23334.093 |
| | = | 0.002974 |
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.
SSI Group has a M-score of -2.52 suggests that the company is unlikely to be a manipulator.
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