Interfor Beneish M-Score Historical Data
The historical data trend for Interfor'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.
Interfor Beneish M-Score Chart
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Interfor Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.08 |
-3.16 |
-2.60 |
-1.51 |
-0.64 |
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Interfor 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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-1.51 |
-1.71 |
-0.14 |
0.47 |
-0.64 |
Competitive Comparison of Interfor's Beneish M-Score
For the Lumber & Wood Production subindustry, Interfor'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.
Interfor's Beneish M-Score Distribution in the Forest Products Industry
For the Forest Products industry and Basic Materials sector, Interfor's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Interfor's Beneish M-Score falls into.
Interfor 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 Interfor 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 * 1.2563 | + | 0.528 * 5.5425 | + | 0.404 * 1.0361 | + | 0.892 * 0.7233 | + | 0.115 * 0.8296 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.7556 | + | 4.679 * -0.078347 | - | 0.327 * 1.1357 |
| = | -0.64 |
* 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 C$253 Mil.
Revenue was 785.9 + 828.1 + 871.8 + 829.882 = C$3,316 Mil.
Gross Profit was -19.6 + 50 + 73.3 + 53.15 = C$157 Mil.
Total Current Assets was C$674 Mil.
Total Assets was C$3,400 Mil.
Property, Plant and Equipment(Net PPE) was C$1,650 Mil.
Depreciation, Depletion and Amortization(DDA) was C$228 Mil.
Selling, General, & Admin. Expense(SGA) was C$75 Mil.
Total Current Liabilities was C$336 Mil.
Long-Term Debt & Capital Lease Obligation was C$877 Mil.
Net Income was -169 + -42.4 + -14.1 + -41.289 = C$-267 Mil.
Non Operating Income was -108.5 + -16.2 + 11.8 + -7.197 = C$-120 Mil.
Cash Flow from Operations was -25.9 + 107.2 + 123 + -84.588 = C$120 Mil.
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Total Receivables was C$278 Mil.
Revenue was 810.3 + 1035.6 + 1389.1 + 1349.038 = C$4,584 Mil.
Gross Profit was -35.8 + 132.7 + 489.8 + 615.208 = C$1,202 Mil.
Total Current Assets was C$779 Mil.
Total Assets was C$3,620 Mil.
Property, Plant and Equipment(Net PPE) was C$1,735 Mil.
Depreciation, Depletion and Amortization(DDA) was C$195 Mil.
Selling, General, & Admin. Expense(SGA) was C$59 Mil.
Total Current Liabilities was C$326 Mil.
Long-Term Debt & Capital Lease Obligation was C$811 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) |
| = | (252.8 / 3315.682) | / | (278.2 / 4584.038) |
| = | 0.076244 | / | 0.060689 |
| | = | 1.2563 |
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) |
| = | (1201.908 / 4584.038) | / | (156.85 / 3315.682) |
| = | 0.262194 | / | 0.047306 |
| | = | 5.5425 |
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 - (673.9 + 1650) / 3400.3) | / | (1 - (778.6 + 1735.2) / 3619.8) |
| = | 0.31656 | / | 0.305542 |
| | = | 1.0361 |
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 |
| = | 3315.682 | / | 4584.038 |
| | = | 0.7233 |
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)) |
| = | (194.737 / (194.737 + 1735.2)) | / | (228.489 / (228.489 + 1650)) |
| = | 0.100903 | / | 0.121634 |
| | = | 0.8296 |
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) |
| = | (74.537 / 3315.682) | / | (58.699 / 4584.038) |
| = | 0.02248 | / | 0.012805 |
| | = | 1.7556 |
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) |
| = | ((876.7 + 336.2) / 3400.3) | / | ((811 + 325.9) / 3619.8) |
| = | 0.356704 | / | 0.314078 |
| | = | 1.1357 |
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 |
| = | (-266.789 - -120.097 | - | 119.712) | / | 3400.3 |
| | = | -0.078347 |
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.
Interfor has a M-score of -0.64 signals that the company is likely to be a manipulator.
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