Crest Nicholson Holdings Beneish M-Score Historical Data
The historical data trend for Crest Nicholson 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.
Crest Nicholson Holdings Beneish M-Score Chart
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Crest Nicholson Holdings Annual Data
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Oct14 |
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Oct19 |
Oct20 |
Oct21 |
Oct22 |
Oct23 |
| Beneish M-Score |
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-2.13 |
-2.77 |
-2.84 |
-1.99 |
-2.05 |
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Crest Nicholson Holdings Semi-Annual Data
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Apr14 |
Oct14 |
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Apr18 |
Oct18 |
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Oct22 |
Apr23 |
Oct23 |
| Beneish M-Score |
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-2.84 |
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-1.99 |
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-2.05 |
Competitive Comparison of Crest Nicholson Holdings's Beneish M-Score
For the Residential Construction subindustry, Crest Nicholson 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.
Crest Nicholson Holdings's Beneish M-Score Distribution in the Homebuilding & Construction Industry
For the Homebuilding & Construction industry and Consumer Cyclical sector, Crest Nicholson Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Crest Nicholson Holdings's Beneish M-Score falls into.
Crest Nicholson 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 Crest Nicholson 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 * 1.4337 | + | 0.528 * 0.7655 | + | 0.404 * 0.6895 | + | 0.892 * 0.7197 | + | 0.115 * 1.3214 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4955 | + | 4.679 * 0.119911 | - | 0.327 * 0.9365 |
| = | -2.05 |
* 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 (Oct23) TTM: | Last Year (Oct22) TTM: |
Total Receivables was £120.0 Mil.
Revenue was £657.5 Mil.
Gross Profit was £86.3 Mil.
Total Current Assets was £1,460.4 Mil.
Total Assets was £1,530.3 Mil.
Property, Plant and Equipment(Net PPE) was £8.3 Mil.
Depreciation, Depletion and Amortization(DDA) was £2.8 Mil.
Selling, General, & Admin. Expense(SGA) was £55.0 Mil.
Total Current Liabilities was £438.7 Mil.
Long-Term Debt & Capital Lease Obligation was £87.9 Mil.
Net Income was £17.9 Mil.
Gross Profit was £0.0 Mil.
Cash Flow from Operations was £-165.6 Mil.
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Total Receivables was £116.3 Mil.
Revenue was £913.6 Mil.
Gross Profit was £91.8 Mil.
Total Current Assets was £1,482.4 Mil.
Total Assets was £1,579.2 Mil.
Property, Plant and Equipment(Net PPE) was £4.6 Mil.
Depreciation, Depletion and Amortization(DDA) was £2.3 Mil.
Selling, General, & Admin. Expense(SGA) was £51.1 Mil.
Total Current Liabilities was £480.9 Mil.
Long-Term Debt & Capital Lease Obligation was £99.4 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) |
| = | (120 / 657.5) | / | (116.3 / 913.6) |
| = | 0.18251 | / | 0.127299 |
| | = | 1.4337 |
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) |
| = | (91.8 / 913.6) | / | (86.3 / 657.5) |
| = | 0.100482 | / | 0.131255 |
| | = | 0.7655 |
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 - (1460.4 + 8.3) / 1530.3) | / | (1 - (1482.4 + 4.6) / 1579.2) |
| = | 0.040254 | / | 0.058384 |
| | = | 0.6895 |
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 |
| = | 657.5 | / | 913.6 |
| | = | 0.7197 |
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)) |
| = | (2.3 / (2.3 + 4.6)) | / | (2.8 / (2.8 + 8.3)) |
| = | 0.333333 | / | 0.252252 |
| | = | 1.3214 |
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) |
| = | (55 / 657.5) | / | (51.1 / 913.6) |
| = | 0.08365 | / | 0.055933 |
| | = | 1.4955 |
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) |
| = | ((87.9 + 438.7) / 1530.3) | / | ((99.4 + 480.9) / 1579.2) |
| = | 0.344116 | / | 0.367465 |
| | = | 0.9365 |
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 |
| = | (17.9 - 0 | - | -165.6) | / | 1530.3 |
| | = | 0.119911 |
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.
Crest Nicholson Holdings has a M-score of -2.05 suggests that the company is unlikely to be a manipulator.
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