Spexis AG (XSWX:SPEX) Beneish M-Score : 0.00 (As of Jun. 09, 2024)

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What is Spexis AG 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 Spexis AG's Beneish M-Score or its related term are showing as below:

During the past 11 years, the highest Beneish M-Score of Spexis AG was 495.37. The lowest was -3.33. And the median was 21.68.

Spexis AG Beneish M-Score Historical Data

The historical data trend for Spexis AG'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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Spexis AG Beneish M-Score Chart

Spexis AG Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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495.37

Spexis AG Semi-Annual Data
	Dec13	Dec14	Dec15	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial													-	-	-	-	-

Competitive Comparison of Spexis AG's Beneish M-Score

For the Biotechnology subindustry, Spexis AG'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.

Spexis AG's Beneish M-Score Distribution in the Biotechnology Industry

For the Biotechnology industry and Healthcare sector, Spexis AG's Beneish M-Score distribution charts can be found below:

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

Spexis AG 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 Spexis AG 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 (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was CHF0.45 Mil.
Revenue was CHF0.00 Mil.
Gross Profit was CHF0.00 Mil.
Total Current Assets was CHF3.29 Mil.
Total Assets was CHF16.78 Mil.
Property, Plant and Equipment(Net PPE) was CHF0.33 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF0.89 Mil.
Selling, General, & Admin. Expense(SGA) was CHF9.07 Mil.
Total Current Liabilities was CHF8.71 Mil.
Long-Term Debt & Capital Lease Obligation was CHF5.78 Mil.
Net Income was CHF-19.62 Mil.
Gross Profit was CHF0.00 Mil.
Cash Flow from Operations was CHF-5.48 Mil.

Total Receivables was CHF1.06 Mil.
Revenue was CHF0.00 Mil.
Gross Profit was CHF0.00 Mil.
Total Current Assets was CHF3.09 Mil.
Total Assets was CHF29.95 Mil.
Property, Plant and Equipment(Net PPE) was CHF1.72 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF1.42 Mil.
Selling, General, & Admin. Expense(SGA) was CHF7.48 Mil.
Total Current Liabilities was CHF6.00 Mil.
Long-Term Debt & Capital Lease Obligation was CHF4.55 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)
	=	(0.451 / 0)	/	(1.058 / 0)
	=		/
	=

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

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 - (3.287 + 0.327) / 16.778)	/	(1 - (3.088 + 1.717) / 29.952)
	=	0.784599	/	0.839577
	=

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	/	0
	=

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))
	=	(1.419 / (1.419 + 1.717))	/	(0.892 / (0.892 + 0.327))
	=	0.452487	/	0.731747
	=

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)
	=	(9.073 / 0)	/	(7.48 / 0)
	=		/
	=

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)
	=	((5.776 + 8.714) / 16.778)	/	((4.547 + 6.003) / 29.952)
	=	0.863631	/	0.35223
	=

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
	=	(-19.619 - 0	-	-5.481)	/	16.778
	=	-0.842651

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.

Spexis AG Beneish M-Score Related Terms

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Spexis AG (XSWX:SPEX) Business Description

Industry

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SPEXz:UK

Address

Hegenheimermattweg 125, Allschwil, CHE, CH-4123

Website

https://www.polyphor.com

Spexis AG is a clinical-stage biopharmaceutical company. The company is engaged in the discovery and development of antibiotics and other specialty pharma products for severe or life-threatening diseases. The company's lead product, murepavadin, is in Phase III development against Pseudomonas aeruginosa - recognized as a critical priority 1 pathogen by World Health Organization. It has one operating segment focusing on the research and development and prospective commercialization of respiratory therapeutics addressing high unmet medical needs.

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