Hipromine (WAR:HPM) Beneish M-Score : 30.11 (As of May. 20, 2024)

View and export this data going back to 2022. Start your Free Trial

What is Hipromine 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 30.11 higher than -1.78, which implies that the company might have manipulated its financial results.

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

WAR:HPM' s Beneish M-Score Range Over the Past 10 Years
Min: 30.11 Med: 33.68 Max: 37.25
Current: 30.11

During the past 3 years, the highest Beneish M-Score of Hipromine was 37.25. The lowest was 30.11. And the median was 33.68.

Hipromine Beneish M-Score Historical Data

The historical data trend for Hipromine'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.

* Premium members only.

Hipromine Beneish M-Score Chart

Hipromine Annual Data

Trend

Dec20

Dec21

Dec22

Beneish M-Score

Hipromine Quarterly Data
	Dec20	Mar21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Mar24
Beneish M-Score	Get a 7-Day Free Trial							-	37.25	-	30.11	-

Competitive Comparison of Hipromine's Beneish M-Score

For the Packaged Foods subindustry, Hipromine'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.

Hipromine's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Hipromine's Beneish M-Score distribution charts can be found below:

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

Hipromine 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 Hipromine 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 * 1.184

0.528 * 0.4712

0.404 * 0.1332

0.892 * 1.0066

0.115 * 1.9653

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7268

4.679 * 8.420322

0.327 * 6.0613

34.97

This Year (Mar24) TTM:

Last Year (Dec22) TTM:

Total Receivables was zł0.55 Mil.
Revenue was 0.256 + 0.871 + 0.425 + 0.29 = zł1.84 Mil.
Gross Profit was -2.236 + -0.554 + -0.683 + -0.667 = zł-4.14 Mil.
Total Current Assets was zł35.00 Mil.
Total Assets was zł232.61 Mil.
Property, Plant and Equipment(Net PPE) was zł196.14 Mil.
Depreciation, Depletion and Amortization(DDA) was zł93.05 Mil.
Selling, General, & Admin. Expense(SGA) was zł1.76 Mil.
Total Current Liabilities was zł15.32 Mil.
Long-Term Debt & Capital Lease Obligation was zł132.81 Mil.
Net Income was -8.87 + -4.163 + -3.248 + -3.671 = zł-19.95 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.00 Mil.
Cash Flow from Operations was -913.972 + -13.47 + -1045.56 + -5.601 = zł-1,978.60 Mil.

Total Receivables was zł0.46 Mil.
Revenue was 0.355 + 0.503 + 0.402 + 0.57 = zł1.83 Mil.
Gross Profit was -0.921 + -0.065 + -0.408 + -0.544 = zł-1.94 Mil.
Total Current Assets was zł7.92 Mil.
Total Assets was zł44.91 Mil.
Property, Plant and Equipment(Net PPE) was zł34.86 Mil.
Depreciation, Depletion and Amortization(DDA) was zł59.96 Mil.
Selling, General, & Admin. Expense(SGA) was zł2.40 Mil.
Total Current Liabilities was zł4.72 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)
	=	(0.553 / 1.842)	/	(0.464 / 1.83)
	=	0.300217	/	0.253552
	=	1.184

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)
	=	(-1.938 / 1.83)	/	(-4.14 / 1.842)
	=	-1.059016	/	-2.247557
	=	0.4712

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 - (35.001 + 196.14) / 232.61)	/	(1 - (7.919 + 34.858) / 44.906)
	=	0.006315	/	0.04741
	=	0.1332

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
	=	1.842	/	1.83
	=	1.0066

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))
	=	(59.961 / (59.961 + 34.858))	/	(93.052 / (93.052 + 196.14))
	=	0.632373	/	0.321765
	=	1.9653

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)
	=	(1.758 / 1.842)	/	(2.403 / 1.83)
	=	0.954397	/	1.313115
	=	0.7268

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)
	=	((132.808 + 15.324) / 232.61)	/	((0 + 4.718) / 44.906)
	=	0.636826	/	0.105064
	=	6.0613

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
	=	(-19.952 - 0	-	-1978.603)	/	232.61
	=	8.420322

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.

Hipromine has a M-score of 34.97 signals that the company is likely to be a manipulator.

Hipromine Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Hipromine's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Hipromine (WAR:HPM) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » Hipromine SA (WAR:HPM) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

ul. Pozna?ska, 12th Floor, Robakowo, POL, 62-023

Website

https://www.hipromine.com

Hipromine SA is a European scale supplier of an alternative protein produced through innovative, proprietary technology of industrial insect breeding. The company's offer is directed mainly to the market of pet food and fodder for fish farming, as well as livestock and horticulture.

Hipromine (WAR:HPM) Headlines

No Headlines