Talaat Moustafa Group Holding (CAI:TMGH) Beneish M-Score : -2.35 (As of May. 21, 2024)

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What is Talaat Moustafa Group Holding 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.

Good Sign:

Beneish M-Score -2.35 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Talaat Moustafa Group Holding's Beneish M-Score or its related term are showing as below:

CAI:TMGH' s Beneish M-Score Range Over the Past 10 Years
Min: -3.06 Med: -2.5 Max: 7.61
Current: -2.35

During the past 13 years, the highest Beneish M-Score of Talaat Moustafa Group Holding was 7.61. The lowest was -3.06. And the median was -2.50.

Talaat Moustafa Group Holding Beneish M-Score Historical Data

The historical data trend for Talaat Moustafa Group Holding'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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Talaat Moustafa Group Holding Beneish M-Score Chart

Talaat Moustafa Group Holding Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.06

-2.87

7.61

-2.57

-2.35

Talaat Moustafa Group Holding 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															-2.57	-2.26	-2.06	-2.21	-2.35

Competitive Comparison of Talaat Moustafa Group Holding's Beneish M-Score

For the Real Estate - Development subindustry, Talaat Moustafa Group Holding'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.

Talaat Moustafa Group Holding's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Talaat Moustafa Group Holding's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Talaat Moustafa Group Holding's Beneish M-Score falls into.

Talaat Moustafa Group Holding 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 Talaat Moustafa Group Holding 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 * 0.924

0.528 * 1.0489

0.404 * 0.7754

0.892 * 1.4192

0.115 * 0.8195

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.632

4.679 * -0.021396

0.327 * 1.1701

-2.35

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was E£57,831 Mil.
Revenue was 10016.915 + 7707.405 + 6269.628 + 2867.63 = E£26,862 Mil.
Gross Profit was 3039.843 + 2204.771 + 1830.67 + 822.304 = E£7,898 Mil.
Total Current Assets was E£163,784 Mil.
Total Assets was E£202,034 Mil.
Property, Plant and Equipment(Net PPE) was E£19,701 Mil.
Depreciation, Depletion and Amortization(DDA) was E£492 Mil.
Selling, General, & Admin. Expense(SGA) was E£1,004 Mil.
Total Current Liabilities was E£129,184 Mil.
Long-Term Debt & Capital Lease Obligation was E£31,961 Mil.
Net Income was 629.315 + 1123.83 + 812.736 + 747.46 = E£3,313 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = E£0 Mil.
Cash Flow from Operations was 1720.235 + 2280.809 + 3439.291 + 195.739 = E£7,636 Mil.

Total Receivables was E£44,103 Mil.
Revenue was 5955.025 + 6822.029 + 4069.052 + 2081.16 = E£18,927 Mil.
Gross Profit was 1896.734 + 2010.087 + 1245.005 + 685.162 = E£5,837 Mil.
Total Current Assets was E£126,573 Mil.
Total Assets was E£162,718 Mil.
Property, Plant and Equipment(Net PPE) was E£16,877 Mil.
Depreciation, Depletion and Amortization(DDA) was E£344 Mil.
Selling, General, & Admin. Expense(SGA) was E£1,119 Mil.
Total Current Liabilities was E£104,097 Mil.
Long-Term Debt & Capital Lease Obligation was E£6,824 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)
	=	(57831.271 / 26861.578)	/	(44103.022 / 18927.266)
	=	2.152936	/	2.330132
	=	0.924

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)
	=	(5836.988 / 18927.266)	/	(7897.588 / 26861.578)
	=	0.30839	/	0.294011
	=	1.0489

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 - (163783.564 + 19701.026) / 202034.498)	/	(1 - (126573.469 + 16877.144) / 162718.07)
	=	0.091816	/	0.11841
	=	0.7754

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
	=	26861.578	/	18927.266
	=	1.4192

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))
	=	(343.734 / (343.734 + 16877.144))	/	(491.823 / (491.823 + 19701.026))
	=	0.01996	/	0.024356
	=	0.8195

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)
	=	(1004.06 / 26861.578)	/	(1119.459 / 18927.266)
	=	0.037379	/	0.059145
	=	0.632

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)
	=	((31960.85 + 129183.99) / 202034.498)	/	((6823.812 + 104096.826) / 162718.07)
	=	0.797611	/	0.681674
	=	1.1701

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
	=	(3313.341 - 0	-	7636.074)	/	202034.498
	=	-0.021396

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.

Talaat Moustafa Group Holding has a M-score of -2.35 suggests that the company is unlikely to be a manipulator.

Talaat Moustafa Group Holding Beneish M-Score Related Terms

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Talaat Moustafa Group Holding (CAI:TMGH) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Talaat Moustafa Group Holding (CAI:TMGH) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

34/36 Mussadak Street, Dokki, Giza, EGY

Website

http://www.talaatmoustafa.com

Talaat Moustafa Group Holding is a holding conglomerate developing integrated communities, including but not limited to mixed-use real estate and hospitality projects. Its segments include Real estate and Tourism.

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