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QIWI PLC (QIWI) Beneish M-score
QIWI PLC's Beneish M-score for fiscal 2024 is 10.78; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2024 | 10.78 | 14.72 |
| FY2023 | −3.94 | (1.70) |
| FY2022 | −2.25 | (1.47) |
| FY2021 | −0.78 | 1.25 |
| FY2020 | −2.03 | 0.74 |
| FY2019 | −2.76 | 1.20 |
| FY2018 | −3.96 | (1.99) |
| FY2017 | −1.97 | 0.92 |
| FY2016 | −2.89 | (1.30) |
| FY2015 | −1.59 | — |
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 15.77 | — | 14.51 | |
| Gross margin index | 0.74 | — | 0.39 | |
| Asset quality index | 2.45 | — | 0.99 | |
| Sales growth index | 0.43 | — | 0.38 | |
| Depreciation index | 1.65 | — | 0.19 | |
| SG&A index | 2.87 | — | −0.49 | |
| Total accruals to total assets | (0.06) | — | −0.30 | |
| Leverage index | 0.12 | — | −0.04 | |
| Beneish M-score | Flagged by the model | 10.78 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| TLS Telos Corporation compare | −5.0× |
| NUAI New Era Energy & Digital, Inc. compare | −4.0× |
| RPAY Repay Holdings Corporation compare | −3.9× |
| LSAK Lesaka Technologies, Inc. compare | −2.9× |
| IMXI INTERNATIONAL MONEY EXPRESS, INC. compare | −2.6× |
| AIOT PowerFleet, Inc. compare | −2.5× |
| CINT CI&T Inc. compare | −2.5× |
| QIWI QIWI PLC | 10.8× |
| SUPX SuperX AI Technology Limited compare | 48.1× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI