Terme Dobrna d.d (XLJU:ZDDG) Beneish M-Score : -2.98 (As of May. 26, 2024)

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What is Terme Dobrna d.d 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 -2.98 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XLJU:ZDDG' s Beneish M-Score Range Over the Past 10 Years
Min: -3.01 Med: -2.67 Max: -1.61
Current: -2.98

During the past 13 years, the highest Beneish M-Score of Terme Dobrna d.d was -1.61. The lowest was -3.01. And the median was -2.67.

Terme Dobrna d.d Beneish M-Score Historical Data

The historical data trend for Terme Dobrna d.d'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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Terme Dobrna d.d Beneish M-Score Chart

Terme Dobrna d.d Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

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-1.84

-3.01

-2.91

-2.74

-2.98

Terme Dobrna d.d Semi-Annual Data
	Dec09	Dec10	Dec11	Dec12	Dec13	Dec14	Dec15	Dec16	Dec17	Dec18	Dec19	Dec20	Dec21	Dec22
Beneish M-Score	Get a 7-Day Free Trial									-1.84	-3.01	-2.91	-2.74	-2.98

Competitive Comparison of Terme Dobrna d.d's Beneish M-Score

For the Resorts & Casinos subindustry, Terme Dobrna d.d'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.

Terme Dobrna d.d's Beneish M-Score Distribution in the Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Terme Dobrna d.d's Beneish M-Score distribution charts can be found below:

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

Terme Dobrna d.d 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 Terme Dobrna d.d 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 * 0.5955

0.528 * 0.9041

0.404 * 0.8057

0.892 * 1.1867

0.115 * 0.8966

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.038

0.327 * 0.9249

-2.98

This Year (Dec22) TTM:

Last Year (Dec21) TTM:

Total Receivables was €0.88 Mil.
Revenue was €13.27 Mil.
Gross Profit was €2.67 Mil.
Total Current Assets was €2.52 Mil.
Total Assets was €25.24 Mil.
Property, Plant and Equipment(Net PPE) was €22.61 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.27 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €3.06 Mil.
Long-Term Debt & Capital Lease Obligation was €4.32 Mil.
Net Income was €0.96 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €1.92 Mil.

Total Receivables was €1.25 Mil.
Revenue was €11.18 Mil.
Gross Profit was €2.03 Mil.
Total Current Assets was €2.23 Mil.
Total Assets was €24.92 Mil.
Property, Plant and Equipment(Net PPE) was €22.57 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.13 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €3.18 Mil.
Long-Term Debt & Capital Lease Obligation was €4.70 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)
	=	(0.884 / 13.265)	/	(1.251 / 11.178)
	=	0.066642	/	0.111916
	=	0.5955

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)
	=	(2.031 / 11.178)	/	(2.666 / 13.265)
	=	0.181696	/	0.20098
	=	0.9041

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 - (2.524 + 22.611) / 25.237)	/	(1 - (2.225 + 22.565) / 24.915)
	=	0.004042	/	0.005017
	=	0.8057

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
	=	13.265	/	11.178
	=	1.1867

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))
	=	(1.128 / (1.128 + 22.565))	/	(1.268 / (1.268 + 22.611))
	=	0.047609	/	0.053101
	=	0.8966

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 / 13.265)	/	(0 / 11.178)
	=	0	/	0
	=	1

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)
	=	((4.319 + 3.06) / 25.237)	/	((4.696 + 3.18) / 24.915)
	=	0.292388	/	0.316115
	=	0.9249

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
	=	(0.962 - 0	-	1.921)	/	25.237
	=	-0.038

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.

Terme Dobrna d.d has a M-score of -2.98 suggests that the company is unlikely to be a manipulator.

Terme Dobrna d.d Beneish M-Score Related Terms

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Terme Dobrna d.d (XLJU:ZDDG) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Travel & Leisure » Terme Dobrna d.d (XLJU:ZDDG) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Dobrna 50, Dobrna, SVN, 3204

Website

http://www.en.terme-dobrna.si

Terme Dobrna d.d is a health resort and tourist center. Its activities include accommodation and tourist activities and medical activity, both are complemented by a wellness center. The company offers swimming pools, baths, medicinal thermal water, saunas, massage and beauty centre, and hair care salon.

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