Simplex Holdings Beneish M-Score Historical Data
The historical data trend for Simplex Holdings'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.
Simplex Holdings Beneish M-Score Chart
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Simplex Holdings Annual Data
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Trend |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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- |
- |
-2.86 |
-1.89 |
-2.46 |
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Simplex Holdings Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.89 |
-2.37 |
-2.32 |
-2.46 |
-2.46 |
Competitive Comparison of Simplex Holdings's Beneish M-Score
For the Consulting Services subindustry, Simplex Holdings'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.
Simplex Holdings's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Simplex Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Simplex Holdings's Beneish M-Score falls into.
Simplex Holdings 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 Simplex Holdings 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 * 0.9824 | + | 0.528 * 0.9744 | + | 0.404 * 0.9554 | + | 0.892 * 1.1649 | + | 0.115 * 1.4016 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.015 | + | 4.679 * -0.026941 | - | 0.327 * 1.0029 |
| = | -2.46 |
* 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 円10,093 Mil.
Revenue was 10757 + 10408 + 10139 + 9404 = 円40,708 Mil.
Gross Profit was 4471 + 4473 + 4353 + 4154 = 円17,451 Mil.
Total Current Assets was 円25,611 Mil.
Total Assets was 円79,248 Mil.
Property, Plant and Equipment(Net PPE) was 円7,253 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2,199 Mil.
Selling, General, & Admin. Expense(SGA) was 円6,354 Mil.
Total Current Liabilities was 円27,945 Mil.
Long-Term Debt & Capital Lease Obligation was 円3,805 Mil.
Net Income was 1949 + 1581 + 1523 + 1141 = 円6,194 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 2734 + 2567 + 1944 + 1084 = 円8,329 Mil.
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Total Receivables was 円8,820 Mil.
Revenue was 9138 + 8941 + 8819 + 8048 = 円34,946 Mil.
Gross Profit was 3912 + 3658 + 3671 + 3357 = 円14,598 Mil.
Total Current Assets was 円22,915 Mil.
Total Assets was 円70,266 Mil.
Property, Plant and Equipment(Net PPE) was 円4,305 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2,083 Mil.
Selling, General, & Admin. Expense(SGA) was 円5,374 Mil.
Total Current Liabilities was 円9,203 Mil.
Long-Term Debt & Capital Lease Obligation was 円18,867 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) |
| = | (10093 / 40708) | / | (8820 / 34946) |
| = | 0.247937 | / | 0.252389 |
| | = | 0.9824 |
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) |
| = | (14598 / 34946) | / | (17451 / 40708) |
| = | 0.41773 | / | 0.428687 |
| | = | 0.9744 |
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 - (25611 + 7253) / 79248) | / | (1 - (22915 + 4305) / 70266) |
| = | 0.585302 | / | 0.612615 |
| | = | 0.9554 |
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 |
| = | 40708 | / | 34946 |
| | = | 1.1649 |
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)) |
| = | (2083 / (2083 + 4305)) | / | (2199 / (2199 + 7253)) |
| = | 0.32608 | / | 0.232649 |
| | = | 1.4016 |
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) |
| = | (6354 / 40708) | / | (5374 / 34946) |
| = | 0.156087 | / | 0.15378 |
| | = | 1.015 |
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) |
| = | ((3805 + 27945) / 79248) | / | ((18867 + 9203) / 70266) |
| = | 0.400641 | / | 0.399482 |
| | = | 1.0029 |
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 |
| = | (6194 - 0 | - | 8329) | / | 79248 |
| | = | -0.026941 |
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.
Simplex Holdings has a M-score of -2.46 suggests that the company is unlikely to be a manipulator.
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