Soho House Beneish M-Score Historical Data
The historical data trend for Soho House'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.
Soho House Beneish M-Score Chart
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Soho House Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-2.25 |
-2.25 |
-2.52 |
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Soho House Quarterly Data
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Dec18 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.32 |
-2.30 |
-2.23 |
-2.52 |
-2.71 |
Competitive Comparison of Soho House's Beneish M-Score
For the Lodging subindustry, Soho House'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.
Soho House's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Soho House's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Soho House's Beneish M-Score falls into.
Soho House 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 Soho House 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 * 1.074 | + | 0.528 * 0.9631 | + | 0.404 * 0.9803 | + | 0.892 * 1.065 | + | 0.115 * 0.9277 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0191 | + | 4.679 * -0.065656 | - | 0.327 * 1.0586 |
| = | -2.72 |
* 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 €165 Mil.
Revenue was 242.094 + 266.654 + 281.997 + 266.676 = €1,057 Mil.
Gross Profit was 102.596 + 132.266 + 144.745 + 126.054 = €506 Mil.
Total Current Assets was €372 Mil.
Total Assets was €2,322 Mil.
Property, Plant and Equipment(Net PPE) was €1,624 Mil.
Depreciation, Depletion and Amortization(DDA) was €104 Mil.
Selling, General, & Admin. Expense(SGA) was €154 Mil.
Total Current Liabilities was €411 Mil.
Long-Term Debt & Capital Lease Obligation was €2,052 Mil.
Net Income was -42.357 + -52.264 + -39.693 + -2.44 = €-137 Mil.
Non Operating Income was -4.636 + -34.761 + -26.928 + 17.42 = €-49 Mil.
Cash Flow from Operations was 6.889 + 17.731 + 20.797 + 19.17 = €65 Mil.
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Total Receivables was €144 Mil.
Revenue was 238.365 + 255.248 + 268.706 + 230.606 = €993 Mil.
Gross Profit was 103.895 + 119.266 + 128.102 + 106.044 = €457 Mil.
Total Current Assets was €350 Mil.
Total Assets was €2,332 Mil.
Property, Plant and Equipment(Net PPE) was €1,647 Mil.
Depreciation, Depletion and Amortization(DDA) was €97 Mil.
Selling, General, & Admin. Expense(SGA) was €142 Mil.
Total Current Liabilities was €372 Mil.
Long-Term Debt & Capital Lease Obligation was €1,965 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) |
| = | (164.67 / 1057.421) | / | (143.973 / 992.925) |
| = | 0.155728 | / | 0.144999 |
| | = | 1.074 |
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) |
| = | (457.307 / 992.925) | / | (505.661 / 1057.421) |
| = | 0.460566 | / | 0.478202 |
| | = | 0.9631 |
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 - (371.557 + 1624.001) / 2321.733) | / | (1 - (350.443 + 1647.167) / 2331.781) |
| = | 0.140488 | / | 0.143311 |
| | = | 0.9803 |
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 |
| = | 1057.421 | / | 992.925 |
| | = | 1.065 |
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)) |
| = | (97.456 / (97.456 + 1647.167)) | / | (104.049 / (104.049 + 1624.001)) |
| = | 0.055861 | / | 0.060212 |
| | = | 0.9277 |
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) |
| = | (153.86 / 1057.421) | / | (141.761 / 992.925) |
| = | 0.145505 | / | 0.142771 |
| | = | 1.0191 |
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) |
| = | ((2051.609 + 411.069) / 2321.733) | / | ((1964.541 + 371.818) / 2331.781) |
| = | 1.060707 | / | 1.001963 |
| | = | 1.0586 |
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 |
| = | (-136.754 - -48.905 | - | 64.587) | / | 2321.733 |
| | = | -0.065656 |
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.
Soho House has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
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