Cosma (WAR:COS) Beneish M-Score : 0.00 (As of Jun. 10, 2024)

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What is Cosma 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.

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

During the past 6 years, the highest Beneish M-Score of Cosma was 10.66. The lowest was -21.13. And the median was -2.44.

Cosma Beneish M-Score Historical Data

The historical data trend for Cosma'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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Cosma Beneish M-Score Chart

Cosma Annual Data

Trend

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

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-2.26

-2.44

-21.13

Cosma Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-	-	-	-	-

Competitive Comparison of Cosma's Beneish M-Score

For the Household & Personal Products subindustry, Cosma'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.

Cosma's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Cosma's Beneish M-Score distribution charts can be found below:

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

Cosma 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 Cosma 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 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Mar24) TTM:

Last Year (Dec22) TTM:

Total Receivables was zł1.56 Mil.
Revenue was 1.196 + 0.764 + 0.867 + 0 = zł2.83 Mil.
Gross Profit was 0.614 + 0.377 + 0.515 + 0 = zł1.51 Mil.
Total Current Assets was zł5.01 Mil.
Total Assets was zł58.70 Mil.
Property, Plant and Equipment(Net PPE) was zł0.46 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.04 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.58 Mil.
Total Current Liabilities was zł2.58 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 Mil.
Net Income was -4.653 + -1.401 + -1.118 + -0.036 = zł-7.21 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.00 Mil.
Cash Flow from Operations was -1.827 + -0.981 + -2.627 + -0.025 = zł-5.46 Mil.

Total Receivables was zł0.04 Mil.
Revenue was 0 + 0 + 0 + 0 = zł0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = zł0.00 Mil.
Total Current Assets was zł0.10 Mil.
Total Assets was zł0.10 Mil.
Property, Plant and Equipment(Net PPE) was zł0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.00 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.10 Mil.
Total Current Liabilities was zł0.39 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 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)
	=	(1.561 / 2.827)	/	(0.04 / 0)
	=	0.552175	/
	=

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 / 0)	/	(1.506 / 2.827)
	=		/	0.53272
	=

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 - (5.014 + 0.459) / 58.703)	/	(1 - (0.096 + 0) / 0.102)
	=	0.906768	/	0.058824
	=

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
	=	2.827	/	0
	=

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 / (0 + 0))	/	(0.037 / (0.037 + 0.459))
	=		/	0.074597
	=

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)
	=	(0.577 / 2.827)	/	(0.096 / 0)
	=	0.204103	/
	=

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 + 2.58) / 58.703)	/	((0 + 0.391) / 0.102)
	=	0.04395	/	3.833333
	=

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
	=	(-7.208 - 0	-	-5.46)	/	58.703
	=	-0.029777

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.

Cosma Beneish M-Score Related Terms

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Cosma (WAR:COS) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » Cosma SA (WAR:COS) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

ul. Fryderyka Chopina 41/2, Lublin, POL, 20-023

Website

http://www.vabun.pl

Cosma Group SA, formerly Vabun SA is a Poland based company involved in distribution of cosmetics for men and women with the brand name RM Vabun. The product portfolio of the company includes Perfumed Vabun Classic gel, Perfumed Vabun Gold gel, Perfume Vabun Classic, Vabun Sport set and Mega Perfume Set Vabun Man & Lady.

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