Givex (GIVXF) Beneish M-Score : -2.85 (As of May. 26, 2024)

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

What is Givex 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 -2.85 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

GIVXF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.32 Med: -2.85 Max: -2.47
Current: -2.85

During the past 4 years, the highest Beneish M-Score of Givex was -2.47. The lowest was -3.32. And the median was -2.85.

Givex Beneish M-Score Historical Data

The historical data trend for Givex'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.

Givex Beneish M-Score Chart

Givex Annual Data

Trend

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

-2.47

-3.00

Givex Quarterly Data
	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial										-3.09	-2.85	-2.84	-3.00	-2.85

Competitive Comparison of Givex's Beneish M-Score

For the Software - Infrastructure subindustry, Givex'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.

Givex's Beneish M-Score Distribution in the Software Industry

For the Software industry and Technology sector, Givex's Beneish M-Score distribution charts can be found below:

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

Givex 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 Givex 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 * 0.9509

0.528 * 1.0252

0.404 * 0.94

0.892 * 1.0822

0.115 * 1.0357

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8187

4.679 * -0.096591

0.327 * 0.8905

-2.84

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was $7.80 Mil.
Revenue was 15.369 + 16.794 + 14.516 + 14.627 = $61.31 Mil.
Gross Profit was 10.378 + 11.292 + 10.03 + 10.608 = $42.31 Mil.
Total Current Assets was $32.31 Mil.
Total Assets was $52.07 Mil.
Property, Plant and Equipment(Net PPE) was $4.90 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.85 Mil.
Selling, General, & Admin. Expense(SGA) was $37.52 Mil.
Total Current Liabilities was $13.77 Mil.
Long-Term Debt & Capital Lease Obligation was $3.69 Mil.
Net Income was 0.363 + -0.151 + -0.738 + -0.736 = $-1.26 Mil.
Non Operating Income was 0.277 + -0.154 + -0.01 + -0.204 = $-0.09 Mil.
Cash Flow from Operations was 1.471 + 0.374 + 1.479 + 0.534 = $3.86 Mil.

Total Receivables was $7.58 Mil.
Revenue was 14.001 + 15.695 + 13.799 + 13.156 = $56.65 Mil.
Gross Profit was 9.662 + 11.156 + 9.756 + 9.506 = $40.08 Mil.
Total Current Assets was $34.95 Mil.
Total Assets was $57.02 Mil.
Property, Plant and Equipment(Net PPE) was $4.76 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.98 Mil.
Selling, General, & Admin. Expense(SGA) was $42.35 Mil.
Total Current Liabilities was $16.83 Mil.
Long-Term Debt & Capital Lease Obligation was $4.65 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)
	=	(7.802 / 61.306)	/	(7.582 / 56.651)
	=	0.127263	/	0.133837
	=	0.9509

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)
	=	(40.08 / 56.651)	/	(42.308 / 61.306)
	=	0.70749	/	0.690112
	=	1.0252

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 - (32.309 + 4.899) / 52.065)	/	(1 - (34.953 + 4.759) / 57.022)
	=	0.285355	/	0.303567
	=	0.94

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
	=	61.306	/	56.651
	=	1.0822

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))
	=	(3.981 / (3.981 + 4.759))	/	(3.846 / (3.846 + 4.899))
	=	0.455492	/	0.439794
	=	1.0357

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)
	=	(37.523 / 61.306)	/	(42.35 / 56.651)
	=	0.612061	/	0.74756
	=	0.8187

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)
	=	((3.692 + 13.769) / 52.065)	/	((4.651 + 16.825) / 57.022)
	=	0.335369	/	0.376627
	=	0.8905

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
	=	(-1.262 - -0.091	-	3.858)	/	52.065
	=	-0.096591

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.

Givex has a M-score of -2.84 suggests that the company is unlikely to be a manipulator.

Givex Beneish M-Score Related Terms

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

Givex (GIVXF) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Software » Givex Corp (OTCPK:GIVXF) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

GIVX:Canada

Address

134 Peter Street, Toronto, ON, CAN, M5V 2H2

Website

https://web.givex.com

Givex Corp is a cloud-based, omnichannel technology platform, that integrates gift and loyalty programs, point of sale systems, and flexible payment services to enterprise-level retail and hospitality merchants. Its products include Gift cards, Loyalty Programs, Mobile App, Analytics, and Ordering kiosk among others. Geographically, it derives a majority of revenue from Canada.