Manhattan Bridge Capital (Manhattan Bridge Capital) Beneish M-Score : -2.31 (As of Apr. 30, 2024)

View and export this data going back to 1999. Start your Free Trial

What is Manhattan Bridge Capital Beneish M-Score?

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -2.31 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LOAN' s Beneish M-Score Range Over the Past 10 Years
Min: -2.82 Med: -2.31 Max: 10.89
Current: -2.31

During the past 13 years, the highest Beneish M-Score of Manhattan Bridge Capital was 10.89. The lowest was -2.82. And the median was -2.31.

Manhattan Bridge 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 Manhattan Bridge 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 * 1.0898

0.528 * 1

0.404 * 0.9974

0.892 * 1.1041

0.115 * 0.7826

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9358

4.679 * 0.001965

0.327 * 1.0139

-2.31

* 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.

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was $1.52 Mil.
Revenue was 1.886 + 1.899 + 1.824 + 1.823 = $7.43 Mil.
Gross Profit was 1.886 + 1.899 + 1.824 + 1.823 = $7.43 Mil.
Total Current Assets was $1.60 Mil.
Total Assets was $74.83 Mil.
Property, Plant and Equipment(Net PPE) was $0.19 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $1.74 Mil.
Total Current Liabilities was $25.03 Mil.
Long-Term Debt & Capital Lease Obligation was $6.05 Mil.
Net Income was 1.476 + 1.349 + 1.446 + 1.422 = $5.69 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was 1.253 + 1.472 + 1.419 + 1.402 = $5.55 Mil.

Total Receivables was $1.26 Mil.
Revenue was 1.756 + 1.618 + 1.614 + 1.743 = $6.73 Mil.
Gross Profit was 1.756 + 1.618 + 1.614 + 1.743 = $6.73 Mil.
Total Current Assets was $1.33 Mil.
Total Assets was $73.67 Mil.
Property, Plant and Equipment(Net PPE) was $0.25 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $1.68 Mil.
Total Current Liabilities was $24.14 Mil.
Long-Term Debt & Capital Lease Obligation was $6.05 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)
	=	(1.515 / 7.432)	/	(1.259 / 6.731)
	=	0.203848	/	0.187045
	=	1.0898

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)
	=	(6.731 / 6.731)	/	(7.432 / 7.432)
	=	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 - (1.602 + 0.194) / 74.825)	/	(1 - (1.334 + 0.249) / 73.669)
	=	0.975997	/	0.978512
	=	0.9974

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
	=	7.432	/	6.731
	=	1.1041

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))
	=	(0.004 / (0.004 + 0.249))	/	(0.004 / (0.004 + 0.194))
	=	0.01581	/	0.020202
	=	0.7826

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)
	=	(1.739 / 7.432)	/	(1.683 / 6.731)
	=	0.233988	/	0.250037
	=	0.9358

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)
	=	((6.054 + 25.03) / 74.825)	/	((6.05 + 24.135) / 73.669)
	=	0.415423	/	0.409738
	=	1.0139

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
	=	(5.693 - 0	-	5.546)	/	74.825
	=	0.001965

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.

Manhattan Bridge Capital has a M-score of -2.31 suggests that the company is unlikely to be a manipulator.

Manhattan Bridge Capital Beneish M-Score Related Terms

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

Manhattan Bridge Capital (Manhattan Bridge Capital) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » Manhattan Bridge Capital Inc (NAS:LOAN) » Definitions » Beneish M-Score

Comparable Companies

CHMI ACR LFT AJX EARN SACH MITT SEVN GPMT NREF NLY AGNC STWD RITM BXMT ABR ARI RC LADR TWO

Traded in Other Exchanges

N/A

Address

60 Cutter Mill Road, Suite 205, Great Neck, NY, USA, 11021

Website

https://www.manhattanbridgecapital.com

Manhattan Bridge Capital Inc is a real estate finance company taxed as a REIT that specializes in originating, servicing and managing a portfolio of first mortgage loans. The company offers short-term, secured, non-banking loans which may renew or extend, before or after their initial term expires, to real estate investors to fund their acquisition, renovation, rehabilitation or development of residential or commercial properties located in the New York metropolitan area, including New Jersey and Connecticut, and in Florida.

Executives

Assaf Ran	director, 10 percent owner, officer: President & CEO	C/O DAG MEDIA INC, 125-10 QUEENS BOULEVARD, KEN GARDENS NY 11415
Michael Jackson	director	AGENCY.COM, 20 EXCHANGE PL, NEW YORK NY 10005
Lyron L Bentovim	director	60 CUTTER MILL ROAD, GREAT NECK, NEW YORK NY 11021
Vanessa Kao	officer: CFO	C/O MANHATTAN BRIDGE CAPITAL, INC., 60 CUTTER MILL ROAD, GREAT NECK NY 11021
Eran Goldshmid	director	C/O DAG MEDIA INC, 125-10 QUEENS BOULEVARD, KEN GARDENS NY 11415
Phillip Michals	director	C/O DAG MEDIA INC, 125-10 QUEENS BOULEVARD, KEN GARDENS NY 11415
Inbar Evron-yogev	officer: Chief Financial Officer	792 COLUMBUS AVENUE, NEW YORK NY 10025
Mark Alhadeff	director	520 EAST 11TH STREET, NEW YORK NY 10009
Yael Shimor Golan	director, officer: CFO	247 W 57TH ST, NEW YORK NY 10019
Hummingbird Value Fund Lp	10 percent owner, other: See footnote 1.	145 E. 57TH STREET, 8TH FLOOR, NEW YORK NY 10022
Hummingbird Management Llc	10 percent owner, other: See footnote 1.	145 E. 57TH STREET, 8TH FLOOR, NEW YORK NY 10022
Paul D Sonkin	10 percent owner, other: See footnote 1.	145 E. 57TH STREET, 8TH FLOOR, NEW YORK NY 10022
Hummingbird Microcap Value Fund Lp	10 percent owner, other: See footnote 1.	145 E. 57TH STREET, 8TH FLOOR, NEW YORK NY 10022
Hummingbird Capital Llc	10 percent owner, other: See footnote 1.	145 E. 57TH STREET, 8TH FLOOR, NEW YORK NY 10022
Stephen A Zelnick	director