Advance Terrafund REIT (XBUL:ATER) Beneish M-Score : 0.00 (As of May. 15, 2024)

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What is Advance Terrafund REIT 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.

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

During the past 13 years, the highest Beneish M-Score of Advance Terrafund REIT was 8.56. The lowest was -3.10. And the median was -1.60.

Advance Terrafund REIT Beneish M-Score Historical Data

The historical data trend for Advance Terrafund REIT'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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Advance Terrafund REIT Beneish M-Score Chart

Advance Terrafund REIT Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.10

-2.58

-2.33

-1.45

-2.07

Advance Terrafund REIT 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															-0.50	8.56	-	-2.07	-

Competitive Comparison of Advance Terrafund REIT's Beneish M-Score

For the REIT - Specialty subindustry, Advance Terrafund REIT'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.

Advance Terrafund REIT's Beneish M-Score Distribution in the REITs Industry

For the REITs industry and Real Estate sector, Advance Terrafund REIT's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Advance Terrafund REIT's Beneish M-Score falls into.

Advance Terrafund REIT 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 Advance Terrafund REIT 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 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was лв4.94 Mil.
Revenue was 3.398 + -21.111 + 2.024 + 2.105 = лв-13.58 Mil.
Gross Profit was 3.398 + -21.111 + 2.028 + 2.068 = лв-13.62 Mil.
Total Current Assets was лв30.44 Mil.
Total Assets was лв340.72 Mil.
Property, Plant and Equipment(Net PPE) was лв0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was лв0.00 Mil.
Selling, General, & Admin. Expense(SGA) was лв3.69 Mil.
Total Current Liabilities was лв19.56 Mil.
Long-Term Debt & Capital Lease Obligation was лв0.00 Mil.
Net Income was 2.236 + 9.004 + 1.02 + 1.334 = лв13.59 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = лв0.00 Mil.
Cash Flow from Operations was 0.592 + 9.373 + 0.999 + -6.503 = лв4.46 Mil.

Total Receivables was лв4.06 Mil.
Revenue was 25.659 + 14.561 + 1.535 + 1.832 = лв43.59 Mil.
Gross Profit was 2.046 + 15.19 + 1.536 + 1.65 = лв20.42 Mil.
Total Current Assets was лв59.02 Mil.
Total Assets was лв350.02 Mil.
Property, Plant and Equipment(Net PPE) was лв0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was лв0.00 Mil.
Selling, General, & Admin. Expense(SGA) was лв9.00 Mil.
Total Current Liabilities was лв23.59 Mil.
Long-Term Debt & Capital Lease Obligation was лв0.00 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)
	=	(4.944 / -13.584)	/	(4.057 / 43.587)
	=		/	0.093078
	=

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)
	=	(20.422 / 43.587)	/	(-13.617 / -13.584)
	=	0.468534	/
	=

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 - (30.444 + 0) / 340.723)	/	(1 - (59.018 + 0) / 350.017)
	=	0.910649	/	0.831385
	=

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
	=	-13.584	/	43.587
	=

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 / (0 + 0))	/	(0 / (0 + 0))
	=		/
	=

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)
	=	(3.687 / -13.584)	/	(9.004 / 43.587)
	=		/	0.206575
	=

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 + 19.561) / 340.723)	/	((0 + 23.594) / 350.017)
	=	0.05741	/	0.067408
	=

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
	=	(13.594 - 0	-	4.461)	/	340.723
	=	0.026805

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.

Advance Terrafund REIT Beneish M-Score Related Terms

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Advance Terrafund REIT (XBUL:ATER) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » Advance Terrafund REIT (XBUL:ATER) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

1 Zlatovrah Street, Lozentets District, Sofia, BGR, 1164

Website

http://www.advanceterrafund.bg

Advance Terrafund REIT is engaged in investing in agricultural and urban lands in Bulgaria for the purpose of receiving income from leasing agricultural land to farming companies and selling urban lands to domestic and international investors.