Kennedy-Wilson Holdings Beneish M-Score Historical Data
The historical data trend for Kennedy-Wilson 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.
Kennedy-Wilson Holdings Beneish M-Score Chart
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Kennedy-Wilson Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.61 |
-1.61 |
-2.74 |
-2.45 |
-2.17 |
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Kennedy-Wilson Holdings Quarterly Data
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Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
| Beneish M-Score |
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-2.17 |
-2.14 |
-2.17 |
-2.33 |
-2.65 |
Competitive Comparison of Kennedy-Wilson Holdings's Beneish M-Score
For the Real Estate Services subindustry, Kennedy-Wilson 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.
Kennedy-Wilson Holdings's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Kennedy-Wilson Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kennedy-Wilson Holdings's Beneish M-Score falls into.
Kennedy-Wilson 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 Kennedy-Wilson 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 * 1.0116 | + | 0.528 * 0.9777 | + | 0.404 * 0.9942 | + | 0.892 * 0.99 | + | 0.115 * 0.9663 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9107 | + | 4.679 * -0.031446 | - | 0.327 * 1.0552 |
| = | -2.65 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was $341.0 Mil.
Revenue was 132 + 136.4 + 142.6 + 141.3 = $552.3 Mil.
Gross Profit was 95 + 91.6 + 93.2 + 93.1 = $372.9 Mil.
Total Current Assets was $720.5 Mil.
Total Assets was $7,495.3 Mil.
Property, Plant and Equipment(Net PPE) was $13.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $153.6 Mil.
Selling, General, & Admin. Expense(SGA) was $146.5 Mil.
Total Current Liabilities was $563.4 Mil.
Long-Term Debt & Capital Lease Obligation was $5,221.5 Mil.
Net Income was -48.2 + 37.8 + -236.9 + -81.4 = $-328.7 Mil.
Non Operating Income was -18.1 + 106.8 + -223.6 + -40.4 = $-175.3 Mil.
Cash Flow from Operations was 36.7 + -5.6 + 51.6 + -0.4 = $82.3 Mil.
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Total Receivables was $340.5 Mil.
Revenue was 146.5 + 132.2 + 139.6 + 139.6 = $557.9 Mil.
Gross Profit was 98.1 + 87.7 + 90.1 + 92.4 = $368.3 Mil.
Total Current Assets was $738.1 Mil.
Total Assets was $8,193.9 Mil.
Property, Plant and Equipment(Net PPE) was $21.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $165.8 Mil.
Selling, General, & Admin. Expense(SGA) was $162.5 Mil.
Total Current Liabilities was $658.6 Mil.
Long-Term Debt & Capital Lease Obligation was $5,334.7 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) |
| = | (341 / 552.3) | / | (340.5 / 557.9) |
| = | 0.617418 | / | 0.610324 |
| | = | 1.0116 |
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) |
| = | (368.3 / 557.9) | / | (372.9 / 552.3) |
| = | 0.660154 | / | 0.675177 |
| | = | 0.9777 |
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 - (720.5 + 13.8) / 7495.3) | / | (1 - (738.1 + 21.2) / 8193.9) |
| = | 0.902032 | / | 0.907334 |
| | = | 0.9942 |
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 |
| = | 552.3 | / | 557.9 |
| | = | 0.99 |
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)) |
| = | (165.8 / (165.8 + 21.2)) | / | (153.6 / (153.6 + 13.8)) |
| = | 0.886631 | / | 0.917563 |
| | = | 0.9663 |
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) |
| = | (146.5 / 552.3) | / | (162.5 / 557.9) |
| = | 0.265254 | / | 0.291271 |
| | = | 0.9107 |
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) |
| = | ((5221.5 + 563.4) / 7495.3) | / | ((5334.7 + 658.6) / 8193.9) |
| = | 0.771804 | / | 0.731434 |
| | = | 1.0552 |
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 |
| = | (-328.7 - -175.3 | - | 82.3) | / | 7495.3 |
| | = | -0.031446 |
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.
Kennedy-Wilson Holdings has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
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