Computer Direct Group Beneish M-Score Historical Data
The historical data trend for Computer Direct 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.
Computer Direct Group Beneish M-Score Chart
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Computer Direct Group Annual Data
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Trend |
Dec14 |
Dec15 |
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.42 |
-3.10 |
-2.62 |
-3.01 |
-2.93 |
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Computer Direct Group Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Mar21 |
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Mar23 |
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Dec23 |
Mar24 |
| Beneish M-Score |
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-2.95 |
-3.05 |
-2.97 |
-2.93 |
-3.01 |
Competitive Comparison of Computer Direct Group's Beneish M-Score
For the Information Technology Services subindustry, Computer Direct 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.
Computer Direct Group's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Computer Direct Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Computer Direct Group's Beneish M-Score falls into.
Computer Direct 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 Computer Direct 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 * 0.8851 | + | 0.528 * 1.0542 | + | 0.404 * 0.9099 | + | 0.892 * 1.1289 | + | 0.115 * 1.0145 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7548 | + | 4.679 * -0.125637 | - | 0.327 * 0.954 |
| = | -3.01 |
* 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 ₪878 Mil.
Revenue was 983.698 + 1001.722 + 898.632 + 881.789 = ₪3,766 Mil.
Gross Profit was 152.621 + 148.69 + 132.799 + 133.883 = ₪568 Mil.
Total Current Assets was ₪1,420 Mil.
Total Assets was ₪2,283 Mil.
Property, Plant and Equipment(Net PPE) was ₪246 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪113 Mil.
Selling, General, & Admin. Expense(SGA) was ₪41 Mil.
Total Current Liabilities was ₪1,230 Mil.
Long-Term Debt & Capital Lease Obligation was ₪216 Mil.
Net Income was 19.486 + 19.387 + 17.07 + 16.937 = ₪73 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₪0 Mil.
Cash Flow from Operations was 114.133 + 121.602 + 50.217 + 73.706 = ₪360 Mil.
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Total Receivables was ₪879 Mil.
Revenue was 915.385 + 851.297 + 792.077 + 777.114 = ₪3,336 Mil.
Gross Profit was 143.176 + 138.885 + 126.336 + 121.996 = ₪530 Mil.
Total Current Assets was ₪1,263 Mil.
Total Assets was ₪2,117 Mil.
Property, Plant and Equipment(Net PPE) was ₪226 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪106 Mil.
Selling, General, & Admin. Expense(SGA) was ₪49 Mil.
Total Current Liabilities was ₪1,151 Mil.
Long-Term Debt & Capital Lease Obligation was ₪255 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) |
| = | (878.019 / 3765.841) | / | (878.738 / 3335.873) |
| = | 0.233153 | / | 0.263421 |
| | = | 0.8851 |
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) |
| = | (530.393 / 3335.873) | / | (567.993 / 3765.841) |
| = | 0.158997 | / | 0.150828 |
| | = | 1.0542 |
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 - (1420.136 + 245.927) / 2282.598) | / | (1 - (1263.155 + 225.641) / 2117.298) |
| = | 0.270102 | / | 0.296842 |
| | = | 0.9099 |
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 |
| = | 3765.841 | / | 3335.873 |
| | = | 1.1289 |
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)) |
| = | (106.256 / (106.256 + 225.641)) | / | (113.397 / (113.397 + 245.927)) |
| = | 0.320148 | / | 0.315584 |
| | = | 1.0145 |
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) |
| = | (41.367 / 3765.841) | / | (48.547 / 3335.873) |
| = | 0.010985 | / | 0.014553 |
| | = | 0.7548 |
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) |
| = | ((215.786 + 1229.846) / 2282.598) | / | ((254.836 + 1150.7) / 2117.298) |
| = | 0.633327 | / | 0.663835 |
| | = | 0.954 |
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 |
| = | (72.88 - 0 | - | 359.658) | / | 2282.598 |
| | = | -0.125637 |
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.
Computer Direct Group has a M-score of -3.01 suggests that the company is unlikely to be a manipulator.
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