Supply@ME Capital (LSE:SYME) Beneish M-Score : 20.09 (As of May. 14, 2024)

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What is Supply@ME 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 20.09 higher than -1.78, which implies that the company might have manipulated its financial results.

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

LSE:SYME' s Beneish M-Score Range Over the Past 10 Years
Min: -6.57 Med: -4.67 Max: 20.09
Current: 20.09

During the past 5 years, the highest Beneish M-Score of Supply@ME Capital was 20.09. The lowest was -6.57. And the median was -4.67.

Supply@ME Capital Beneish M-Score Historical Data

The historical data trend for Supply@ME 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.

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Supply@ME Capital Beneish M-Score Chart

Supply@ME Capital Annual Data

Trend

Mar19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

-6.57

-4.67

20.09

Supply@ME Capital Semi-Annual Data
	Mar19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial					-6.57	-	-4.67	-	20.09

Competitive Comparison of Supply@ME Capital's Beneish M-Score

For the Software - Application subindustry, Supply@ME 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.

Supply@ME Capital's Beneish M-Score Distribution in the Software Industry

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

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

Supply@ME 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 Supply@ME 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 * 1.3536

0.528 * 0.5146

0.404 * 60.9293

0.892 * 1.1449

0.115 * 0.9979

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7203

4.679 * -0.326007

0.327 * 2.0887

20.10

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was £1.84 Mil.
Revenue was £0.16 Mil.
Gross Profit was £-0.45 Mil.
Total Current Assets was £1.88 Mil.
Total Assets was £2.18 Mil.
Property, Plant and Equipment(Net PPE) was £0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.52 Mil.
Selling, General, & Admin. Expense(SGA) was £3.68 Mil.
Total Current Liabilities was £4.57 Mil.
Long-Term Debt & Capital Lease Obligation was £0.84 Mil.
Net Income was £-4.35 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £-3.63 Mil.

Total Receivables was £1.19 Mil.
Revenue was £0.14 Mil.
Gross Profit was £-0.20 Mil.
Total Current Assets was £8.32 Mil.
Total Assets was £8.35 Mil.
Property, Plant and Equipment(Net PPE) was £0.01 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.90 Mil.
Selling, General, & Admin. Expense(SGA) was £4.46 Mil.
Total Current Liabilities was £9.15 Mil.
Long-Term Debt & Capital Lease Obligation was £0.75 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)
	=	(1.838 / 0.158)	/	(1.186 / 0.138)
	=	11.632911	/	8.594203
	=	1.3536

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)
	=	(-0.2 / 0.138)	/	(-0.445 / 0.158)
	=	-1.449275	/	-2.816456
	=	0.5146

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 - (1.878 + 0.003) / 2.184)	/	(1 - (8.32 + 0.007) / 8.346)
	=	0.138736	/	0.002277
	=	60.9293

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
	=	0.158	/	0.138
	=	1.1449

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))
	=	(0.897 / (0.897 + 0.007))	/	(0.523 / (0.523 + 0.003))
	=	0.992257	/	0.994297
	=	0.9979

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)
	=	(3.678 / 0.158)	/	(4.46 / 0.138)
	=	23.278481	/	32.318841
	=	0.7203

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)
	=	((0.84 + 4.569) / 2.184)	/	((0.748 + 9.148) / 8.346)
	=	2.476648	/	1.185718
	=	2.0887

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
	=	(-4.345 - 0	-	-3.633)	/	2.184
	=	-0.326007

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.

Supply@ME Capital has a M-score of 20.10 signals that the company is likely to be a manipulator.

Supply@ME Capital Beneish M-Score Related Terms

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Supply@ME Capital (LSE:SYME) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Software » Supply@ME Capital PLC (LSE:SYME) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

IE6B:Germany

Address

27/28 Eastcastle Street, London, GBR, W1W 8DH

Website

https://www.supplymecapital.com

Supply@ME Capital PLC is an inventory monetization company. It helps companies manage their working capital related issues and inventory management. The company provides a digital platform for inventory monitoring. operating segments are inventory monetisation and investment advisory.

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