Meta PCL Beneish M-Score Historical Data
The historical data trend for Meta PCL'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.
Meta PCL Beneish M-Score Chart
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Meta PCL Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.18 |
45.41 |
3.92 |
-4.77 |
- |
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Meta PCL Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-4.41 |
-4.64 |
14.01 |
- |
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Competitive Comparison of Meta PCL's Beneish M-Score
For the Utilities - Renewable subindustry, Meta PCL'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.
Meta PCL's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Meta PCL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Meta PCL's Beneish M-Score falls into.
Meta PCL 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 Meta PCL 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 * | + | 0.528 * | + | 0.404 * | + | 0.892 * | + | 0.115 * |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * | + | 4.679 * | - | 0.327 * |
| = | |
* 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 (Mar23) TTM: |
Total Receivables was ฿817.35 Mil.
Revenue was 0 + 0 + 0 + 0 = ฿0.00 Mil.
Gross Profit was -0.795 + -0.741 + -1.219 + -0.524 = ฿-3.28 Mil.
Total Current Assets was ฿3,590.56 Mil.
Total Assets was ฿4,703.62 Mil.
Property, Plant and Equipment(Net PPE) was ฿48.83 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿23.95 Mil.
Selling, General, & Admin. Expense(SGA) was ฿142.28 Mil.
Total Current Liabilities was ฿2,560.50 Mil.
Long-Term Debt & Capital Lease Obligation was ฿20.93 Mil.
Net Income was -19.025 + -49.084 + -21.978 + -25.612 = ฿-115.70 Mil.
Non Operating Income was 5.395 + -50.594 + 2.469 + 3.067 = ฿-39.66 Mil.
Cash Flow from Operations was -27.187 + -65.575 + -59.225 + -2.686 = ฿-154.67 Mil.
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Total Receivables was ฿610.86 Mil.
Revenue was 0 + 0.161 + 3.239 + 3.492 = ฿6.89 Mil.
Gross Profit was -0.518 + -0.713 + -0.615 + -0.342 = ฿-2.19 Mil.
Total Current Assets was ฿3,243.03 Mil.
Total Assets was ฿4,378.54 Mil.
Property, Plant and Equipment(Net PPE) was ฿32.61 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿26.97 Mil.
Selling, General, & Admin. Expense(SGA) was ฿103.89 Mil.
Total Current Liabilities was ฿2,348.28 Mil.
Long-Term Debt & Capital Lease Obligation was ฿9.76 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) |
| = | (817.345 / 0) | / | (610.862 / 6.892) |
| = | | / | 88.633488 |
| | = | |
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) |
| = | (-2.188 / 6.892) | / | (-3.279 / 0) |
| = | -0.31747 | / | |
| | = | |
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 - (3590.557 + 48.834) / 4703.616) | / | (1 - (3243.034 + 32.606) / 4378.54) |
| = | 0.226257 | / | 0.251888 |
| | = | |
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 |
| = | 0 | / | 6.892 |
| | = | |
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)) |
| = | (26.973 / (26.973 + 32.606)) | / | (23.95 / (23.95 + 48.834)) |
| = | 0.452727 | / | 0.329056 |
| | = | |
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) |
| = | (142.282 / 0) | / | (103.885 / 6.892) |
| = | | / | 15.073273 |
| | = | |
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) |
| = | ((20.933 + 2560.498) / 4703.616) | / | ((9.756 + 2348.277) / 4378.54) |
| = | 0.548818 | / | 0.538543 |
| | = | |
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 |
| = | (-115.699 - -39.663 | - | -154.673) | / | 4703.616 |
| | = | 0.016718 |
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.
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