The Farm 51 Group (WAR:F51) Beneish M-Score : 291.99 (As of May. 28, 2024)

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What is The Farm 51 Group 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 291.99 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for The Farm 51 Group's Beneish M-Score or its related term are showing as below:

WAR:F51' s Beneish M-Score Range Over the Past 10 Years
Min: -6.26 Med: -1.14 Max: 291.99
Current: 291.99

During the past 12 years, the highest Beneish M-Score of The Farm 51 Group was 291.99. The lowest was -6.26. And the median was -1.14.

The Farm 51 Group Beneish M-Score Historical Data

The historical data trend for The Farm 51 Group'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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The Farm 51 Group Beneish M-Score Chart

The Farm 51 Group Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

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4.99

-1.23

9.34

-3.81

-1.80

The Farm 51 Group Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-1.80	176.01	102.49	189.34	291.99

Competitive Comparison of The Farm 51 Group's Beneish M-Score

For the Electronic Gaming & Multimedia subindustry, The Farm 51 Group'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.

The Farm 51 Group's Beneish M-Score Distribution in the Interactive Media Industry

For the Interactive Media industry and Communication Services sector, The Farm 51 Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where The Farm 51 Group's Beneish M-Score falls into.

The Farm 51 Group 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 The Farm 51 Group 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 * 0.6352

0.528 * 0.6422

0.404 * 726.5176

0.892 * 0.6786

0.115 * 0.6135

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0

4.679 * 0.496085

0.327 * 1.8588

291.99

This Year (Mar24) TTM:

Last Year (Dec22) TTM:

Total Receivables was zł1.88 Mil.
Revenue was 1.91 + 1.382 + 1.793 + 6.01 = zł11.10 Mil.
Gross Profit was 5.565 + 3.343 + 3.69 + 7.383 = zł19.98 Mil.
Total Current Assets was zł14.08 Mil.
Total Assets was zł17.37 Mil.
Property, Plant and Equipment(Net PPE) was zł0.07 Mil.
Depreciation, Depletion and Amortization(DDA) was zł1.25 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.00 Mil.
Total Current Liabilities was zł2.57 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 Mil.
Net Income was 2.038 + -1.323 + -1.866 + 4.387 = zł3.24 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.00 Mil.
Cash Flow from Operations was -1.896 + -3.324 + -3.111 + 2.95 = zł-5.38 Mil.

Total Receivables was zł4.36 Mil.
Revenue was 2.883 + 7.369 + 2.795 + 3.304 = zł16.35 Mil.
Gross Profit was 3.94 + 8.134 + 3.158 + 3.679 = zł18.91 Mil.
Total Current Assets was zł19.49 Mil.
Total Assets was zł19.58 Mil.
Property, Plant and Equipment(Net PPE) was zł0.09 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.12 Mil.
Selling, General, & Admin. Expense(SGA) was zł3.34 Mil.
Total Current Liabilities was zł1.56 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 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)
	=	(1.881 / 11.095)	/	(4.364 / 16.351)
	=	0.169536	/	0.266895
	=	0.6352

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)
	=	(18.911 / 16.351)	/	(19.981 / 11.095)
	=	1.156565	/	1.800901
	=	0.6422

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 - (14.083 + 0.069) / 17.37)	/	(1 - (19.494 + 0.085) / 19.584)
	=	0.185262	/	0.000255
	=	726.5176

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
	=	11.095	/	16.351
	=	0.6786

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))
	=	(0.118 / (0.118 + 0.085))	/	(1.246 / (1.246 + 0.069))
	=	0.581281	/	0.947529
	=	0.6135

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 / 11.095)	/	(3.342 / 16.351)
	=	0	/	0.204391
	=	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)
	=	((0 + 2.567) / 17.37)	/	((0 + 1.557) / 19.584)
	=	0.147784	/	0.079504
	=	1.8588

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
	=	(3.236 - 0	-	-5.381)	/	17.37
	=	0.496085

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 Farm 51 Group has a M-score of 291.99 signals that the company is likely to be a manipulator.

The Farm 51 Group Beneish M-Score Related Terms

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The Farm 51 Group (WAR:F51) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Interactive Media » The Farm 51 Group (WAR:F51) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

Bohaterow Getta Warszawskiego 15 Street, Gliwice, POL, 44-102

Website

http://thefarm51.com

The Farm 51 Group develops video games for personal computers, desktop consoles and mobile devices. The company also creates games, modern VR applications and participate in many innovative educational and commercial projects.

The Farm 51 Group (WAR:F51) Headlines

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