DL E&C Co Beneish M-Score Historical Data
The historical data trend for DL E&C Co'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.
DL E&C Co Beneish M-Score Chart
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DL E&C Co Annual Data
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Trend |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-2.28 |
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DL E&C Co Quarterly Data
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Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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- |
-2.02 |
-2.12 |
-1.89 |
-2.28 |
Competitive Comparison of DL E&C Co's Beneish M-Score
For the Engineering & Construction subindustry, DL E&C Co'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.
DL E&C Co's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, DL E&C Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where DL E&C Co's Beneish M-Score falls into.
DL E&C Co 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 DL E&C Co 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 * 1.0564 | + | 0.528 * 1.2693 | + | 0.404 * 0.9647 | + | 0.892 * 1.0659 | + | 0.115 * 0.9114 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9654 | + | 4.679 * -0.004652 | - | 0.327 * 1.0331 |
| = | -2.28 |
* 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 ₩2,288,292 Mil.
Revenue was 2332994.791 + 1837421.187 + 1970578.742 + 1850068.897 = ₩7,991,064 Mil.
Gross Profit was 221151.925 + 176661.684 + 191375.904 + 192921.072 = ₩782,111 Mil.
Total Current Assets was ₩5,782,746 Mil.
Total Assets was ₩9,344,059 Mil.
Property, Plant and Equipment(Net PPE) was ₩203,877 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩87,741 Mil.
Selling, General, & Admin. Expense(SGA) was ₩160,764 Mil.
Total Current Liabilities was ₩3,748,598 Mil.
Long-Term Debt & Capital Lease Obligation was ₩687,276 Mil.
Net Income was 3526.247 + 64495.865 + 29923.85 + 89915.775 = ₩187,862 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 435036.861 + -295900.705 + -4293.845 + 96487.133 = ₩231,329 Mil.
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Total Receivables was ₩2,032,229 Mil.
Revenue was 2256254.316 + 1848874.571 + 1876952.458 + 1514742.334 = ₩7,496,824 Mil.
Gross Profit was 263924.183 + 194160.56 + 240093.854 + 233146.639 = ₩931,325 Mil.
Total Current Assets was ₩5,403,769 Mil.
Total Assets was ₩8,974,717 Mil.
Property, Plant and Equipment(Net PPE) was ₩228,094 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩86,181 Mil.
Selling, General, & Admin. Expense(SGA) was ₩156,234 Mil.
Total Current Liabilities was ₩3,210,694 Mil.
Long-Term Debt & Capital Lease Obligation was ₩913,511 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) |
| = | (2288292.252 / 7991063.617) | / | (2032228.874 / 7496823.679) |
| = | 0.286356 | / | 0.271079 |
| | = | 1.0564 |
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) |
| = | (931325.236 / 7496823.679) | / | (782110.585 / 7991063.617) |
| = | 0.124229 | / | 0.097873 |
| | = | 1.2693 |
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 - (5782745.972 + 203877.413) / 9344058.758) | / | (1 - (5403768.958 + 228094.225) / 8974717.444) |
| = | 0.359312 | / | 0.372475 |
| | = | 0.9647 |
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 |
| = | 7991063.617 | / | 7496823.679 |
| | = | 1.0659 |
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)) |
| = | (86181 / (86181 + 228094.225)) | / | (87741 / (87741 + 203877.413)) |
| = | 0.274221 | / | 0.300876 |
| | = | 0.9114 |
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) |
| = | (160764.192 / 7991063.617) | / | (156234.03 / 7496823.679) |
| = | 0.020118 | / | 0.02084 |
| | = | 0.9654 |
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) |
| = | ((687276.076 + 3748597.999) / 9344058.758) | / | ((913511.021 + 3210693.539) / 8974717.444) |
| = | 0.474727 | / | 0.459536 |
| | = | 1.0331 |
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 |
| = | (187861.737 - 0 | - | 231329.444) | / | 9344058.758 |
| | = | -0.004652 |
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.
DL E&C Co has a M-score of -2.28 suggests that the company is unlikely to be a manipulator.
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