Advanced Graphene Products (WAR:GPH) Beneish M-Score : -4.68 (As of May. 26, 2024)

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What is Advanced Graphene Products 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 -4.68 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

WAR:GPH' s Beneish M-Score Range Over the Past 10 Years
Min: -4.68 Med: -0.98 Max: 1.5
Current: -4.68

During the past 5 years, the highest Beneish M-Score of Advanced Graphene Products was 1.50. The lowest was -4.68. And the median was -0.98.

Advanced Graphene Products Beneish M-Score Historical Data

The historical data trend for Advanced Graphene Products'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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Advanced Graphene Products Beneish M-Score Chart

Advanced Graphene Products Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

-1.70

-0.47

Advanced Graphene Products Quarterly Data
	Dec19	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial										1.50	-0.45	-1.49	-0.47	-4.68

Competitive Comparison of Advanced Graphene Products's Beneish M-Score

For the Semiconductors subindustry, Advanced Graphene Products'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.

Advanced Graphene Products's Beneish M-Score Distribution in the Semiconductors Industry

For the Semiconductors industry and Technology sector, Advanced Graphene Products's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Advanced Graphene Products's Beneish M-Score falls into.

Advanced Graphene Products 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 Advanced Graphene Products 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 * 0.0352

0.528 * 1.4339

0.404 * 1.298

0.892 * 0.8383

0.115 * 0.7771

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.149

4.679 * -0.389499

0.327 * 0.4303

-4.68

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was zł0.04 Mil.
Revenue was 0.089 + 0.15 + 0.105 + 0.076 = zł0.42 Mil.
Gross Profit was -0.003 + 0.133 + 0.136 + 0.183 = zł0.45 Mil.
Total Current Assets was zł1.49 Mil.
Total Assets was zł7.56 Mil.
Property, Plant and Equipment(Net PPE) was zł0.96 Mil.
Depreciation, Depletion and Amortization(DDA) was zł2.02 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.25 Mil.
Total Current Liabilities was zł1.70 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 Mil.
Net Income was -0.599 + -0.906 + -0.568 + -1.09 = zł-3.16 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.00 Mil.
Cash Flow from Operations was 1.727 + -0.569 + -0.423 + -0.953 = zł-0.22 Mil.

Total Receivables was zł1.46 Mil.
Revenue was 0.212 + 0.095 + 0.136 + 0.058 = zł0.50 Mil.
Gross Profit was 0.253 + 0.246 + 0.25 + 0.019 = zł0.77 Mil.
Total Current Assets was zł2.76 Mil.
Total Assets was zł8.77 Mil.
Property, Plant and Equipment(Net PPE) was zł1.45 Mil.
Depreciation, Depletion and Amortization(DDA) was zł1.61 Mil.
Selling, General, & Admin. Expense(SGA) was zł1.98 Mil.
Total Current Liabilities was zł3.39 Mil.
Long-Term Debt & Capital Lease Obligation was zł1.18 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)
	=	(0.043 / 0.42)	/	(1.459 / 0.501)
	=	0.102381	/	2.912176
	=	0.0352

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)
	=	(0.768 / 0.501)	/	(0.449 / 0.42)
	=	1.532934	/	1.069048
	=	1.4339

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 - (1.492 + 0.963) / 7.561)	/	(1 - (2.755 + 1.454) / 8.774)
	=	0.675307	/	0.520287
	=	1.298

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
	=	0.42	/	0.501
	=	0.8383

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))
	=	(1.614 / (1.614 + 1.454))	/	(2.018 / (2.018 + 0.963))
	=	0.526076	/	0.676954
	=	0.7771

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)
	=	(0.247 / 0.42)	/	(1.977 / 0.501)
	=	0.588095	/	3.946108
	=	0.149

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 + 1.695) / 7.561)	/	((1.181 + 3.39) / 8.774)
	=	0.224177	/	0.520971
	=	0.4303

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
	=	(-3.163 - 0	-	-0.218)	/	7.561
	=	-0.389499

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.

Advanced Graphene Products has a M-score of -4.68 suggests that the company is unlikely to be a manipulator.

Advanced Graphene Products Beneish M-Score Related Terms

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Advanced Graphene Products (WAR:GPH) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Semiconductors » Advanced Graphene Products SA (WAR:GPH) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Nowy Kisielin - A. Wysockiego, Zielona Gora, POL, 66-002

Website

https://www.advancedgrapheneproducts.com

Advanced Graphene Products SA is a nanotechnological venture focused on production and supply of graphene materials and development of graphene applications.

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