Thevola Group Beneish M-Score Historical Data
The historical data trend for Thevola 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.
Thevola Group Beneish M-Score Chart
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Thevola 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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-2.71 |
-2.64 |
-2.16 |
-2.47 |
-2.71 |
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Thevola Group Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Sep22 |
Dec22 |
Mar23 |
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Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.65 |
-2.71 |
-2.82 |
-2.71 |
-2.40 |
Competitive Comparison of Thevola Group's Beneish M-Score
For the Packaged Foods subindustry, Thevola 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.
Thevola Group's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Thevola Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Thevola Group's Beneish M-Score falls into.
Thevola 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 Thevola 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 * 1.2286 | + | 0.528 * 0.8642 | + | 0.404 * 1.0209 | + | 0.892 * 0.9438 | + | 0.115 * 0.9599 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9663 | + | 4.679 * -0.002805 | - | 0.327 * 1.0002 |
| = | -2.40 |
* 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 ﷼4,222 Mil.
Revenue was 7781.87 + 6559.635 + 6350.902 + 6093.286 = ﷼26,786 Mil.
Gross Profit was 1618.73 + 1383.864 + 1310.491 + 1246.956 = ﷼5,560 Mil.
Total Current Assets was ﷼9,723 Mil.
Total Assets was ﷼30,129 Mil.
Property, Plant and Equipment(Net PPE) was ﷼8,946 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼1,135 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼1,008 Mil.
Total Current Liabilities was ﷼11,564 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼7,721 Mil.
Net Income was 348.709 + 227.051 + 147.356 + 132.032 = ﷼855 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ﷼0 Mil.
Cash Flow from Operations was 404.731 + 684.474 + 441 + -590.55 = ﷼940 Mil.
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Total Receivables was ﷼3,641 Mil.
Revenue was 7814.494 + 6604.642 + 7072.405 + 6888.305 = ﷼28,380 Mil.
Gross Profit was 1502.033 + 1192.089 + 1148.917 + 1247.663 = ﷼5,091 Mil.
Total Current Assets was ﷼10,102 Mil.
Total Assets was ﷼30,303 Mil.
Property, Plant and Equipment(Net PPE) was ﷼8,911 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼1,080 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼1,105 Mil.
Total Current Liabilities was ﷼12,298 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼7,094 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) |
| = | (4222.177 / 26785.693) | / | (3641.184 / 28379.846) |
| = | 0.157628 | / | 0.128302 |
| | = | 1.2286 |
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) |
| = | (5090.702 / 28379.846) | / | (5560.041 / 26785.693) |
| = | 0.179377 | / | 0.207575 |
| | = | 0.8642 |
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 - (9723.012 + 8946.189) / 30128.551) | / | (1 - (10101.595 + 8911.495) / 30302.651) |
| = | 0.380349 | / | 0.37256 |
| | = | 1.0209 |
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 |
| = | 26785.693 | / | 28379.846 |
| | = | 0.9438 |
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)) |
| = | (1079.988 / (1079.988 + 8911.495)) | / | (1135.289 / (1135.289 + 8946.189)) |
| = | 0.108091 | / | 0.112611 |
| | = | 0.9599 |
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) |
| = | (1007.732 / 26785.693) | / | (1104.941 / 28379.846) |
| = | 0.037622 | / | 0.038934 |
| | = | 0.9663 |
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) |
| = | ((7720.621 + 11563.885) / 30128.551) | / | ((7093.692 + 12297.759) / 30302.651) |
| = | 0.640074 | / | 0.639926 |
| | = | 1.0002 |
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 |
| = | (855.148 - 0 | - | 939.655) | / | 30128.551 |
| | = | -0.002805 |
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.
Thevola Group has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.
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