Aveo Healthcare (ASX:AEH) Beneish M-Score : 0.00 (As of May. 26, 2024)

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What is Aveo Healthcare Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

The historical rank and industry rank for Aveo Healthcare's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Aveo Healthcare was 0.00. The lowest was 0.00. And the median was 0.00.

Aveo Healthcare Beneish M-Score Historical Data

The historical data trend for Aveo Healthcare'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.

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Aveo Healthcare Beneish M-Score Chart

Aveo Healthcare Annual Data

Trend

Jun04

Jun05

Jun06

Jun07

Jun08

Jun09

Jun10

Jun11

Jun12

Jun13

Beneish M-Score

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Aveo Healthcare Semi-Annual Data
	Jun04	Dec04	Jun05	Dec05	Jun06	Dec06	Jun07	Dec07	Jun08	Dec08	Jun09	Dec09	Jun10	Dec10	Jun11	Dec11	Jun12	Dec12	Jun13	Dec13
Beneish M-Score	Get a 7-Day Free Trial															-	-	-	-	-

Competitive Comparison of Aveo Healthcare's Beneish M-Score

For the Real Estate Services subindustry, Aveo Healthcare'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.

Aveo Healthcare's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Aveo Healthcare's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Aveo Healthcare's Beneish M-Score falls into.

Aveo Healthcare 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 Aveo Healthcare for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.8971

0.528 * 1

0.404 * 1.0064

0.892 * 0.7979

0.115 * 1.0998

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3237

4.679 * -0.047095

0.327 * 1.0315

-3.03

This Year (Jun13) TTM:

Last Year (Jun12) TTM:

Total Receivables was A$10.41 Mil.
Revenue was A$25.40 Mil.
Gross Profit was A$25.40 Mil.
Total Current Assets was A$14.13 Mil.
Total Assets was A$616.04 Mil.
Property, Plant and Equipment(Net PPE) was A$0.64 Mil.
Depreciation, Depletion and Amortization(DDA) was A$0.07 Mil.
Selling, General, & Admin. Expense(SGA) was A$4.10 Mil.
Total Current Liabilities was A$298.67 Mil.
Long-Term Debt & Capital Lease Obligation was A$26.57 Mil.
Net Income was A$-3.26 Mil.
Gross Profit was A$0.00 Mil.
Cash Flow from Operations was A$25.75 Mil.

Total Receivables was A$14.55 Mil.
Revenue was A$31.84 Mil.
Gross Profit was A$31.84 Mil.
Total Current Assets was A$18.27 Mil.
Total Assets was A$627.85 Mil.
Property, Plant and Equipment(Net PPE) was A$0.70 Mil.
Depreciation, Depletion and Amortization(DDA) was A$0.08 Mil.
Selling, General, & Admin. Expense(SGA) was A$3.88 Mil.
Total Current Liabilities was A$292.12 Mil.
Long-Term Debt & Capital Lease Obligation was A$29.22 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)
	=	(10.413 / 25.404)	/	(14.547 / 31.838)
	=	0.409896	/	0.456907
	=	0.8971

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)
	=	(31.838 / 31.838)	/	(25.404 / 25.404)
	=	1	/	1
	=	1

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 - (14.128 + 0.639) / 616.036)	/	(1 - (18.274 + 0.699) / 627.848)
	=	0.976029	/	0.969781
	=	1.0064

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
	=	25.404	/	31.838
	=	0.7979

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))
	=	(0.079 / (0.079 + 0.699))	/	(0.065 / (0.065 + 0.639))
	=	0.101542	/	0.09233
	=	1.0998

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)
	=	(4.098 / 25.404)	/	(3.88 / 31.838)
	=	0.161313	/	0.121867
	=	1.3237

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)
	=	((26.568 + 298.672) / 616.036)	/	((29.224 + 292.121) / 627.848)
	=	0.527956	/	0.51182
	=	1.0315

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
	=	(-3.264 - 0	-	25.748)	/	616.036
	=	-0.047095

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.

Aveo Healthcare has a M-score of -3.03 suggests that the company is unlikely to be a manipulator.

Aveo Healthcare Beneish M-Score Related Terms

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Aveo Healthcare (ASX:AEH) Business Description

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Address

Website

http://aveohealthcare.com.au

Aveo Healthcare Ltd provides retirement communities in South-East Queensland. The Company's healthcare's portfolio comprises five retirement villages, located in Albany Creet, Clayfield, Cleveland, Durack and Taringa.