Buligo Capital (XTAE:BLGO) Beneish M-Score : -1.14 (As of May. 30, 2024)

View and export this data going back to 2021. Start your Free Trial

What is Buligo Capital 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 -1.14 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XTAE:BLGO' s Beneish M-Score Range Over the Past 10 Years
Min: -1.14 Med: -1.14 Max: -1.14
Current: -1.14

During the past 6 years, the highest Beneish M-Score of Buligo Capital was -1.14. The lowest was -1.14. And the median was -1.14.

Buligo Capital Beneish M-Score Historical Data

The historical data trend for Buligo Capital'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.

Buligo Capital Beneish M-Score Chart

Buligo Capital Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-1.14

Buligo Capital Quarterly Data
	Dec18	Dec19	Jun20	Dec20	Jun21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial									-	-	-2.43	-	-1.14

Competitive Comparison of Buligo Capital's Beneish M-Score

For the Real Estate Services subindustry, Buligo Capital'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.

Buligo Capital's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Buligo Capital's Beneish M-Score distribution charts can be found below:

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

Buligo Capital 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 Buligo Capital 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 * 3.156

0.528 * 1

0.404 * 1.1534

0.892 * 0.5114

0.115 * 0.8022

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.9724

4.679 * -0.029938

0.327 * 0.8155

-1.14

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ₪20.76 Mil.
Revenue was 27.893 + 8.979 + 23.041 + 18.051 = ₪77.96 Mil.
Gross Profit was 27.893 + 8.979 + 23.041 + 18.051 = ₪77.96 Mil.
Total Current Assets was ₪118.79 Mil.
Total Assets was ₪258.90 Mil.
Property, Plant and Equipment(Net PPE) was ₪2.07 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪0.56 Mil.
Selling, General, & Admin. Expense(SGA) was ₪10.85 Mil.
Total Current Liabilities was ₪10.49 Mil.
Long-Term Debt & Capital Lease Obligation was ₪1.23 Mil.
Net Income was 10.832 + -9.377 + 8.279 + 7.044 = ₪16.78 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₪0.00 Mil.
Cash Flow from Operations was 9.31 + -3.055 + 1.514 + 16.76 = ₪24.53 Mil.

Total Receivables was ₪12.86 Mil.
Revenue was 16.663 + 43.198 + 60.017 + 32.567 = ₪152.45 Mil.
Gross Profit was 16.663 + 43.198 + 60.017 + 32.567 = ₪152.45 Mil.
Total Current Assets was ₪126.21 Mil.
Total Assets was ₪239.52 Mil.
Property, Plant and Equipment(Net PPE) was ₪2.59 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪0.53 Mil.
Selling, General, & Admin. Expense(SGA) was ₪10.76 Mil.
Total Current Liabilities was ₪11.68 Mil.
Long-Term Debt & Capital Lease Obligation was ₪1.62 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)
	=	(20.763 / 77.964)	/	(12.864 / 152.445)
	=	0.266315	/	0.084385
	=	3.156

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)
	=	(152.445 / 152.445)	/	(77.964 / 77.964)
	=	1	/	1
	=	1

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 - (118.791 + 2.065) / 258.903)	/	(1 - (126.214 + 2.586) / 239.524)
	=	0.5332	/	0.462267
	=	1.1534

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
	=	77.964	/	152.445
	=	0.5114

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))
	=	(0.533 / (0.533 + 2.586))	/	(0.559 / (0.559 + 2.065))
	=	0.170888	/	0.213034
	=	0.8022

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)
	=	(10.851 / 77.964)	/	(10.757 / 152.445)
	=	0.13918	/	0.070563
	=	1.9724

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)
	=	((1.232 + 10.493) / 258.903)	/	((1.622 + 11.68) / 239.524)
	=	0.045287	/	0.055535
	=	0.8155

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
	=	(16.778 - 0	-	24.529)	/	258.903
	=	-0.029938

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.

Buligo Capital has a M-score of -1.14 signals that the company is likely to be a manipulator.

Buligo Capital Beneish M-Score Related Terms

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