Comcm Constanta (BSE:CMCM) Beneish M-Score : -5.33 (As of May. 26, 2024)

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What is Comcm Constanta 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 -5.33 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BSE:CMCM' s Beneish M-Score Range Over the Past 10 Years
Min: -93.7 Med: -2.53 Max: -2.01
Current: -5.33

During the past 13 years, the highest Beneish M-Score of Comcm Constanta was -2.01. The lowest was -93.70. And the median was -2.53.

Comcm Constanta Beneish M-Score Historical Data

The historical data trend for Comcm Constanta'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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Comcm Constanta Beneish M-Score Chart

Comcm Constanta Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.70

-2.35

-2.63

-93.70

Comcm Constanta Quarterly Data
	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-3.04	-3.25	-93.70	-5.33	-

Competitive Comparison of Comcm Constanta's Beneish M-Score

For the Engineering & Construction subindustry, Comcm Constanta'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.

Comcm Constanta's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, Comcm Constanta's Beneish M-Score distribution charts can be found below:

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

Comcm Constanta 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 Comcm Constanta 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 * 8.1056

0.528 * 1.0376

0.404 * 0.6504

0.892 * 0.8566

0.115 * 4.3085

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.6703

4.679 * -0.076192

0.327 * 28.6509

-5.33

This Year (Mar23) TTM:

Last Year (Mar22) TTM:

Total Receivables was lei50.92 Mil.
Revenue was 0.224 + 0.253 + 0.294 + 0.37 = lei1.14 Mil.
Gross Profit was 0.224 + 0.243 + 0.268 + 0.363 = lei1.10 Mil.
Total Current Assets was lei71.88 Mil.
Total Assets was lei142.04 Mil.
Property, Plant and Equipment(Net PPE) was lei58.47 Mil.
Depreciation, Depletion and Amortization(DDA) was lei0.52 Mil.
Selling, General, & Admin. Expense(SGA) was lei0.73 Mil.
Total Current Liabilities was lei54.57 Mil.
Long-Term Debt & Capital Lease Obligation was lei0.00 Mil.
Net Income was 8.364 + -2.403 + -0.268 + -0.188 = lei5.51 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = lei0.00 Mil.
Cash Flow from Operations was -23.987 + 42.247 + -1.818 + -0.115 = lei16.33 Mil.

Total Receivables was lei7.33 Mil.
Revenue was 0.212 + 0.252 + 0.36 + 0.508 = lei1.33 Mil.
Gross Profit was 0.21 + 0.252 + 0.362 + 0.506 = lei1.33 Mil.
Total Current Assets was lei13.58 Mil.
Total Assets was lei83.07 Mil.
Property, Plant and Equipment(Net PPE) was lei58.99 Mil.
Depreciation, Depletion and Amortization(DDA) was lei2.32 Mil.
Selling, General, & Admin. Expense(SGA) was lei0.51 Mil.
Total Current Liabilities was lei1.11 Mil.
Long-Term Debt & Capital Lease Obligation was lei0.00 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)
	=	(50.922 / 1.141)	/	(7.334 / 1.332)
	=	44.629273	/	5.506006
	=	8.1056

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)
	=	(1.33 / 1.332)	/	(1.098 / 1.141)
	=	0.998498	/	0.962314
	=	1.0376

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 - (71.875 + 58.47) / 142.035)	/	(1 - (13.575 + 58.986) / 83.073)
	=	0.082304	/	0.126539
	=	0.6504

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
	=	1.141	/	1.332
	=	0.8566

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))
	=	(2.315 / (2.315 + 58.986))	/	(0.517 / (0.517 + 58.47))
	=	0.037764	/	0.008765
	=	4.3085

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)
	=	(0.734 / 1.141)	/	(0.513 / 1.332)
	=	0.643295	/	0.385135
	=	1.6703

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 + 54.571) / 142.035)	/	((0 + 1.114) / 83.073)
	=	0.384208	/	0.01341
	=	28.6509

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
	=	(5.505 - 0	-	16.327)	/	142.035
	=	-0.076192

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.

Comcm Constanta has a M-score of -5.33 suggests that the company is unlikely to be a manipulator.

Comcm Constanta Beneish M-Score Related Terms

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Comcm Constanta (BSE:CMCM) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » Comcm SA Constanta (BSE:CMCM) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

Bulevardul Aurel Vlaicu 144, Constanta, ROU, 900498

Website

http://www.comcm.ro

Comcm SA Constanta is engaged in the manufacture of concrete, and as auxiliary activities: industrial production for constructions, civil constructions of quarry products, rebars, and prefabricated products. As civil engineering and industrial construction activities. Its main activity is the rental of machinery, but also the extraction and sorting of sand.