Amicorp FS (UK) (LSE:AMIF) Beneish M-Score : -2.62 (As of Jun. 04, 2024)

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What is Amicorp FS (UK) 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 -2.62 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Amicorp FS (UK)'s Beneish M-Score or its related term are showing as below:

LSE:AMIF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.62 Med: -0.78 Max: -0.78
Current: -2.62

During the past 4 years, the highest Beneish M-Score of Amicorp FS (UK) was -0.78. The lowest was -2.62. And the median was -0.78.

Amicorp FS (UK) Beneish M-Score Historical Data

The historical data trend for Amicorp FS (UK)'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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Amicorp FS (UK) Beneish M-Score Chart

Amicorp FS (UK) Annual Data

Trend

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

-2.62

Amicorp FS (UK) Semi-Annual Data
	Dec20	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial			-	-	-	-	-2.62

Competitive Comparison of Amicorp FS (UK)'s Beneish M-Score

For the Asset Management subindustry, Amicorp FS (UK)'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.

Amicorp FS (UK)'s Beneish M-Score Distribution in the Asset Management Industry

For the Asset Management industry and Financial Services sector, Amicorp FS (UK)'s Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Amicorp FS (UK)'s Beneish M-Score falls into.

Amicorp FS (UK) 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 Amicorp FS (UK) 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 * 0.8353

0.528 * 1.2261

0.404 * 0.8533

0.892 * 1.2954

0.115 * 0.6601

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 2.3159

4.679 * -0.026851

0.327 * 0.7614

-2.62

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $6.97 Mil.
Revenue was $12.81 Mil.
Gross Profit was $5.83 Mil.
Total Current Assets was $10.11 Mil.
Total Assets was $11.02 Mil.
Property, Plant and Equipment(Net PPE) was $0.55 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.28 Mil.
Selling, General, & Admin. Expense(SGA) was $1.07 Mil.
Total Current Liabilities was $2.11 Mil.
Long-Term Debt & Capital Lease Obligation was $0.30 Mil.
Net Income was $-0.01 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $0.28 Mil.

Total Receivables was $6.44 Mil.
Revenue was $9.89 Mil.
Gross Profit was $5.52 Mil.
Total Current Assets was $7.41 Mil.
Total Assets was $8.17 Mil.
Property, Plant and Equipment(Net PPE) was $0.44 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.13 Mil.
Selling, General, & Admin. Expense(SGA) was $0.36 Mil.
Total Current Liabilities was $2.11 Mil.
Long-Term Debt & Capital Lease Obligation was $0.24 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)
	=	(6.966 / 12.814)	/	(6.438 / 9.892)
	=	0.543624	/	0.650829
	=	0.8353

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)
	=	(5.517 / 9.892)	/	(5.829 / 12.814)
	=	0.557723	/	0.454893
	=	1.2261

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 - (10.105 + 0.546) / 11.024)	/	(1 - (7.407 + 0.44) / 8.171)
	=	0.033835	/	0.039652
	=	0.8533

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
	=	12.814	/	9.892
	=	1.2954

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))
	=	(0.128 / (0.128 + 0.44))	/	(0.283 / (0.283 + 0.546))
	=	0.225352	/	0.341375
	=	0.6601

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)
	=	(1.068 / 12.814)	/	(0.356 / 9.892)
	=	0.083346	/	0.035989
	=	2.3159

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)
	=	((0.304 + 2.105) / 11.024)	/	((0.237 + 2.108) / 8.171)
	=	0.218523	/	0.286991
	=	0.7614

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
	=	(-0.014 - 0	-	0.282)	/	11.024
	=	-0.026851

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.

Amicorp FS (UK) has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.

Amicorp FS (UK) Beneish M-Score Related Terms

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Amicorp FS (UK) (LSE:AMIF) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » Amicorp FS (UK) Plc (LSE:AMIF) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

5 Lloyd's Avenue, London, GBR, EC3N 3AE

Website

Amicorp FS (UK) Plc is an international specialist fund services group that works with a broad mix of clients including institutional investors, fund managers (private equity, venture capital and real estate) as well as family offices to provide a suite of specialists services across global markets. AMIF operates at a significant scale, providing local and global expertise to over 440 active funds. It provides a comprehensive and tailored range of services which are all underpinned by market-leading technology solutions that support clients across the value chain, from a single point of contact.

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