Bitdeer Technologies Group (Bitdeer Technologies Group) Beneish M-Score : -0.81 (As of May. 11, 2024)

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What is Bitdeer Technologies Group 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.

Warning Sign:

Beneish M-Score -0.81 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Bitdeer Technologies Group's Beneish M-Score or its related term are showing as below:

BTDR' s Beneish M-Score Range Over the Past 10 Years
Min: -2.32 Med: -0.81 Max: 2.38
Current: -0.81

During the past 5 years, the highest Beneish M-Score of Bitdeer Technologies Group was 2.38. The lowest was -2.32. And the median was -0.81.

Bitdeer Technologies Group Beneish M-Score Historical Data

The historical data trend for Bitdeer Technologies 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.

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Bitdeer Technologies Group Beneish M-Score Chart

Bitdeer Technologies Group Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

-2.32

2.38

-0.81

Bitdeer Technologies Group Quarterly Data
	Dec19	Dec20	Jun21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial							2.38	-	-	-	-0.81

Competitive Comparison of Bitdeer Technologies Group's Beneish M-Score

For the Software - Application subindustry, Bitdeer Technologies 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.

Bitdeer Technologies Group's Beneish M-Score Distribution in the Software Industry

For the Software industry and Technology sector, Bitdeer Technologies Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Bitdeer Technologies Group's Beneish M-Score falls into.

Bitdeer Technologies 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 Bitdeer Technologies Group 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 * 0.8586

0.528 * 1.183

0.404 * 0.9444

0.892 * 1.1056

0.115 * 1.0584

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.6426

4.679 * 0.331835

0.327 * 0.9673

-0.81

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $20.9 Mil.
Revenue was $368.6 Mil.
Gross Profit was $77.8 Mil.
Total Current Assets was $264.7 Mil.
Total Assets was $639.4 Mil.
Property, Plant and Equipment(Net PPE) was $277.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $75.5 Mil.
Selling, General, & Admin. Expense(SGA) was $74.7 Mil.
Total Current Liabilities was $212.4 Mil.
Long-Term Debt & Capital Lease Obligation was $92.8 Mil.
Net Income was $-56.7 Mil.
Gross Profit was $3.0 Mil.
Cash Flow from Operations was $-271.8 Mil.

Total Receivables was $22.0 Mil.
Revenue was $333.3 Mil.
Gross Profit was $83.3 Mil.
Total Current Assets was $319.6 Mil.
Total Assets was $651.4 Mil.
Property, Plant and Equipment(Net PPE) was $226.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $66.4 Mil.
Selling, General, & Admin. Expense(SGA) was $105.1 Mil.
Total Current Liabilities was $221.2 Mil.
Long-Term Debt & Capital Lease Obligation was $100.2 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)
	=	(20.889 / 368.554)	/	(22.004 / 333.342)
	=	0.056678	/	0.06601
	=	0.8586

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)
	=	(83.252 / 333.342)	/	(77.809 / 368.554)
	=	0.24975	/	0.21112
	=	1.183

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 - (264.694 + 276.963) / 639.387)	/	(1 - (319.56 + 226.421) / 651.409)
	=	0.15285	/	0.161846
	=	0.9444

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
	=	368.554	/	333.342
	=	1.1056

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))
	=	(66.424 / (66.424 + 226.421))	/	(75.541 / (75.541 + 276.963))
	=	0.226823	/	0.214298
	=	1.0584

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)
	=	(74.7 / 368.554)	/	(105.136 / 333.342)
	=	0.202684	/	0.3154
	=	0.6426

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)
	=	((92.829 + 212.372) / 639.387)	/	((100.23 + 221.214) / 651.409)
	=	0.477334	/	0.49346
	=	0.9673

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
	=	(-56.656 - 2.96	-	-271.787)	/	639.387
	=	0.331835

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.

Bitdeer Technologies Group has a M-score of -0.81 signals that the company is likely to be a manipulator.

Bitdeer Technologies Group Beneish M-Score Related Terms

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Bitdeer Technologies Group (Bitdeer Technologies Group) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Software » Bitdeer Technologies Group (NAS:BTDR) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

08 Kallang Avenue, Aperia tower 1, No. 09-03/04, Singapore, SGP, 339509

Website

https://www.bitdeer.com

Bitdeer Technologies Group is principally engaged in provision of digital asset mining services. Its major business segments are: proprietary mining, cloud hash rate sharing and cloud hosting. The company operates five proprietary mining datacenters in the United States and Norway.