Kindred Group Beneish M-Score Historical Data
The historical data trend for Kindred Group'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.
Kindred Group Beneish M-Score Chart
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Kindred Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.55 |
-3.22 |
-2.10 |
-2.04 |
-2.82 |
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Kindred Group 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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-2.51 |
-2.34 |
-2.41 |
-2.82 |
-2.94 |
Competitive Comparison of Kindred Group's Beneish M-Score
For the Gambling subindustry, Kindred Group'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.
Kindred Group's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Kindred Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kindred Group's Beneish M-Score falls into.
Kindred Group 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 Kindred Group 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 * 0.8837 | + | 0.528 * 0.9821 | + | 0.404 * 1.0333 | + | 0.892 * 1.1286 | + | 0.115 * 0.7767 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9036 | + | 4.679 * -0.093447 | - | 0.327 * 1.0638 |
| = | -2.94 |
* 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 $87 Mil.
Revenue was 390.978 + 396.076 + 351.361 + 388.005 = $1,526 Mil.
Gross Profit was 219.314 + 223.038 + 196.535 + 218.182 = $857 Mil.
Total Current Assets was $457 Mil.
Total Assets was $1,467 Mil.
Property, Plant and Equipment(Net PPE) was $57 Mil.
Depreciation, Depletion and Amortization(DDA) was $81 Mil.
Selling, General, & Admin. Expense(SGA) was $275 Mil.
Total Current Liabilities was $580 Mil.
Long-Term Debt & Capital Lease Obligation was $175 Mil.
Net Income was 39.898 + -24.177 + 15.347 + 34.975 = $66 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 48.03 + 78.481 + 55.198 + 21.465 = $203 Mil.
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Total Receivables was $87 Mil.
Revenue was 371.845 + 372.107 + 314.609 + 293.966 = $1,353 Mil.
Gross Profit was 208.738 + 200.365 + 174.405 + 162.315 = $746 Mil.
Total Current Assets was $460 Mil.
Total Assets was $1,461 Mil.
Property, Plant and Equipment(Net PPE) was $82 Mil.
Depreciation, Depletion and Amortization(DDA) was $69 Mil.
Selling, General, & Admin. Expense(SGA) was $270 Mil.
Total Current Liabilities was $526 Mil.
Long-Term Debt & Capital Lease Obligation was $181 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) |
| = | (86.785 / 1526.42) | / | (87.015 / 1352.527) |
| = | 0.056855 | / | 0.064335 |
| | = | 0.8837 |
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) |
| = | (745.823 / 1352.527) | / | (857.069 / 1526.42) |
| = | 0.551429 | / | 0.56149 |
| | = | 0.9821 |
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 - (456.671 + 56.798) / 1467.471) | / | (1 - (460.073 + 81.917) / 1461.408) |
| = | 0.650099 | / | 0.629132 |
| | = | 1.0333 |
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 |
| = | 1526.42 | / | 1352.527 |
| | = | 1.1286 |
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)) |
| = | (69.043 / (69.043 + 81.917)) | / | (81.338 / (81.338 + 56.798)) |
| = | 0.45736 | / | 0.588826 |
| | = | 0.7767 |
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) |
| = | (275.289 / 1526.42) | / | (269.958 / 1352.527) |
| = | 0.180349 | / | 0.199595 |
| | = | 0.9036 |
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) |
| = | ((174.841 + 580.305) / 1467.471) | / | ((180.583 + 526.335) / 1461.408) |
| = | 0.51459 | / | 0.483724 |
| | = | 1.0638 |
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 |
| = | (66.043 - 0 | - | 203.174) | / | 1467.471 |
| | = | -0.093447 |
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.
Kindred Group has a M-score of -2.94 suggests that the company is unlikely to be a manipulator.
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