Polski Holding Nieruchomosci Beneish M-Score Historical Data
The historical data trend for Polski Holding Nieruchomosci'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.
Polski Holding Nieruchomosci Beneish M-Score Chart
|
Polski Holding Nieruchomosci Annual Data
|
|
Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.18 |
-0.94 |
-0.74 |
-2.31 |
-1.94 |
|
Polski Holding Nieruchomosci Quarterly Data
|
|
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.15 |
-1.94 |
-1.81 |
-2.44 |
-2.45 |
Competitive Comparison of Polski Holding Nieruchomosci's Beneish M-Score
For the Real Estate Services subindustry, Polski Holding Nieruchomosci'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.
Polski Holding Nieruchomosci's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Polski Holding Nieruchomosci's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Polski Holding Nieruchomosci's Beneish M-Score falls into.
Polski Holding Nieruchomosci 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 Polski Holding Nieruchomosci for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 0.883 | + | 0.528 * 0.8377 | + | 0.404 * 0.9856 | + | 0.892 * 1.1986 | + | 0.115 * 2.1051 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9888 | + | 4.679 * -0.012051 | - | 0.327 * 1.0758 |
| = | -2.45 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was €21.8 Mil.
Revenue was 31.172 + 32.349 + 31.059 + 47.844 = €142.4 Mil.
Gross Profit was 10.609 + 9.84 + 7.736 + 14.636 = €42.8 Mil.
Total Current Assets was €112.6 Mil.
Total Assets was €1,062.5 Mil.
Property, Plant and Equipment(Net PPE) was €42.2 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.7 Mil.
Selling, General, & Admin. Expense(SGA) was €15.5 Mil.
Total Current Liabilities was €195.2 Mil.
Long-Term Debt & Capital Lease Obligation was €282.9 Mil.
Net Income was 5.135 + -13.188 + -1.583 + -5.384 = €-15.0 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0.0 Mil.
Cash Flow from Operations was 9.252 + -7.736 + -2.013 + -1.719 = €-2.2 Mil.
|
Total Receivables was €20.6 Mil.
Revenue was 27.575 + 41.759 + 24.657 + 24.838 = €118.8 Mil.
Gross Profit was 8.076 + 9.32 + 4.886 + 7.646 = €29.9 Mil.
Total Current Assets was €90.2 Mil.
Total Assets was €1,020.9 Mil.
Property, Plant and Equipment(Net PPE) was €45.9 Mil.
Depreciation, Depletion and Amortization(DDA) was €4.1 Mil.
Selling, General, & Admin. Expense(SGA) was €13.1 Mil.
Total Current Liabilities was €159.9 Mil.
Long-Term Debt & Capital Lease Obligation was €267.1 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) |
| = | (21.762 / 142.424) | / | (20.563 / 118.829) |
| = | 0.152797 | / | 0.173047 |
| | = | 0.883 |
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) |
| = | (29.928 / 118.829) | / | (42.821 / 142.424) |
| = | 0.251858 | / | 0.300659 |
| | = | 0.8377 |
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 - (112.632 + 42.211) / 1062.479) | / | (1 - (90.191 + 45.853) / 1020.946) |
| = | 0.854263 | / | 0.866747 |
| | = | 0.9856 |
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 |
| = | 142.424 | / | 118.829 |
| | = | 1.1986 |
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)) |
| = | (4.116 / (4.116 + 45.853)) | / | (1.719 / (1.719 + 42.211)) |
| = | 0.082371 | / | 0.03913 |
| | = | 2.1051 |
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) |
| = | (15.495 / 142.424) | / | (13.074 / 118.829) |
| = | 0.108795 | / | 0.110024 |
| | = | 0.9888 |
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) |
| = | ((282.948 + 195.154) / 1062.479) | / | ((267.135 + 159.888) / 1020.946) |
| = | 0.449987 | / | 0.418262 |
| | = | 1.0758 |
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 |
| = | (-15.02 - 0 | - | -2.216) | / | 1062.479 |
| | = | -0.012051 |
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.
Polski Holding Nieruchomosci has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
STU:2PN has been successfully added to your