Perrot Duval Holding (XSWX:PEDU) Beneish M-Score : -2.58 (As of May. 26, 2024)

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What is Perrot Duval Holding 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 -2.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XSWX:PEDU' s Beneish M-Score Range Over the Past 10 Years
Min: -4.13 Med: -2.59 Max: 1.05
Current: -2.58

During the past 13 years, the highest Beneish M-Score of Perrot Duval Holding was 1.05. The lowest was -4.13. And the median was -2.59.

Perrot Duval Holding Beneish M-Score Historical Data

The historical data trend for Perrot Duval Holding'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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Perrot Duval Holding Beneish M-Score Chart

Perrot Duval Holding Annual Data

Trend

Apr14

Apr15

Apr16

Apr17

Apr18

Apr19

Apr20

Apr21

Apr22

Apr23

Beneish M-Score

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-4.13

-1.72

1.05

-2.36

-2.58

Perrot Duval Holding Semi-Annual Data
	Apr14	Oct14	Apr15	Oct15	Apr16	Oct16	Apr17	Oct17	Apr18	Oct18	Apr19	Oct19	Apr20	Oct20	Apr21	Oct21	Apr22	Oct22	Apr23	Oct23
Beneish M-Score	Get a 7-Day Free Trial															-	-2.36	-	-2.58	-

Competitive Comparison of Perrot Duval Holding's Beneish M-Score

For the Specialty Industrial Machinery subindustry, Perrot Duval Holding'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.

Perrot Duval Holding's Beneish M-Score Distribution in the Industrial Products Industry

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

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

Perrot Duval Holding 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 Perrot Duval Holding 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 * 1.0021

0.528 * 0.883

0.404 * 0.4904

0.892 * 1.1459

0.115 * 0.4818

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9299

4.679 * 0.027959

0.327 * 1.1389

-2.58

This Year (Apr23) TTM:

Last Year (Apr22) TTM:

Total Receivables was CHF1.58 Mil.
Revenue was CHF16.65 Mil.
Gross Profit was CHF12.22 Mil.
Total Current Assets was CHF13.99 Mil.
Total Assets was CHF21.64 Mil.
Property, Plant and Equipment(Net PPE) was CHF6.95 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF2.19 Mil.
Selling, General, & Admin. Expense(SGA) was CHF1.89 Mil.
Total Current Liabilities was CHF7.64 Mil.
Long-Term Debt & Capital Lease Obligation was CHF0.21 Mil.
Net Income was CHF-1.79 Mil.
Gross Profit was CHF0.00 Mil.
Cash Flow from Operations was CHF-2.39 Mil.

Total Receivables was CHF1.38 Mil.
Revenue was CHF14.53 Mil.
Gross Profit was CHF9.42 Mil.
Total Current Assets was CHF14.38 Mil.
Total Assets was CHF24.05 Mil.
Property, Plant and Equipment(Net PPE) was CHF8.08 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF1.06 Mil.
Selling, General, & Admin. Expense(SGA) was CHF1.77 Mil.
Total Current Liabilities was CHF7.39 Mil.
Long-Term Debt & Capital Lease Obligation was CHF0.27 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)
	=	(1.58 / 16.647)	/	(1.376 / 14.528)
	=	0.094912	/	0.094714
	=	1.0021

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)
	=	(9.418 / 14.528)	/	(12.221 / 16.647)
	=	0.648265	/	0.734126
	=	0.883

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 - (13.989 + 6.947) / 21.639)	/	(1 - (14.375 + 8.079) / 24.047)
	=	0.032488	/	0.066245
	=	0.4904

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
	=	16.647	/	14.528
	=	1.1459

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))
	=	(1.056 / (1.056 + 8.079))	/	(2.193 / (2.193 + 6.947))
	=	0.115599	/	0.239934
	=	0.4818

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)
	=	(1.887 / 16.647)	/	(1.771 / 14.528)
	=	0.113354	/	0.121903
	=	0.9299

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)
	=	((0.211 + 7.635) / 21.639)	/	((0.266 + 7.39) / 24.047)
	=	0.362586	/	0.318377
	=	1.1389

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
	=	(-1.786 - 0	-	-2.391)	/	21.639
	=	0.027959

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.

Perrot Duval Holding has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.

Perrot Duval Holding Beneish M-Score Related Terms

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Perrot Duval Holding (XSWX:PEDU) Business Description

Industry

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Address

16, rue de Candolle, Geneva, CHE, 1205

Website

https://www.perrotduval.com

Perrot Duval Holding SA is a holding company, that invests principally in financial, industrial, or commercial business enterprises. The company pursues its objective by directing its investments toward the creation and acquisition of small or medium-sized companies whose basic activities lie in technologies and, subsequently, the sale of such companies. The company operates in three segments that includes, Automated production processes, Chemical cosmetics activity, and Others.

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