MIRAI Beneish M-Score Historical Data
The historical data trend for MIRAI'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.
MIRAI Beneish M-Score Chart
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MIRAI Annual Data
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Trend |
Oct16 |
Oct17 |
Oct18 |
Oct19 |
Oct20 |
Oct21 |
Oct22 |
| Beneish M-Score |
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-2.45 |
-2.47 |
-2.98 |
-1.97 |
-2.29 |
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MIRAI Semi-Annual Data
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May16 |
Apr17 |
Oct17 |
Apr18 |
Oct18 |
Apr19 |
Oct19 |
Apr20 |
Oct20 |
Apr21 |
Oct21 |
Apr22 |
Oct22 |
Apr23 |
| Beneish M-Score |
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- |
-1.97 |
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-2.29 |
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Competitive Comparison of MIRAI's Beneish M-Score
For the REIT - Diversified subindustry, MIRAI'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.
MIRAI's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, MIRAI's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where MIRAI's Beneish M-Score falls into.
MIRAI 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 MIRAI 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 * 1.0537 | + | 0.528 * 1.0007 | + | 0.404 * 1.3687 | + | 0.892 * 0.9825 | + | 0.115 * 0.987 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9616 | + | 4.679 * -0.018925 | - | 0.327 * 1.0009 |
| = | -2.38 |
* 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 (Oct22) TTM: | Last Year (Oct21) TTM: |
Total Receivables was €1.79 Mil.
Revenue was €75.52 Mil.
Gross Profit was €43.10 Mil.
Total Current Assets was €52.05 Mil.
Total Assets was €1,192.68 Mil.
Property, Plant and Equipment(Net PPE) was €1,136.64 Mil.
Depreciation, Depletion and Amortization(DDA) was €8.99 Mil.
Selling, General, & Admin. Expense(SGA) was €6.62 Mil.
Total Current Liabilities was €87.74 Mil.
Long-Term Debt & Capital Lease Obligation was €507.32 Mil.
Net Income was €31.54 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €54.11 Mil.
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Total Receivables was €1.73 Mil.
Revenue was €76.87 Mil.
Gross Profit was €43.90 Mil.
Total Current Assets was €40.31 Mil.
Total Assets was €1,228.57 Mil.
Property, Plant and Equipment(Net PPE) was €1,185.26 Mil.
Depreciation, Depletion and Amortization(DDA) was €9.25 Mil.
Selling, General, & Admin. Expense(SGA) was €7.01 Mil.
Total Current Liabilities was €88.89 Mil.
Long-Term Debt & Capital Lease Obligation was €523.50 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) |
| = | (1.793 / 75.521) | / | (1.732 / 76.869) |
| = | 0.023742 | / | 0.022532 |
| | = | 1.0537 |
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) |
| = | (43.902 / 76.869) | / | (43.1 / 75.521) |
| = | 0.571128 | / | 0.570702 |
| | = | 1.0007 |
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 - (52.053 + 1136.637) / 1192.675) | / | (1 - (40.312 + 1185.255) / 1228.566) |
| = | 0.003341 | / | 0.002441 |
| | = | 1.3687 |
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 |
| = | 75.521 | / | 76.869 |
| | = | 0.9825 |
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)) |
| = | (9.249 / (9.249 + 1185.255)) | / | (8.987 / (8.987 + 1136.637)) |
| = | 0.007743 | / | 0.007845 |
| | = | 0.987 |
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) |
| = | (6.619 / 75.521) | / | (7.006 / 76.869) |
| = | 0.087644 | / | 0.091142 |
| | = | 0.9616 |
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) |
| = | ((507.322 + 87.736) / 1192.675) | / | ((523.503 + 88.894) / 1228.566) |
| = | 0.498927 | / | 0.498465 |
| | = | 1.0009 |
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 |
| = | (31.535 - 0 | - | 54.106) | / | 1192.675 |
| | = | -0.018925 |
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.
MIRAI has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.
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