Parx Materials NV (XPAR:MLPRX) Beneish M-Score : -1.50 (As of Apr. 29, 2024)

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What is Parx Materials NV 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 -1.5 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XPAR:MLPRX' s Beneish M-Score Range Over the Past 10 Years
Min: -2.67 Med: -1.53 Max: 2.72
Current: -1.5

During the past 7 years, the highest Beneish M-Score of Parx Materials NV was 2.72. The lowest was -2.67. And the median was -1.53.

Parx Materials NV Beneish M-Score Historical Data

The historical data trend for Parx Materials NV'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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Parx Materials NV Beneish M-Score Chart

Parx Materials NV Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

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-2.67

-1.53

2.72

-2.52

-1.50

Parx Materials NV Semi-Annual Data
	Dec16	Dec17	Dec18	Dec19	Dec20	Dec21	Dec22
Beneish M-Score	Get a 7-Day Free Trial			-2.67	-1.53	2.72	-2.52	-1.50

Competitive Comparison of Parx Materials NV's Beneish M-Score

For the Specialty Chemicals subindustry, Parx Materials NV'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.

Parx Materials NV's Beneish M-Score Distribution in the Chemicals Industry

For the Chemicals industry and Basic Materials sector, Parx Materials NV's Beneish M-Score distribution charts can be found below:

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

Parx Materials NV 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 Parx Materials NV 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 * 2.9986

0.528 * 1.1016

0.404 * 0.933

0.892 * 0.4885

0.115 * 1.0156

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.6042

4.679 * -0.0336

0.327 * 2.0523

-1.50

This Year (Dec22) TTM:

Last Year (Dec21) TTM:

Total Receivables was €0.75 Mil.
Revenue was €0.13 Mil.
Gross Profit was €0.05 Mil.
Total Current Assets was €0.82 Mil.
Total Assets was €4.88 Mil.
Property, Plant and Equipment(Net PPE) was €0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.01 Mil.
Selling, General, & Admin. Expense(SGA) was €0.05 Mil.
Total Current Liabilities was €0.92 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 Mil.
Net Income was €-0.16 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €0.00 Mil.

Total Receivables was €0.51 Mil.
Revenue was €0.26 Mil.
Gross Profit was €0.12 Mil.
Total Current Assets was €0.61 Mil.
Total Assets was €5.68 Mil.
Property, Plant and Equipment(Net PPE) was €0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.01 Mil.
Selling, General, & Admin. Expense(SGA) was €0.17 Mil.
Total Current Liabilities was €0.52 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 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)
	=	(0.753 / 0.128)	/	(0.514 / 0.262)
	=	5.882813	/	1.961832
	=	2.9986

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)
	=	(0.115 / 0.262)	/	(0.051 / 0.128)
	=	0.438931	/	0.398438
	=	1.1016

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 - (0.82 + 0.002) / 4.881)	/	(1 - (0.614 + 0.003) / 5.676)
	=	0.831592	/	0.891297
	=	0.933

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
	=	0.128	/	0.262
	=	0.4885

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))
	=	(0.013 / (0.013 + 0.003))	/	(0.008 / (0.008 + 0.002))
	=	0.8125	/	0.8
	=	1.0156

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)
	=	(0.049 / 0.128)	/	(0.166 / 0.262)
	=	0.382813	/	0.633588
	=	0.6042

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 + 0.923) / 4.881)	/	((0 + 0.523) / 5.676)
	=	0.189101	/	0.092142
	=	2.0523

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
	=	(-0.164 - 0	-	0)	/	4.881
	=	-0.0336

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.

Parx Materials NV has a M-score of -1.50 signals that the company is likely to be a manipulator.

Parx Materials NV Beneish M-Score Related Terms

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Parx Materials NV (XPAR:MLPRX) Business Description

Industry

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Comparable Companies

Traded in Other Exchanges

N/A

Address

Goudsesingel 96 (Unit 1.7), Rotterdam, NLD, 3011 KD

Website

https://www.parxmaterials.com

Parx Materials NV is a holding company. It is engaged in developing, manufacturing, and marketing biocompatible plastics and antibacterial polymers. The company through its patented process is integrating it in plastics improving the material's characteristics to protect the surface from bacteria, molds, and fungi. Its technology does not impact any of the original features of the material and the antibacterial property lasts a lifetime. The company's technology can be used for roughly any application, for example for toilet seats, mobile phones, light switches, hospital beds, medical devices, remote controls, door handles, refrigerators, and packaging materials.

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