Slanchev Bryag AD (XBUL:SLB) Beneish M-Score : -2.60 (As of May. 13, 2024)

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What is Slanchev Bryag AD 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 -2.6 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XBUL:SLB' s Beneish M-Score Range Over the Past 10 Years
Min: -7.42 Med: -2.57 Max: 4.47
Current: -2.6

During the past 13 years, the highest Beneish M-Score of Slanchev Bryag AD was 4.47. The lowest was -7.42. And the median was -2.57.

Slanchev Bryag AD Beneish M-Score Historical Data

The historical data trend for Slanchev Bryag AD'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.

Slanchev Bryag AD Beneish M-Score Chart

Slanchev Bryag AD Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

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-1.88

-2.83

0.61

-2.66

-3.23

Slanchev Bryag AD 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															-3.23	-2.95	-2.87	-2.84	-2.60

Competitive Comparison of Slanchev Bryag AD's Beneish M-Score

For the Resorts & Casinos subindustry, Slanchev Bryag AD'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.

Slanchev Bryag AD's Beneish M-Score Distribution in the Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Slanchev Bryag AD's Beneish M-Score distribution charts can be found below:

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

Slanchev Bryag AD 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 Slanchev Bryag AD 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 * 0.3867

0.528 * 0.7475

0.404 * 0.8519

0.892 * 1.1843

0.115 * 0.9772

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.3267

4.679 * 0.030202

0.327 * 0.3176

-2.60

This Year (Mar24) TTM:

Last Year (Dec22) TTM:

Total Receivables was лв1.00 Mil.
Revenue was 0.409 + 0.917 + 0.967 + 0.322 = лв2.62 Mil.
Gross Profit was 0.227 + 0.597 + 0.691 + 0.098 = лв1.61 Mil.
Total Current Assets was лв3.41 Mil.
Total Assets was лв42.85 Mil.
Property, Plant and Equipment(Net PPE) was лв39.42 Mil.
Depreciation, Depletion and Amortization(DDA) was лв0.84 Mil.
Selling, General, & Admin. Expense(SGA) was лв0.18 Mil.
Total Current Liabilities was лв1.42 Mil.
Long-Term Debt & Capital Lease Obligation was лв0.00 Mil.
Net Income was 1.466 + 0.429 + -0.297 + -0.15 = лв1.45 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = лв0.00 Mil.
Cash Flow from Operations was -0.071 + 0.608 + 0.075 + -0.458 = лв0.15 Mil.

Total Receivables was лв2.19 Mil.
Revenue was 0.112 + 0.885 + 0.982 + 0.229 = лв2.21 Mil.
Gross Profit was -0.179 + 0.5 + 0.713 + -0.016 = лв1.02 Mil.
Total Current Assets was лв3.82 Mil.
Total Assets was лв44.63 Mil.
Property, Plant and Equipment(Net PPE) was лв40.79 Mil.
Depreciation, Depletion and Amortization(DDA) was лв0.85 Mil.
Selling, General, & Admin. Expense(SGA) was лв0.47 Mil.
Total Current Liabilities was лв4.66 Mil.
Long-Term Debt & Capital Lease Obligation was лв0.00 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)
	=	(1.004 / 2.615)	/	(2.192 / 2.208)
	=	0.383939	/	0.992754
	=	0.3867

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)
	=	(1.018 / 2.208)	/	(1.613 / 2.615)
	=	0.461051	/	0.616826
	=	0.7475

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 - (3.407 + 39.42) / 42.845)	/	(1 - (3.816 + 40.794) / 44.632)
	=	0.00042	/	0.000493
	=	0.8519

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
	=	2.615	/	2.208
	=	1.1843

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))
	=	(0.846 / (0.846 + 40.794))	/	(0.837 / (0.837 + 39.42))
	=	0.020317	/	0.020791
	=	0.9772

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)
	=	(0.183 / 2.615)	/	(0.473 / 2.208)
	=	0.069981	/	0.214221
	=	0.3267

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 + 1.422) / 42.845)	/	((0 + 4.664) / 44.632)
	=	0.033189	/	0.104499
	=	0.3176

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
	=	(1.448 - 0	-	0.154)	/	42.845
	=	0.030202

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.

Slanchev Bryag AD has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.

Slanchev Bryag AD Beneish M-Score Related Terms

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