Navarino Beneish M-Score Historical Data
The historical data trend for Navarino'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.
Navarino Beneish M-Score Chart
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Navarino Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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1.16 |
-3.62 |
20.80 |
11.69 |
-1.53 |
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Navarino Quarterly Data
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Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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1,505.05 |
11.69 |
-10.91 |
0.06 |
-1.53 |
Competitive Comparison of Navarino's Beneish M-Score
For the Marine Shipping subindustry, Navarino'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.
Navarino's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Navarino's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Navarino's Beneish M-Score falls into.
Navarino 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 Navarino 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 * 0.1636 | + | 0.528 * -2.6842 | + | 0.404 * 0.9106 | + | 0.892 * 5.1004 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.2202 | + | 4.679 * 0.031922 | - | 0.327 * 1.7493 |
| = | -1.53 |
* 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 (Sep22) TTM: |
Total Receivables was CLP1,606 Mil.
Revenue was 1021.96 + 1100.164 + 659.136 + 37.8 = CLP2,819 Mil.
Gross Profit was 869.483 + 881.342 + 908.321 + -146.198 = CLP2,513 Mil.
Total Current Assets was CLP235,533 Mil.
Total Assets was CLP302,494 Mil.
Property, Plant and Equipment(Net PPE) was CLP0 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP0 Mil.
Selling, General, & Admin. Expense(SGA) was CLP246 Mil.
Total Current Liabilities was CLP4,251 Mil.
Long-Term Debt & Capital Lease Obligation was CLP0 Mil.
Net Income was 7723.241 + -1442.963 + 7672.534 + 808.264 = CLP14,761 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was 2791.03 + 2102.801 + 0 + 210.903 = CLP5,105 Mil.
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Total Receivables was CLP1,924 Mil.
Revenue was 351.853 + 99.455 + 28.789 + 72.614 = CLP553 Mil.
Gross Profit was 720.539 + -759.04 + -494.042 + -789.932 = CLP-1,322 Mil.
Total Current Assets was CLP211,283 Mil.
Total Assets was CLP279,139 Mil.
Property, Plant and Equipment(Net PPE) was CLP0 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP0 Mil.
Selling, General, & Admin. Expense(SGA) was CLP219 Mil.
Total Current Liabilities was CLP2,242 Mil.
Long-Term Debt & Capital Lease Obligation was CLP0 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) |
| = | (1605.636 / 2819.06) | / | (1923.861 / 552.711) |
| = | 0.569564 | / | 3.480772 |
| | = | 0.1636 |
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) |
| = | (-1322.475 / 552.711) | / | (2512.948 / 2819.06) |
| = | -2.392706 | / | 0.891413 |
| | = | -2.6842 |
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 - (235532.933 + 0) / 302494.493) | / | (1 - (211282.62 + 0) / 279138.98) |
| = | 0.221365 | / | 0.243092 |
| | = | 0.9106 |
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 |
| = | 2819.06 | / | 552.711 |
| | = | 5.1004 |
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)) |
| = | (0 / (0 + 0)) | / | (0 / (0 + 0)) |
| = | | / | |
| | = | 1 |
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) |
| = | (245.702 / 2819.06) | / | (218.761 / 552.711) |
| = | 0.087157 | / | 0.395796 |
| | = | 0.2202 |
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) |
| = | ((0 + 4250.764) / 302494.493) | / | ((0 + 2242.295) / 279138.98) |
| = | 0.014052 | / | 0.008033 |
| | = | 1.7493 |
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 |
| = | (14761.076 - 0 | - | 5104.734) | / | 302494.493 |
| | = | 0.031922 |
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.
Navarino has a M-score of -1.53 signals that the company is likely to be a manipulator.
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