Carson Cumberbatch (COL:CARS.N0000) Beneish M-Score : -3.07 (As of Jun. 01, 2024)

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What is Carson Cumberbatch 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 -3.07 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

COL:CARS.N0000' s Beneish M-Score Range Over the Past 10 Years
Min: -3.22 Med: -2.58 Max: -1.84
Current: -3.07

During the past 13 years, the highest Beneish M-Score of Carson Cumberbatch was -1.84. The lowest was -3.22. And the median was -2.58.

Carson Cumberbatch Beneish M-Score Historical Data

The historical data trend for Carson Cumberbatch'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.

* Premium members only.

Carson Cumberbatch Beneish M-Score Chart

Carson Cumberbatch Annual Data

Trend

Mar14

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Beneish M-Score

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-2.80

-2.56

-2.50

-2.14

-2.67

Carson Cumberbatch 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															-1.94	-2.67	-3.19	-3.18	-3.07

Competitive Comparison of Carson Cumberbatch's Beneish M-Score

For the Conglomerates subindustry, Carson Cumberbatch'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.

Carson Cumberbatch's Beneish M-Score Distribution in the Conglomerates Industry

For the Conglomerates industry and Industrials sector, Carson Cumberbatch's Beneish M-Score distribution charts can be found below:

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

Carson Cumberbatch 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 Carson Cumberbatch 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 * 0.694

0.528 * 1.1592

0.404 * 1.1589

0.892 * 0.9055

0.115 * 0.8914

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1688

4.679 * -0.082373

0.327 * 0.8385

-3.07

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was රු22,574 Mil.
Revenue was 69611.387 + 69896.223 + 64737.579 + 76467.46 = රු280,713 Mil.
Gross Profit was 19138.747 + 20437.83 + 17407.099 + 15629.387 = රු72,613 Mil.
Total Current Assets was රු97,733 Mil.
Total Assets was රු301,515 Mil.
Property, Plant and Equipment(Net PPE) was රු148,348 Mil.
Depreciation, Depletion and Amortization(DDA) was රු11,132 Mil.
Selling, General, & Admin. Expense(SGA) was රු33,919 Mil.
Total Current Liabilities was රු68,807 Mil.
Long-Term Debt & Capital Lease Obligation was රු62,193 Mil.
Net Income was 1740.922 + 4259.035 + 2099.831 + 746.806 = රු8,847 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = රු0 Mil.
Cash Flow from Operations was 6861.476 + 5128.352 + 6417.725 + 15275.61 = රු33,683 Mil.

Total Receivables was රු35,921 Mil.
Revenue was 79921.892 + 94128.828 + 79940.51 + 56001.279 = රු309,993 Mil.
Gross Profit was 23407.079 + 27959.297 + 25990.76 + 15598.869 = රු92,956 Mil.
Total Current Assets was රු128,024 Mil.
Total Assets was රු334,260 Mil.
Property, Plant and Equipment(Net PPE) was රු153,206 Mil.
Depreciation, Depletion and Amortization(DDA) was රු10,166 Mil.
Selling, General, & Admin. Expense(SGA) was රු32,048 Mil.
Total Current Liabilities was රු89,627 Mil.
Long-Term Debt & Capital Lease Obligation was රු83,580 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)
	=	(22573.727 / 280712.649)	/	(35921.017 / 309992.509)
	=	0.080416	/	0.115877
	=	0.694

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)
	=	(92956.005 / 309992.509)	/	(72613.063 / 280712.649)
	=	0.299865	/	0.258674
	=	1.1592

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 - (97732.997 + 148347.673) / 301514.599)	/	(1 - (128023.665 + 153205.993) / 334259.659)
	=	0.183852	/	0.158649
	=	1.1589

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
	=	280712.649	/	309992.509
	=	0.9055

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))
	=	(10165.609 / (10165.609 + 153205.993))	/	(11132.202 / (11132.202 + 148347.673))
	=	0.062224	/	0.069803
	=	0.8914

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)
	=	(33918.594 / 280712.649)	/	(32047.731 / 309992.509)
	=	0.12083	/	0.103382
	=	1.1688

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)
	=	((62193.333 + 68806.793) / 301514.599)	/	((83579.968 + 89627.254) / 334259.659)
	=	0.434474	/	0.518182
	=	0.8385

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
	=	(8846.594 - 0	-	33683.163)	/	301514.599
	=	-0.082373

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.

Carson Cumberbatch has a M-score of -3.07 suggests that the company is unlikely to be a manipulator.

Carson Cumberbatch Beneish M-Score Related Terms

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Carson Cumberbatch (COL:CARS.N0000) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Conglomerates » Carson Cumberbatch PLC (COL:CARS.N0000) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

No. 61, Janadhipathi Mawatha, Colombo, LKA, 01

Website

https://www.carsoncumberbatch.com

Carson Cumberbatch PLC is a Sri Lanka-based company. The company's industry segment activities have been broadly classified into eight segments: Investment Holdings, Portfolio and Asset Management, Oil Palm Plantations, Beverage, Real-Estate, Leisure, Oils & Fats, and Management Services based on the nature of the product or service rendered. Geographically, the company derives revenues from Sri Lanka, Malaysia, Indonesia, Singapore, India, and Mauritius.

Carson Cumberbatch (COL:CARS.N0000) Headlines

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