Thruvision Group (LSE:THRU) Beneish M-Score : -0.99 (As of May. 16, 2024)

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What is Thruvision 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.

Warning Sign:

Beneish M-Score -0.99 higher than -1.78, which implies that the company might have manipulated its financial results.

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

LSE:THRU' s Beneish M-Score Range Over the Past 10 Years
Min: -5.17 Med: -1.92 Max: 1.28
Current: -0.99

During the past 13 years, the highest Beneish M-Score of Thruvision Group was 1.28. The lowest was -5.17. And the median was -1.92.

Thruvision Group Beneish M-Score Historical Data

The historical data trend for Thruvision 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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Thruvision Group Beneish M-Score Chart

Thruvision Group Annual Data

Trend

Mar14

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Beneish M-Score

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1.28

0.44

-3.78

-1.56

-0.99

Thruvision Group Semi-Annual Data
	Mar14	Sep14	Mar15	Sep15	Mar16	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23
Beneish M-Score	Get a 7-Day Free Trial															-	-1.56	-	-0.99	-

Competitive Comparison of Thruvision Group's Beneish M-Score

For the Security & Protection Services subindustry, Thruvision 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.

Thruvision Group's Beneish M-Score Distribution in the Business Services Industry

For the Business Services industry and Industrials sector, Thruvision Group's Beneish M-Score distribution charts can be found below:

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

Thruvision 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 Thruvision 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 * 1.3722

0.528 * 0.8686

0.404 * 1.4136

0.892 * 1.4855

0.115 * 0.9164

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8233

4.679 * 0.137934

0.327 * 1.1366

-0.99

This Year (Mar23) TTM:

Last Year (Mar22) TTM:

Total Receivables was £3.78 Mil.
Revenue was £12.42 Mil.
Gross Profit was £5.84 Mil.
Total Current Assets was £11.17 Mil.
Total Assets was £12.45 Mil.
Property, Plant and Equipment(Net PPE) was £1.17 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.64 Mil.
Selling, General, & Admin. Expense(SGA) was £6.32 Mil.
Total Current Liabilities was £2.92 Mil.
Long-Term Debt & Capital Lease Obligation was £0.60 Mil.
Net Income was £-0.81 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £-2.52 Mil.

Total Receivables was £1.85 Mil.
Revenue was £8.36 Mil.
Gross Profit was £3.41 Mil.
Total Current Assets was £11.50 Mil.
Total Assets was £12.76 Mil.
Property, Plant and Equipment(Net PPE) was £1.18 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.56 Mil.
Selling, General, & Admin. Expense(SGA) was £5.17 Mil.
Total Current Liabilities was £2.67 Mil.
Long-Term Debt & Capital Lease Obligation was £0.50 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)
	=	(3.779 / 12.42)	/	(1.854 / 8.361)
	=	0.304267	/	0.221744
	=	1.3722

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)
	=	(3.413 / 8.361)	/	(5.837 / 12.42)
	=	0.408205	/	0.469968
	=	0.8686

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 - (11.166 + 1.173) / 12.448)	/	(1 - (11.501 + 1.175) / 12.755)
	=	0.008756	/	0.006194
	=	1.4136

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
	=	12.42	/	8.361
	=	1.4855

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))
	=	(0.561 / (0.561 + 1.175))	/	(0.639 / (0.639 + 1.173))
	=	0.323157	/	0.352649
	=	0.9164

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)
	=	(6.324 / 12.42)	/	(5.171 / 8.361)
	=	0.509179	/	0.618467
	=	0.8233

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)
	=	((0.604 + 2.918) / 12.448)	/	((0.503 + 2.672) / 12.755)
	=	0.282937	/	0.248922
	=	1.1366

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
	=	(-0.805 - 0	-	-2.522)	/	12.448
	=	0.137934

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.

Thruvision Group has a M-score of -0.99 signals that the company is likely to be a manipulator.

Thruvision Group Beneish M-Score Related Terms

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Thruvision Group (LSE:THRU) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Business Services » Thruvision Group PLC (LSE:THRU) » Definitions » Beneish M-Score

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Traded in Other Exchanges

DIGTF:USA

Address

121 Olympic Avenue, Milton Park, Abingdon, Oxon, GBR, OX14 4SA

Website

https://www.thruvision.com

Thruvision Group PLC is engaged in developing and selling people-screening technology to the security market. Geographically, it derives a majority of its revenue from the Americas and also has a presence in the UK and Europe, and the Rest of World. Its product includes TS4-C, TS4-SC, TAC, and others. The company serves various markets such as Mass Transit Security, Customs and Border Control, Profit Protection, Visitor-friendly Security, and Entrance Security.

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