Stem Cells Spin (WAR:SCS) Beneish M-Score : -2.75 (As of Jun. 04, 2024)

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What is Stem Cells Spin Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.75 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Stem Cells Spin's Beneish M-Score or its related term are showing as below:

WAR:SCS' s Beneish M-Score Range Over the Past 10 Years
Min: -6.61 Med: -2.34 Max: 57.32
Current: -2.75

During the past 13 years, the highest Beneish M-Score of Stem Cells Spin was 57.32. The lowest was -6.61. And the median was -2.34.

Stem Cells Spin Beneish M-Score Historical Data

The historical data trend for Stem Cells Spin'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.

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Stem Cells Spin Beneish M-Score Chart

Stem Cells Spin Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.67

-3.32

-2.54

17.09

-2.27

Stem Cells Spin Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															1.14	-2.02	-0.99	-2.27	-2.75

Competitive Comparison of Stem Cells Spin's Beneish M-Score

For the Biotechnology subindustry, Stem Cells Spin'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.

Stem Cells Spin's Beneish M-Score Distribution in the Biotechnology Industry

For the Biotechnology industry and Healthcare sector, Stem Cells Spin's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Stem Cells Spin's Beneish M-Score falls into.

Stem Cells Spin 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 Stem Cells Spin for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.1399

0.528 * 1.056

0.404 * 1.0142

0.892 * 1.2972

0.115 * 0.9979

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0

4.679 * -0.041257

0.327 * 0.2531

-2.75

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was zł0.06 Mil.
Revenue was 0.004 + 0.162 + 0.057 + 0.148 = zł0.37 Mil.
Gross Profit was 0 + 0.125 + 0.056 + 0.147 = zł0.33 Mil.
Total Current Assets was zł0.65 Mil.
Total Assets was zł13.21 Mil.
Property, Plant and Equipment(Net PPE) was zł0.01 Mil.
Depreciation, Depletion and Amortization(DDA) was zł1.10 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.00 Mil.
Total Current Liabilities was zł0.08 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 Mil.
Net Income was -0.129 + 0.006 + -0.1 + 0.018 = zł-0.21 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.00 Mil.
Cash Flow from Operations was 0.08 + -0.002 + -0.066 + 0.328 = zł0.34 Mil.

Total Receivables was zł0.30 Mil.
Revenue was 0.051 + 0.157 + 0.056 + 0.022 = zł0.29 Mil.
Gross Profit was 0.047 + 0.156 + 0.054 + 0.01 = zł0.27 Mil.
Total Current Assets was zł0.92 Mil.
Total Assets was zł14.64 Mil.
Property, Plant and Equipment(Net PPE) was zł0.01 Mil.
Depreciation, Depletion and Amortization(DDA) was zł1.07 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.03 Mil.
Total Current Liabilities was zł0.15 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.21 Mil.

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)
	=	(0.055 / 0.371)	/	(0.303 / 0.286)
	=	0.148248	/	1.059441
	=	0.1399

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)
	=	(0.267 / 0.286)	/	(0.328 / 0.371)
	=	0.933566	/	0.884097
	=	1.056

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 - (0.654 + 0.012) / 13.21)	/	(1 - (0.918 + 0.014) / 14.637)
	=	0.949584	/	0.936326
	=	1.0142

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
	=	0.371	/	0.286
	=	1.2972

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))
	=	(1.073 / (1.073 + 0.014))	/	(1.095 / (1.095 + 0.012))
	=	0.987121	/	0.98916
	=	0.9979

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)
	=	(0 / 0.371)	/	(0.025 / 0.286)
	=	0	/	0.087413
	=	0

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)
	=	((0.003 + 0.079) / 13.21)	/	((0.212 + 0.147) / 14.637)
	=	0.006207	/	0.024527
	=	0.2531

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
	=	(-0.205 - 0	-	0.34)	/	13.21
	=	-0.041257

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.

Stem Cells Spin has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.

Stem Cells Spin Beneish M-Score Related Terms

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Stem Cells Spin (WAR:SCS) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Biotechnology » Stem Cells Spin SA (WAR:SCS) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Ulica Konopnickiej 15 b, Wroclaw, POL, 51-141

Website

http://stemcellsspin.com.pl

Stem Cells Spin SA is a biotechnology company. The company is engaged in the development, production, marketing and sale of natural regenerative products for the dermocosmetic and veterinary care markets, as well as applications for the human and veterinary medical industry. Its products include NHAC Biocervin MIC-1, Revitacell, PRS MIC-1 and Velvetyna.