Edvantage Group Holdings Beneish M-Score Historical Data
The historical data trend for Edvantage Group Holdings'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.
Edvantage Group Holdings Beneish M-Score Chart
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Edvantage Group Holdings Annual Data
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Trend |
Aug16 |
Aug17 |
Aug18 |
Aug19 |
Aug20 |
Aug21 |
Aug22 |
Aug23 |
| Beneish M-Score |
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-2.70 |
2.23 |
-0.79 |
-2.73 |
-3.07 |
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Edvantage Group Holdings Semi-Annual Data
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Aug16 |
Aug17 |
Feb18 |
Aug18 |
Feb19 |
Aug19 |
Feb20 |
Aug20 |
Feb21 |
Aug21 |
Feb22 |
Aug22 |
Feb23 |
Aug23 |
Feb24 |
| Beneish M-Score |
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- |
-2.73 |
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-3.07 |
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Competitive Comparison of Edvantage Group Holdings's Beneish M-Score
For the Education & Training Services subindustry, Edvantage Group Holdings'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.
Edvantage Group Holdings's Beneish M-Score Distribution in the Education Industry
For the Education industry and Consumer Defensive sector, Edvantage Group Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Edvantage Group Holdings's Beneish M-Score falls into.
Edvantage Group Holdings 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 Edvantage Group Holdings 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 * 0.7882 | + | 0.528 * 0.9762 | + | 0.404 * 0.8538 | + | 0.892 * 1.0951 | + | 0.115 * 0.9877 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0561 | + | 4.679 * -0.085826 | - | 0.327 * 0.9923 |
| = | -3.07 |
* 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 (Aug23) TTM: | Last Year (Aug22) TTM: |
Total Receivables was HK$107 Mil.
Revenue was HK$2,130 Mil.
Gross Profit was HK$1,100 Mil.
Total Current Assets was HK$2,294 Mil.
Total Assets was HK$9,172 Mil.
Property, Plant and Equipment(Net PPE) was HK$6,194 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$206 Mil.
Selling, General, & Admin. Expense(SGA) was HK$379 Mil.
Total Current Liabilities was HK$2,777 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,451 Mil.
Net Income was HK$668 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$1,455 Mil.
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Total Receivables was HK$124 Mil.
Revenue was HK$1,945 Mil.
Gross Profit was HK$980 Mil.
Total Current Assets was HK$1,817 Mil.
Total Assets was HK$8,328 Mil.
Property, Plant and Equipment(Net PPE) was HK$5,782 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$190 Mil.
Selling, General, & Admin. Expense(SGA) was HK$327 Mil.
Total Current Liabilities was HK$2,505 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,365 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) |
| = | (107.144 / 2130.225) | / | (124.128 / 1945.238) |
| = | 0.050297 | / | 0.063811 |
| | = | 0.7882 |
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) |
| = | (980.14 / 1945.238) | / | (1099.557 / 2130.225) |
| = | 0.503866 | / | 0.516169 |
| | = | 0.9762 |
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 - (2293.597 + 6193.657) / 9172.352) | / | (1 - (1817.322 + 5782.171) / 8328.082) |
| = | 0.074692 | / | 0.087486 |
| | = | 0.8538 |
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 |
| = | 2130.225 | / | 1945.238 |
| | = | 1.0951 |
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)) |
| = | (189.884 / (189.884 + 5782.171)) | / | (206.004 / (206.004 + 6193.657)) |
| = | 0.031795 | / | 0.03219 |
| | = | 0.9877 |
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) |
| = | (378.588 / 2130.225) | / | (327.359 / 1945.238) |
| = | 0.177722 | / | 0.168287 |
| | = | 1.0561 |
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) |
| = | ((1451.356 + 2777.475) / 9172.352) | / | ((1364.659 + 2504.755) / 8328.082) |
| = | 0.461041 | / | 0.464622 |
| | = | 0.9923 |
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 |
| = | (667.653 - 0 | - | 1454.879) | / | 9172.352 |
| | = | -0.085826 |
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.
Edvantage Group Holdings has a M-score of -3.07 suggests that the company is unlikely to be a manipulator.
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