Sinad Holding Co Beneish M-Score Historical Data
The historical data trend for Sinad Holding Co'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.
Sinad Holding Co Beneish M-Score Chart
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Sinad Holding Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.88 |
-3.19 |
-1.26 |
-2.59 |
-2.77 |
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Sinad Holding Co Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.59 |
-2.64 |
-2.65 |
-2.64 |
-2.77 |
Competitive Comparison of Sinad Holding Co's Beneish M-Score
For the Conglomerates subindustry, Sinad Holding Co'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.
Sinad Holding Co's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, Sinad Holding Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sinad Holding Co's Beneish M-Score falls into.
Sinad Holding Co 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 Sinad Holding Co 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 * 0.8661 | + | 0.528 * 1.1977 | + | 0.404 * 1.2262 | + | 0.892 * 0.9198 | + | 0.115 * 0.9972 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0804 | + | 4.679 * -0.057526 | - | 0.327 * 1.0353 |
| = | -2.77 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was ﷼374 Mil.
Revenue was 427.347 + 412.341 + 357.757 + 419.234 = ﷼1,617 Mil.
Gross Profit was 103.472 + 86.575 + 94.751 + 111.35 = ﷼396 Mil.
Total Current Assets was ﷼990 Mil.
Total Assets was ﷼2,544 Mil.
Property, Plant and Equipment(Net PPE) was ﷼699 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼85 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼185 Mil.
Total Current Liabilities was ﷼1,048 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼63 Mil.
Net Income was -47.774 + -39.713 + -23.645 + -21.514 = ﷼-133 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ﷼0 Mil.
Cash Flow from Operations was 32.141 + 54.7 + -55.695 + -17.42 = ﷼14 Mil.
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Total Receivables was ﷼470 Mil.
Revenue was 440.749 + 429.616 + 414.213 + 472.978 = ﷼1,758 Mil.
Gross Profit was 150.518 + 106.511 + 125.321 + 133.442 = ﷼516 Mil.
Total Current Assets was ﷼1,287 Mil.
Total Assets was ﷼2,939 Mil.
Property, Plant and Equipment(Net PPE) was ﷼846 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼103 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼186 Mil.
Total Current Liabilities was ﷼1,121 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼118 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) |
| = | (374.319 / 1616.679) | / | (469.877 / 1757.556) |
| = | 0.231536 | / | 0.267347 |
| | = | 0.8661 |
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) |
| = | (515.792 / 1757.556) | / | (396.148 / 1616.679) |
| = | 0.293471 | / | 0.245038 |
| | = | 1.1977 |
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 - (990.293 + 699.02) / 2544.452) | / | (1 - (1287.251 + 846.333) / 2939.195) |
| = | 0.33608 | / | 0.274092 |
| | = | 1.2262 |
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 |
| = | 1616.679 | / | 1757.556 |
| | = | 0.9198 |
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)) |
| = | (103.105 / (103.105 + 846.333)) | / | (85.424 / (85.424 + 699.02)) |
| = | 0.108596 | / | 0.108898 |
| | = | 0.9972 |
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) |
| = | (184.91 / 1616.679) | / | (186.07 / 1757.556) |
| = | 0.114376 | / | 0.105869 |
| | = | 1.0804 |
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) |
| = | ((62.918 + 1047.738) / 2544.452) | / | ((117.772 + 1121.451) / 2939.195) |
| = | 0.436501 | / | 0.42162 |
| | = | 1.0353 |
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 |
| = | (-132.646 - 0 | - | 13.726) | / | 2544.452 |
| | = | -0.057526 |
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.
Sinad Holding Co has a M-score of -2.77 suggests that the company is unlikely to be a manipulator.
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