Cell Impact (OSTO:CI) Beneish M-Score : -3.40 (As of May. 21, 2024)

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What is Cell Impact 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 -3.4 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

OSTO:CI' s Beneish M-Score Range Over the Past 10 Years
Min: -5.3 Med: -1.52 Max: -0.81
Current: -3.4

During the past 13 years, the highest Beneish M-Score of Cell Impact was -0.81. The lowest was -5.30. And the median was -1.52.

Cell Impact Beneish M-Score Historical Data

The historical data trend for Cell Impact'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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Cell Impact Beneish M-Score Chart

Cell Impact Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-5.30

-1.38

-1.04

-2.62

-3.40

Cell Impact Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.19	-3.03	-3.01	-3.40	-

Competitive Comparison of Cell Impact's Beneish M-Score

For the Metal Fabrication subindustry, Cell Impact'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.

Cell Impact's Beneish M-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, Cell Impact's Beneish M-Score distribution charts can be found below:

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

Cell Impact 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 Cell Impact 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 * 1.5214

0.528 * 0.8267

0.404 * 1.4707

0.892 * 0.4428

0.115 * 0.8693

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0

4.679 * 0.000836

0.327 * 0.9049

-2.21

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was kr18.47 Mil.
Revenue was 5.81 + 0.838 + 9.283 + 17.191 = kr33.12 Mil.
Gross Profit was 2.999 + -0.817 + 6.019 + 12.187 = kr20.39 Mil.
Total Current Assets was kr131.84 Mil.
Total Assets was kr345.52 Mil.
Property, Plant and Equipment(Net PPE) was kr201.58 Mil.
Depreciation, Depletion and Amortization(DDA) was kr25.07 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.00 Mil.
Total Current Liabilities was kr34.41 Mil.
Long-Term Debt & Capital Lease Obligation was kr31.22 Mil.
Net Income was -23.44 + -37.523 + -24.892 + -28.445 = kr-114.30 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0.00 Mil.
Cash Flow from Operations was -43.234 + -20.796 + -26.336 + -24.223 = kr-114.59 Mil.

Total Receivables was kr27.41 Mil.
Revenue was 19.95 + 17.426 + 16.993 + 20.436 = kr74.81 Mil.
Gross Profit was 8.064 + 10.149 + 5.2 + 14.652 = kr38.07 Mil.
Total Current Assets was kr197.54 Mil.
Total Assets was kr371.85 Mil.
Property, Plant and Equipment(Net PPE) was kr165.45 Mil.
Depreciation, Depletion and Amortization(DDA) was kr17.60 Mil.
Selling, General, & Admin. Expense(SGA) was kr33.31 Mil.
Total Current Liabilities was kr44.92 Mil.
Long-Term Debt & Capital Lease Obligation was kr33.15 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)
	=	(18.465 / 33.122)	/	(27.411 / 74.805)
	=	0.557484	/	0.366433
	=	1.5214

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)
	=	(38.065 / 74.805)	/	(20.388 / 33.122)
	=	0.508856	/	0.615543
	=	0.8267

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 - (131.84 + 201.576) / 345.521)	/	(1 - (197.542 + 165.446) / 371.846)
	=	0.035034	/	0.023822
	=	1.4707

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
	=	33.122	/	74.805
	=	0.4428

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))
	=	(17.602 / (17.602 + 165.446))	/	(25.071 / (25.071 + 201.576))
	=	0.096161	/	0.110617
	=	0.8693

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)
	=	(0 / 33.122)	/	(33.31 / 74.805)
	=	0	/	0.445291
	=	0

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)
	=	((31.223 + 34.41) / 345.521)	/	((33.146 + 44.915) / 371.846)
	=	0.189954	/	0.209928
	=	0.9049

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
	=	(-114.3 - 0	-	-114.589)	/	345.521
	=	0.000836

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.

Cell Impact has a M-score of -2.21 suggests that the company is unlikely to be a manipulator.

Cell Impact Beneish M-Score Related Terms

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Cell Impact (OSTO:CI) Business Description

Industry

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ICLA:Germany

Address

Kallmossvagen 7A, Karlskoga, SWE, 691 52

Website

https://www.cellimpact.com

Cell Impact develops technologies to produce flow plates for fuel cells. It provides graphite, stainless steel, and titanium flow plates. The company has developed and patented a unique method for high-velocity forming, Cell Impact Forming that makes it possible to produce flow plates with more advanced designs, which in turn creates more cost and energy-efficient fuel cells compared to conventional molding methods.