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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 -2.07 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Luvu Brands's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Luvu Brands was -0.37. The lowest was -3.45. And the median was -2.34.
The historical data trend for Luvu Brands'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.
Luvu Brands Annual Data | |||||||||||||||||||||
Trend | Jun14 | Jun15 | Jun16 | Jun17 | Jun18 | Jun19 | Jun20 | Jun21 | Jun22 | Jun23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.52 | -1.79 | -0.98 | -2.21 | -2.25 |
Luvu Brands Quarterly Data | ||||||||||||||||||||
Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.34 | - | -2.25 | -2.61 | -2.07 |
For the Furnishings, Fixtures & Appliances subindustry, Luvu Brands'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.
For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, Luvu Brands's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Luvu Brands's Beneish M-Score falls into.
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 Luvu Brands for today is based on a combination of the following eight different indices:
M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
= | -4.84 | + | 0.92 * 1.3619 | + | 0.528 * 1.0055 | + | 0.404 * 1.2045 | + | 0.892 * 0.8905 | + | 0.115 * 0.8292 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.2507 | + | 4.679 * 0.02868 | - | 0.327 * 0.9588 | |||||||
= | -2.07 |
* 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.
This Year (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $1.28 Mil. Revenue was 6.786 + 6.127 + 6.121 + 6.902 = $25.94 Mil. Gross Profit was 1.818 + 1.483 + 1.191 + 1.769 = $6.26 Mil. Total Current Assets was $6.10 Mil. Total Assets was $9.97 Mil. Property, Plant and Equipment(Net PPE) was $3.77 Mil. Depreciation, Depletion and Amortization(DDA) was $0.75 Mil. Selling, General, & Admin. Expense(SGA) was $5.67 Mil. Total Current Liabilities was $4.25 Mil. Long-Term Debt & Capital Lease Obligation was $2.60 Mil. Net Income was 0.029 + -0.126 + -0.281 + 0.293 = $-0.09 Mil. Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil. Cash Flow from Operations was 0.198 + 0.172 + -0.245 + -0.496 = $-0.37 Mil. |
Total Receivables was $1.05 Mil. Revenue was 8.135 + 8.059 + 6.179 + 6.753 = $29.13 Mil. Gross Profit was 2.259 + 1.886 + 1.131 + 1.794 = $7.07 Mil. Total Current Assets was $7.03 Mil. Total Assets was $11.22 Mil. Property, Plant and Equipment(Net PPE) was $4.09 Mil. Depreciation, Depletion and Amortization(DDA) was $0.65 Mil. Selling, General, & Admin. Expense(SGA) was $5.09 Mil. Total Current Liabilities was $5.44 Mil. Long-Term Debt & Capital Lease Obligation was $2.60 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) |
= | (1.277 / 25.936) | / | (1.053 / 29.126) | |
= | 0.049237 | / | 0.036153 | |
= | 1.3619 |
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) | |
= | (7.07 / 29.126) | / | (6.261 / 25.936) | |
= | 0.242738 | / | 0.241402 | |
= | 1.0055 |
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 - (6.097 + 3.769) / 9.972) | / | (1 - (7.034 + 4.085) / 11.218) | |
= | 0.01063 | / | 0.008825 | |
= | 1.2045 |
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 | |
= | 25.936 | / | 29.126 | |
= | 0.8905 |
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)) |
= | (0.651 / (0.651 + 4.085)) | / | (0.749 / (0.749 + 3.769)) | |
= | 0.137458 | / | 0.165781 | |
= | 0.8292 |
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) |
= | (5.672 / 25.936) | / | (5.093 / 29.126) | |
= | 0.218692 | / | 0.174861 | |
= | 1.2507 |
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) |
= | ((2.601 + 4.254) / 9.972) | / | ((2.601 + 5.442) / 11.218) | |
= | 0.687425 | / | 0.716973 | |
= | 0.9588 |
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 | |
= | (-0.085 - 0 | - | -0.371) | / | 9.972 | |
= | 0.02868 |
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.
Luvu Brands has a M-score of -2.07 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Luvu Brands's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Martin P Scott | officer: Chief Financial Officer | SIMPLEPONS, INC., C/O 220 CONGRESS PARK DRIVE, SUITE 304, DELRAY BEACH FL 33445 |
Alexander A. Sannikov | officer: Chief Financial Officer | 2745 BANKERS INDUSTRIAL DR, ATLANTA GA 30360 |
Ronald P Scott | director, officer: CFO & Secretary | 2745 BANKERS INDUSTRIAL DRIVE, ATLANTA GA 30360 |
Manuel Munoz | officer: Chief Information Officer | 2745 BANKERS INDUSTRIAL DRIVE, ATLANTA GA 30360 |
Louis S Friedman | director, officer: President & CEO | 2745 BANKERS INDUSTRIAL DRIVE, ATLANTA GA 30360 |
Sean Hougham | officer: Vice President - Manufacturing | 2745 BANKERS INDUSTRIAL DRIVE, ATLANTA GA 30360 |
Donald Cohen | 10 percent owner | 2745 BANKERS INDUSTRIAL DRIVE, DORAVILLE GA 30360 |
James Blanchard | officer: Senior VP-Business Development | 2745 BANKERS INDUSTRIAL DRIVE, ATLANTA GA 30360 |
Michael Kane | officer: Executive Vice President | 2745 BANKERS INDUSTRIAL DRIVE, ATLANTA GA 30360 |
Leslie Vogelman | officer: Treasurer | 2745 BANKERS INDUSTRIAL DRIVE, ATLANTA GA 30360 |
Rufina Bulatova | officer: Vice President Online Market. | 2745 BANKERS INDUSTRIAL DRIVE, ATLANTA GA 30360 |
Fyodor Petrenko | 10 percent owner, officer: Vice President | 204 SALEM CT, APT 5, PRINCETON NJ 08540 |
David Wirth | officer: Vice President - Operations | 2745 BANKERS INDUSTRIAL DRIVE, DORAVILLE GA 30360 |
Belmont Partners, Llc | 10 percent owner | 360 MAIN STREET, P.O. BOX 393, WASHINGTON VA 22747 |
Joseph J Meuse | director, officer: President | 211 FALMOUTH STREET, WARRENTON VA 20186 |
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