Ashtrom Group Beneish M-Score Historical Data
The historical data trend for Ashtrom Group'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.
Ashtrom Group Beneish M-Score Chart
|
Ashtrom Group Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.50 |
-2.57 |
-2.72 |
-1.93 |
-2.76 |
|
Ashtrom Group Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-1.93 |
-1.76 |
-1.70 |
-2.01 |
-2.76 |
Competitive Comparison of Ashtrom Group's Beneish M-Score
For the Real Estate - Development subindustry, Ashtrom Group'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.
Ashtrom Group's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Ashtrom Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ashtrom Group's Beneish M-Score falls into.
Ashtrom Group 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 Ashtrom Group 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 * 0.7752 | + | 0.528 * 1.0413 | + | 0.404 * 0.9734 | + | 0.892 * 0.9352 | + | 0.115 * 1.6833 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3463 | + | 4.679 * -0.00531 | - | 0.327 * 1.0713 |
| = | -2.76 |
* 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 ₪1,145 Mil.
Revenue was 1015.869 + 1288.04 + 1260.54 + 1254.471 = ₪4,819 Mil.
Gross Profit was 205.674 + 256.513 + 265.106 + 263.253 = ₪991 Mil.
Total Current Assets was ₪4,932 Mil.
Total Assets was ₪21,377 Mil.
Property, Plant and Equipment(Net PPE) was ₪4,599 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪85 Mil.
Selling, General, & Admin. Expense(SGA) was ₪133 Mil.
Total Current Liabilities was ₪4,604 Mil.
Long-Term Debt & Capital Lease Obligation was ₪11,260 Mil.
Net Income was -154.264 + 22.152 + 116.159 + 46.908 = ₪31 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₪0 Mil.
Cash Flow from Operations was 377.223 + 330.155 + 127.613 + -690.52 = ₪144 Mil.
|
Total Receivables was ₪1,580 Mil.
Revenue was 1306.336 + 1374.758 + 1241.019 + 1230.8 = ₪5,153 Mil.
Gross Profit was 270.443 + 280.527 + 270.515 + 281.429 = ₪1,103 Mil.
Total Current Assets was ₪5,178 Mil.
Total Assets was ₪18,234 Mil.
Property, Plant and Equipment(Net PPE) was ₪2,675 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪84 Mil.
Selling, General, & Admin. Expense(SGA) was ₪106 Mil.
Total Current Liabilities was ₪4,485 Mil.
Long-Term Debt & Capital Lease Obligation was ₪8,145 Mil.
|
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) |
| = | (1145.101 / 4818.92) | / | (1579.635 / 5152.913) |
| = | 0.237626 | / | 0.306552 |
| | = | 0.7752 |
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) |
| = | (1102.914 / 5152.913) | / | (990.546 / 4818.92) |
| = | 0.214037 | / | 0.205554 |
| | = | 1.0413 |
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 - (4931.584 + 4598.6) / 21376.759) | / | (1 - (5177.586 + 2675.164) / 18233.572) |
| = | 0.55418 | / | 0.569325 |
| | = | 0.9734 |
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 |
| = | 4818.92 | / | 5152.913 |
| | = | 0.9352 |
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)) |
| = | (83.922 / (83.922 + 2675.164)) | / | (84.625 / (84.625 + 4598.6)) |
| = | 0.030417 | / | 0.01807 |
| | = | 1.6833 |
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) |
| = | (133.22 / 4818.92) | / | (105.808 / 5152.913) |
| = | 0.027645 | / | 0.020534 |
| | = | 1.3463 |
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) |
| = | ((11259.538 + 4603.561) / 21376.759) | / | ((8145.434 + 4484.925) / 18233.572) |
| = | 0.742072 | / | 0.692698 |
| | = | 1.0713 |
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 |
| = | (30.955 - 0 | - | 144.471) | / | 21376.759 |
| | = | -0.00531 |
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.
Ashtrom Group has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
XTAE:ASHG has been successfully added to your