TC BioPharm (Holdings) (TC BioPharm (Holdings)) Beneish M-Score : 0.00 (As of Jun. 01, 2024)

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What is TC BioPharm (Holdings) 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 TC BioPharm (Holdings)'s Beneish M-Score or its related term are showing as below:

During the past 5 years, the highest Beneish M-Score of TC BioPharm (Holdings) was 0.00. The lowest was 0.00. And the median was 0.00.

TC BioPharm (Holdings) Beneish M-Score Historical Data

The historical data trend for TC BioPharm (Holdings)'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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TC BioPharm (Holdings) Beneish M-Score Chart

TC BioPharm (Holdings) Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

TC BioPharm (Holdings) Quarterly Data
	Dec19	Sep20	Dec20	Jun21	Sep21	Dec21	Jun22	Dec22	Mar23	Jun23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial							-	-	-	-	-

Competitive Comparison of TC BioPharm (Holdings)'s Beneish M-Score

For the Biotechnology subindustry, TC BioPharm (Holdings)'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.

TC BioPharm (Holdings)'s Beneish M-Score Distribution in the Biotechnology Industry

For the Biotechnology industry and Healthcare sector, TC BioPharm (Holdings)'s Beneish M-Score distribution charts can be found below:

* The bar in red indicates where TC BioPharm (Holdings)'s Beneish M-Score falls into.

TC BioPharm (Holdings) 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 TC BioPharm (Holdings) 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 (Mar24) TTM:

Last Year (Dec22) TTM:

Total Receivables was $1.62 Mil.
Revenue was 0 + 0 + 0 + 0 = $0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil.
Total Current Assets was $5.34 Mil.
Total Assets was $9.23 Mil.
Property, Plant and Equipment(Net PPE) was $3.12 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.71 Mil.
Selling, General, & Admin. Expense(SGA) was $7.17 Mil.
Total Current Liabilities was $6.05 Mil.
Long-Term Debt & Capital Lease Obligation was $1.80 Mil.
Net Income was -4.221 + 0 + 1.247 + -0.771 = $-3.75 Mil.
Non Operating Income was 0.011 + 0 + 5.495 + 3.8 = $9.31 Mil.
Cash Flow from Operations was -3.061 + 0 + -4.596 + -3.533 = $-11.19 Mil.

Total Receivables was $2.20 Mil.
Revenue was 0 + 0 + 0.658 + 0.68 = $1.34 Mil.
Gross Profit was 0 + 0 + 0.658 + 0.68 = $1.34 Mil.
Total Current Assets was $9.07 Mil.
Total Assets was $13.75 Mil.
Property, Plant and Equipment(Net PPE) was $4.01 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.67 Mil.
Selling, General, & Admin. Expense(SGA) was $3.00 Mil.
Total Current Liabilities was $11.16 Mil.
Long-Term Debt & Capital Lease Obligation was $2.19 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)
	=	(1.618 / 0)	/	(2.196 / 1.338)
	=		/	1.641256
	=

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)
	=	(1.338 / 1.338)	/	(0 / 0)
	=	1	/
	=

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 - (5.341 + 3.117) / 9.23)	/	(1 - (9.072 + 4.009) / 13.754)
	=	0.08364	/	0.048931
	=

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	/	1.338
	=

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))
	=	(0.674 / (0.674 + 4.009))	/	(0.708 / (0.708 + 3.117))
	=	0.143925	/	0.185098
	=

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)
	=	(7.168 / 0)	/	(3.002 / 1.338)
	=		/	2.243647
	=

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)
	=	((1.804 + 6.053) / 9.23)	/	((2.189 + 11.162) / 13.754)
	=	0.851246	/	0.970699
	=

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
	=	(-3.745 - 9.306	-	-11.19)	/	9.23
	=	-0.201625

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.

TC BioPharm (Holdings) Beneish M-Score Related Terms

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TC BioPharm (Holdings) (TC BioPharm (Holdings)) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Biotechnology » TC BioPharm (Holdings) PLC (NAS:TCBP) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

T0U:Germany

Address

Maxim 1, 2 Parklands Way, Holytown, Motherwell, Scotland, GBR, ML1 4WR

Website

https://www.tcbiopharm.com

TC BioPharm (Holdings) PLC is a clinical-stage biopharmaceutical company focused on developing novel immunotherapy products that are based on its proprietary allogeneic gamma delta T (abbreviated as GD-T) cell platform.

Executives

Renaissance Capital Partners Ltd	10 percent owner	42 SHAD THAMES, LONDON X0 SE1 2YD
Diana Elizabeth Randall	10 percent owner	C/O RENAISSANCE CAPITAL PARTNERS LTD, 42 SHAD THAMES, LONDON X0 SE1 2YD
Kenneth Edward Randall	10 percent owner	C/O RENAISSANCE CAPITAL PARTNERS LTD, 42 SHAD THAMES, LONDON X0 SE1 2YD
Mark Edward Randall	10 percent owner	C/O RENAISSANCE CAPITAL PARTNERS LTD, 42 SHAD THAMES, LONDON X0 SE1 2YD