Shore Capital Group (BDA:SGR.BH) Beneish M-Score : 0.00 (As of May. 25, 2024)

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What is Shore Capital Group 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.

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

During the past 13 years, the highest Beneish M-Score of Shore Capital Group was 0.00. The lowest was 0.00. And the median was 0.00.

Shore Capital Group Beneish M-Score Historical Data

The historical data trend for Shore Capital Group'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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Shore Capital Group Beneish M-Score Chart

Shore Capital Group Annual Data

Trend

Dec11

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Beneish M-Score

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-2.68

-2.94

-2.62

-2.86

-1.47

Shore Capital Group Semi-Annual Data
	Dec10	Jun11	Dec11	Jun12	Dec12	Jun13	Dec13	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Dec20
Beneish M-Score	Get a 7-Day Free Trial															-	-2.62	-	-2.86	-1.47

Competitive Comparison of Shore Capital Group's Beneish M-Score

For the Capital Markets subindustry, Shore Capital Group'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.

Shore Capital Group's Beneish M-Score Distribution in the Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Shore Capital Group's Beneish M-Score distribution charts can be found below:

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

Shore Capital Group 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 Shore Capital Group 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 * 1.7712

0.528 * 1

0.404 * 0.7989

0.892 * 1.1758

0.115 * 0.9493

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.919

4.679 * 0.019938

0.327 * 1.2892

-1.69

This Year (Dec20) TTM:

Last Year (Dec19) TTM:

Total Receivables was £99.77 Mil.
Revenue was £62.56 Mil.
Gross Profit was £62.56 Mil.
Total Current Assets was £137.07 Mil.
Total Assets was £166.61 Mil.
Property, Plant and Equipment(Net PPE) was £12.35 Mil.
Depreciation, Depletion and Amortization(DDA) was £1.99 Mil.
Selling, General, & Admin. Expense(SGA) was £49.81 Mil.
Total Current Liabilities was £87.52 Mil.
Long-Term Debt & Capital Lease Obligation was £7.77 Mil.
Net Income was £7.23 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £3.90 Mil.

Total Receivables was £47.91 Mil.
Revenue was £53.21 Mil.
Gross Profit was £53.21 Mil.
Total Current Assets was £83.98 Mil.
Total Assets was £117.54 Mil.
Property, Plant and Equipment(Net PPE) was £18.37 Mil.
Depreciation, Depletion and Amortization(DDA) was £2.79 Mil.
Selling, General, & Admin. Expense(SGA) was £46.10 Mil.
Total Current Liabilities was £42.91 Mil.
Long-Term Debt & Capital Lease Obligation was £9.24 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)
	=	(99.772 / 62.556)	/	(47.911 / 53.205)
	=	1.594923	/	0.900498
	=	1.7712

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)
	=	(53.205 / 53.205)	/	(62.556 / 62.556)
	=	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 - (137.066 + 12.346) / 166.614)	/	(1 - (83.976 + 18.373) / 117.538)
	=	0.103245	/	0.129226
	=	0.7989

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
	=	62.556	/	53.205
	=	1.1758

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))
	=	(2.787 / (2.787 + 18.373))	/	(1.989 / (1.989 + 12.346))
	=	0.131711	/	0.138751
	=	0.9493

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)
	=	(49.81 / 62.556)	/	(46.099 / 53.205)
	=	0.796247	/	0.866441
	=	0.919

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)
	=	((7.772 + 87.517) / 166.614)	/	((9.237 + 42.905) / 117.538)
	=	0.571915	/	0.443618
	=	1.2892

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
	=	(7.225 - 0	-	3.903)	/	166.614
	=	0.019938

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.

Shore Capital Group has a M-score of -1.69 signals that the company is likely to be a manipulator.

Shore Capital Group Beneish M-Score Related Terms

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Shore Capital Group (BDA:SGR.BH) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Capital Markets » Shore Capital Group Ltd (BDA:SGR.BH) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Royal Avenue, 1 Royal Plaza, Saint Peter Port, GGY, GY1 2HL

Website

https://www.shorecap.co.uk

Shore Capital Group Ltd is an investment banking company, which specializes in equity capital market activities and investment in alternative assets. Its main activities consist of investment related activities, including stockbroking, market making and corporate finance advice. Shore's segments include Capital Markets that provides research in selected sectors, broking for institutional and professional clients and market-making in AIM. Asset Management provides advisory services, and manages specialist funds. Central Costs comprises the costs of the Group's central management team and structure and Principal Finance consists of investments and other holdings acquired, together with principal finance activities conducted. Majority of firm revenue is generated from Capital Market segment.

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