Almunajem Foods Beneish M-Score Historical Data
The historical data trend for Almunajem Foods'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.
Almunajem Foods Beneish M-Score Chart
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Almunajem Foods Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-2.53 |
-2.83 |
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Almunajem Foods Quarterly Data
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Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.53 |
-2.62 |
-2.83 |
-2.72 |
-2.83 |
Competitive Comparison of Almunajem Foods's Beneish M-Score
For the Food Distribution subindustry, Almunajem Foods'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.
Almunajem Foods's Beneish M-Score Distribution in the Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, Almunajem Foods's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Almunajem Foods's Beneish M-Score falls into.
Almunajem Foods 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 Almunajem Foods 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 * 0.9281 | + | 0.528 * 1.1146 | + | 0.404 * 0.9444 | + | 0.892 * 1.1128 | + | 0.115 * 1.0297 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9432 | + | 4.679 * -0.089818 | - | 0.327 * 1.0342 |
| = | -2.83 |
* 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 ﷼263 Mil.
Revenue was 829.178 + 810.875 + 772.386 + 901.964 = ﷼3,314 Mil.
Gross Profit was 156.467 + 134.911 + 135.217 + 155.712 = ﷼582 Mil.
Total Current Assets was ﷼1,256 Mil.
Total Assets was ﷼1,565 Mil.
Property, Plant and Equipment(Net PPE) was ﷼308 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼36 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼109 Mil.
Total Current Liabilities was ﷼547 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼37 Mil.
Net Income was 81.624 + 61.144 + 57.564 + 81.881 = ﷼282 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ﷼0 Mil.
Cash Flow from Operations was 260.065 + -1.882 + 55.5 + 109.074 = ﷼423 Mil.
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Total Receivables was ﷼254 Mil.
Revenue was 747.839 + 730.201 + 712.475 + 788.007 = ﷼2,979 Mil.
Gross Profit was 90.992 + 123.78 + 195.958 + 172.529 = ﷼583 Mil.
Total Current Assets was ﷼1,164 Mil.
Total Assets was ﷼1,484 Mil.
Property, Plant and Equipment(Net PPE) was ﷼319 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼39 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼104 Mil.
Total Current Liabilities was ﷼495 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼41 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) |
| = | (262.542 / 3314.403) | / | (254.224 / 2978.522) |
| = | 0.079212 | / | 0.085352 |
| | = | 0.9281 |
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) |
| = | (583.259 / 2978.522) | / | (582.307 / 3314.403) |
| = | 0.195822 | / | 0.17569 |
| | = | 1.1146 |
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 - (1255.529 + 307.713) / 1564.757) | / | (1 - (1163.89 + 318.937) / 1484.349) |
| = | 0.000968 | / | 0.001025 |
| | = | 0.9444 |
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 |
| = | 3314.403 | / | 2978.522 |
| | = | 1.1128 |
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)) |
| = | (38.938 / (38.938 + 318.937)) | / | (36.354 / (36.354 + 307.713)) |
| = | 0.108803 | / | 0.10566 |
| | = | 1.0297 |
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) |
| = | (108.752 / 3314.403) | / | (103.618 / 2978.522) |
| = | 0.032812 | / | 0.034788 |
| | = | 0.9432 |
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) |
| = | ((37.015 + 546.871) / 1564.757) | / | ((40.749 + 494.825) / 1484.349) |
| = | 0.373148 | / | 0.360814 |
| | = | 1.0342 |
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 |
| = | (282.213 - 0 | - | 422.757) | / | 1564.757 |
| | = | -0.089818 |
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.
Almunajem Foods has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.
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