Profithol (XMAD:SPH) Beneish M-Score : -4.91 (As of Jun. 05, 2024)

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What is Profithol 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 -4.91 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XMAD:SPH' s Beneish M-Score Range Over the Past 10 Years
Min: -4.91 Med: -0.94 Max: 2.34
Current: -4.91

During the past 6 years, the highest Beneish M-Score of Profithol was 2.34. The lowest was -4.91. And the median was -0.94.

Profithol Beneish M-Score Historical Data

The historical data trend for Profithol'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.

* Premium members only.

Profithol Beneish M-Score Chart

Profithol Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-0.89

-0.98

2.34

-4.91

Profithol Semi-Annual Data
	Dec18	Dec19	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial				-0.98	-	2.34	-	-4.91

Competitive Comparison of Profithol's Beneish M-Score

For the Solar subindustry, Profithol'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.

Profithol's Beneish M-Score Distribution in the Semiconductors Industry

For the Semiconductors industry and Technology sector, Profithol's Beneish M-Score distribution charts can be found below:

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

Profithol 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 Profithol 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 * 0.9447

0.528 * 1.803

0.404 * 1.363

0.892 * 0.696

0.115 * 0.475

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.5636

4.679 * -0.480899

0.327 * 1.8186

-4.91

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was €16.76 Mil.
Revenue was €65.77 Mil.
Gross Profit was €21.66 Mil.
Total Current Assets was €31.94 Mil.
Total Assets was €52.30 Mil.
Property, Plant and Equipment(Net PPE) was €9.45 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.92 Mil.
Selling, General, & Admin. Expense(SGA) was €9.36 Mil.
Total Current Liabilities was €50.73 Mil.
Long-Term Debt & Capital Lease Obligation was €21.05 Mil.
Net Income was €-36.72 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €-11.57 Mil.

Total Receivables was €25.49 Mil.
Revenue was €94.50 Mil.
Gross Profit was €56.10 Mil.
Total Current Assets was €49.87 Mil.
Total Assets was €70.80 Mil.
Property, Plant and Equipment(Net PPE) was €10.09 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.88 Mil.
Selling, General, & Admin. Expense(SGA) was €8.60 Mil.
Total Current Liabilities was €40.31 Mil.
Long-Term Debt & Capital Lease Obligation was €13.12 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)
	=	(16.761 / 65.77)	/	(25.49 / 94.495)
	=	0.254843	/	0.26975
	=	0.9447

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)
	=	(56.098 / 94.495)	/	(21.656 / 65.77)
	=	0.593661	/	0.329269
	=	1.803

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 - (31.939 + 9.45) / 52.302)	/	(1 - (49.874 + 10.091) / 70.804)
	=	0.208654	/	0.153085
	=	1.363

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
	=	65.77	/	94.495
	=	0.696

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))
	=	(0.88 / (0.88 + 10.091))	/	(1.92 / (1.92 + 9.45))
	=	0.080211	/	0.168865
	=	0.475

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)
	=	(9.355 / 65.77)	/	(8.596 / 94.495)
	=	0.142238	/	0.090968
	=	1.5636

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)
	=	((21.051 + 50.728) / 52.302)	/	((13.123 + 40.31) / 70.804)
	=	1.372395	/	0.754661
	=	1.8186

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
	=	(-36.724 - 0	-	-11.572)	/	52.302
	=	-0.480899

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.

Profithol has a M-score of -4.91 suggests that the company is unlikely to be a manipulator.

Profithol Beneish M-Score Related Terms

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