Cyfrowe Centrum Serwisowe (WAR:CCS) Beneish M-Score : -2.90 (As of May. 16, 2024)

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What is Cyfrowe Centrum Serwisowe 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 -2.9 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

WAR:CCS' s Beneish M-Score Range Over the Past 10 Years
Min: -4.43 Med: -2.38 Max: -0.65
Current: -2.9

During the past 13 years, the highest Beneish M-Score of Cyfrowe Centrum Serwisowe was -0.65. The lowest was -4.43. And the median was -2.38.

Cyfrowe Centrum Serwisowe Beneish M-Score Historical Data

The historical data trend for Cyfrowe Centrum Serwisowe'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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Cyfrowe Centrum Serwisowe Beneish M-Score Chart

Cyfrowe Centrum Serwisowe Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.55

-2.84

-3.29

-1.56

-2.90

Cyfrowe Centrum Serwisowe Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-1.56	-2.71	-3.73	-3.67	-2.90

Competitive Comparison of Cyfrowe Centrum Serwisowe's Beneish M-Score

For the Communication Equipment subindustry, Cyfrowe Centrum Serwisowe'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.

Cyfrowe Centrum Serwisowe's Beneish M-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Cyfrowe Centrum Serwisowe's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Cyfrowe Centrum Serwisowe's Beneish M-Score falls into.

Cyfrowe Centrum Serwisowe 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 Cyfrowe Centrum Serwisowe 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 * 1.2069

0.528 * 0.8244

0.404 * 1.3145

0.892 * 0.6098

0.115 * 0.872

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.3553

4.679 * -0.082134

0.327 * 1.0222

-2.90

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was zł10.4 Mil.
Revenue was 29.29 + 27.637 + 27.485 + 30.127 = zł114.5 Mil.
Gross Profit was 8.134 + 7.481 + 6.809 + 8.253 = zł30.7 Mil.
Total Current Assets was zł21.8 Mil.
Total Assets was zł27.5 Mil.
Property, Plant and Equipment(Net PPE) was zł2.3 Mil.
Depreciation, Depletion and Amortization(DDA) was zł1.3 Mil.
Selling, General, & Admin. Expense(SGA) was zł1.8 Mil.
Total Current Liabilities was zł15.9 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.0 Mil.
Net Income was -0.568 + -0.676 + -1.499 + -0.341 = zł-3.1 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.0 Mil.
Cash Flow from Operations was -0.328 + 1.333 + 1.155 + -2.984 = zł-0.8 Mil.

Total Receivables was zł14.1 Mil.
Revenue was 45.648 + 36.143 + 55.569 + 50.481 = zł187.8 Mil.
Gross Profit was 9.39 + 9.748 + 11.531 + 10.808 = zł41.5 Mil.
Total Current Assets was zł31.1 Mil.
Total Assets was zł37.5 Mil.
Property, Plant and Equipment(Net PPE) was zł2.8 Mil.
Depreciation, Depletion and Amortization(DDA) was zł1.3 Mil.
Selling, General, & Admin. Expense(SGA) was zł8.3 Mil.
Total Current Liabilities was zł21.2 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.0 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)
	=	(10.401 / 114.539)	/	(14.133 / 187.841)
	=	0.090807	/	0.075239
	=	1.2069

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)
	=	(41.477 / 187.841)	/	(30.677 / 114.539)
	=	0.220809	/	0.26783
	=	0.8244

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 - (21.754 + 2.327) / 27.516)	/	(1 - (31.107 + 2.791) / 37.455)
	=	0.124836	/	0.094967
	=	1.3145

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
	=	114.539	/	187.841
	=	0.6098

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))
	=	(1.288 / (1.288 + 2.791))	/	(1.321 / (1.321 + 2.327))
	=	0.315764	/	0.362116
	=	0.872

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)
	=	(1.799 / 114.539)	/	(8.304 / 187.841)
	=	0.015706	/	0.044208
	=	0.3553

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 + 15.941) / 27.516)	/	((0 + 21.227) / 37.455)
	=	0.579336	/	0.566733
	=	1.0222

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
	=	(-3.084 - 0	-	-0.824)	/	27.516
	=	-0.082134

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.

Cyfrowe Centrum Serwisowe has a M-score of -2.90 suggests that the company is unlikely to be a manipulator.

Cyfrowe Centrum Serwisowe Beneish M-Score Related Terms

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Cyfrowe Centrum Serwisowe (WAR:CCS) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Hardware » Cyfrowe Centrum Serwisowe SA (WAR:CCS) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Pulawska 40A, Piaseczno, POL

Website

http://www.ccsonline.pl

Cyfrowe Centrum Serwisowe SA operates in three areas: Provision of telephone service and modems; Sale of telecommunications products; Holding and investment activities. Provision of telephone service and modems includes warranty and post-warranty repair services for telecommunications devices, tablets, selected digital camera models, logistics services, renewals and modifications of telecommunications devices on behalf of mobile phone manufacturers and operators. The distribution activity involves wholesale and retail sale of mobile phones, smartphones, tablets, accessories, modems, notebooks and other electronic products. Whereas Holding and investment activities include supervision and coordination of subsidiaries' activities and capital investments.