Grenevia Beneish M-Score Historical Data
The historical data trend for Grenevia'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.
Grenevia Beneish M-Score Chart
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Grenevia Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.18 |
-3.76 |
-2.88 |
-2.09 |
-2.22 |
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Grenevia Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.09 |
-1.40 |
-1.71 |
-2.22 |
-2.25 |
Competitive Comparison of Grenevia's Beneish M-Score
For the Farm & Heavy Construction Machinery subindustry, Grenevia'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.
Grenevia's Beneish M-Score Distribution in the Farm & Heavy Construction Machinery Industry
For the Farm & Heavy Construction Machinery industry and Industrials sector, Grenevia's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Grenevia's Beneish M-Score falls into.
Grenevia 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 Grenevia 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 * 0.9345 | + | 0.528 * 1.0293 | + | 0.404 * 1.0937 | + | 0.892 * 1.3673 | + | 0.115 * 2.0739 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9893 | + | 4.679 * -0.048896 | - | 0.327 * 0.951 |
| = | -2.25 |
* 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 (Dec22) TTM: |
Total Receivables was zł736 Mil.
Revenue was 532 + 502 + 368 + 370 = zł1,772 Mil.
Gross Profit was 203 + 139 + 155 + 126 = zł623 Mil.
Total Current Assets was zł2,242 Mil.
Total Assets was zł3,804 Mil.
Property, Plant and Equipment(Net PPE) was zł1,104 Mil.
Depreciation, Depletion and Amortization(DDA) was zł172 Mil.
Selling, General, & Admin. Expense(SGA) was zł257 Mil.
Total Current Liabilities was zł584 Mil.
Long-Term Debt & Capital Lease Obligation was zł939 Mil.
Net Income was 55 + 16 + 73 + 60 = zł204 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0 Mil.
Cash Flow from Operations was -15 + 559 + 0 + -154 = zł390 Mil.
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Total Receivables was zł576 Mil.
Revenue was 439 + 307 + 290 + 260 = zł1,296 Mil.
Gross Profit was 152 + 102 + 114 + 101 = zł469 Mil.
Total Current Assets was zł2,882 Mil.
Total Assets was zł3,670 Mil.
Property, Plant and Equipment(Net PPE) was zł384 Mil.
Depreciation, Depletion and Amortization(DDA) was zł149 Mil.
Selling, General, & Admin. Expense(SGA) was zł190 Mil.
Total Current Liabilities was zł916 Mil.
Long-Term Debt & Capital Lease Obligation was zł629 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) |
| = | (736 / 1772) | / | (576 / 1296) |
| = | 0.41535 | / | 0.444444 |
| | = | 0.9345 |
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) |
| = | (469 / 1296) | / | (623 / 1772) |
| = | 0.361883 | / | 0.35158 |
| | = | 1.0293 |
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 - (2242 + 1104) / 3804) | / | (1 - (2882 + 384) / 3670) |
| = | 0.1204 | / | 0.110082 |
| | = | 1.0937 |
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 |
| = | 1772 | / | 1296 |
| | = | 1.3673 |
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)) |
| = | (149 / (149 + 384)) | / | (172 / (172 + 1104)) |
| = | 0.27955 | / | 0.134796 |
| | = | 2.0739 |
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) |
| = | (257 / 1772) | / | (190 / 1296) |
| = | 0.145034 | / | 0.146605 |
| | = | 0.9893 |
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) |
| = | ((939 + 584) / 3804) | / | ((629 + 916) / 3670) |
| = | 0.400368 | / | 0.420981 |
| | = | 0.951 |
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 |
| = | (204 - 0 | - | 390) | / | 3804 |
| | = | -0.048896 |
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.
Grenevia has a M-score of -2.25 suggests that the company is unlikely to be a manipulator.
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