Gaming Factory (WAR:GIF) Beneish M-Score : -1.84 (As of Jun. 03, 2024)

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What is Gaming Factory 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 -1.84 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

WAR:GIF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.3 Med: -1.81 Max: 1.14
Current: -1.84

During the past 6 years, the highest Beneish M-Score of Gaming Factory was 1.14. The lowest was -2.30. And the median was -1.81.

Gaming Factory Beneish M-Score Historical Data

The historical data trend for Gaming Factory'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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Gaming Factory Beneish M-Score Chart

Gaming Factory Annual Data

Trend

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

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1.14

-2.30

Gaming Factory Quarterly Data
	Dec18	Sep19	Dec19	Mar20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23
Beneish M-Score	Get a 7-Day Free Trial												-0.82	-2.30	-1.77	-1.99	-1.84

Competitive Comparison of Gaming Factory's Beneish M-Score

For the Electronic Gaming & Multimedia subindustry, Gaming Factory'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.

Gaming Factory's Beneish M-Score Distribution in the Interactive Media Industry

For the Interactive Media industry and Communication Services sector, Gaming Factory's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Gaming Factory's Beneish M-Score falls into.

Gaming Factory 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 Gaming Factory 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 * 0.316

0.528 * 1.1939

0.404 * 0.6702

0.892 * 2.2677

0.115 * 1.0716

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.1331

4.679 * 0.020222

0.327 * 1.2482

-1.84

This Year (Sep23) TTM:

Last Year (Sep22) TTM:

Total Receivables was zł0.93 Mil.
Revenue was 0.565 + 0.561 + 0.862 + 1.307 = zł3.30 Mil.
Gross Profit was 2.118 + 2.125 + 2.462 + 1.905 = zł8.61 Mil.
Total Current Assets was zł19.43 Mil.
Total Assets was zł24.38 Mil.
Property, Plant and Equipment(Net PPE) was zł0.11 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.14 Mil.
Selling, General, & Admin. Expense(SGA) was zł1.37 Mil.
Total Current Liabilities was zł0.86 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 Mil.
Net Income was -0.257 + -0.543 + 0.183 + -3.115 = zł-3.73 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.00 Mil.
Cash Flow from Operations was -1.599 + -1.52 + -0.563 + -0.543 = zł-4.23 Mil.

Total Receivables was zł1.30 Mil.
Revenue was 0.571 + 0.412 + 0.236 + 0.234 = zł1.45 Mil.
Gross Profit was 1.379 + 0.808 + 1.144 + 1.202 = zł4.53 Mil.
Total Current Assets was zł19.48 Mil.
Total Assets was zł27.81 Mil.
Property, Plant and Equipment(Net PPE) was zł0.08 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.13 Mil.
Selling, General, & Admin. Expense(SGA) was zł4.54 Mil.
Total Current Liabilities was zł0.78 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 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)
	=	(0.93 / 3.295)	/	(1.298 / 1.453)
	=	0.282246	/	0.893324
	=	0.316

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)
	=	(4.533 / 1.453)	/	(8.61 / 3.295)
	=	3.119752	/	2.61305
	=	1.1939

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 - (19.426 + 0.106) / 24.379)	/	(1 - (19.477 + 0.08) / 27.806)
	=	0.198819	/	0.296663
	=	0.6702

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
	=	3.295	/	1.453
	=	2.2677

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))
	=	(0.129 / (0.129 + 0.08))	/	(0.144 / (0.144 + 0.106))
	=	0.617225	/	0.576
	=	1.0716

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)
	=	(1.371 / 3.295)	/	(4.541 / 1.453)
	=	0.416085	/	3.125258
	=	0.1331

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 + 0.858) / 24.379)	/	((0 + 0.784) / 27.806)
	=	0.035194	/	0.028195
	=	1.2482

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
	=	(-3.732 - 0	-	-4.225)	/	24.379
	=	0.020222

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.

Gaming Factory has a M-score of -1.84 suggests that the company is unlikely to be a manipulator.

Gaming Factory Beneish M-Score Related Terms

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Gaming Factory (WAR:GIF) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Interactive Media » Gaming Factory SA (WAR:GIF) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

ul. Powazkowska 15, Warsaw, POL, 01-797

Website

https://www.gamingfactory.pl

Gaming Factory SA is a publisher of video and board games. Some of its games are Castle Flipper, City Eye, Cooking Championship, Farming Life, and Chains of Fury amongst others.

Gaming Factory (WAR:GIF) Headlines

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