Tap Global Group (AQSE:TAP) Beneish M-Score : 104.85 (As of Jun. 25, 2024)

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What is Tap Global Group 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.

Warning Sign:

Beneish M-Score 104.85 higher than -1.78, which implies that the company might have manipulated its financial results.

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

AQSE:TAP' s Beneish M-Score Range Over the Past 10 Years
Min: 104.85 Med: 104.85 Max: 104.85
Current: 104.85

During the past 9 years, the highest Beneish M-Score of Tap Global Group was 104.85. The lowest was 104.85. And the median was 104.85.

Tap Global Group Beneish M-Score Historical Data

The historical data trend for Tap Global Group'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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Tap Global Group Beneish M-Score Chart

Tap Global Group Annual Data

Trend

Jun15

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Beneish M-Score

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104.85

Tap Global Group Semi-Annual Data
	Jun15	Jun16	Jun17	Jun18	Jun19	Jun20	Jun21	Jun22	Jun23
Beneish M-Score	Get a 7-Day Free Trial				-	-	-	-	104.85

Competitive Comparison of Tap Global Group's Beneish M-Score

For the Software - Application subindustry, Tap Global Group'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.

Tap Global Group's Beneish M-Score Distribution in the Software Industry

For the Software industry and Technology sector, Tap Global Group's Beneish M-Score distribution charts can be found below:

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

Tap Global Group 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 Tap Global Group 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 * 0.0007

0.528 * 1.3246

0.404 * 180.925

0.892 * 40.32

0.115 * 1.3586

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0

4.679 * 0.020118

0.327 * 0.9623

104.85

This Year (Jun23) TTM:

Last Year (Jun22) TTM:

Total Receivables was £0.00 Mil.
Revenue was £2.02 Mil.
Gross Profit was £1.52 Mil.
Total Current Assets was £2.45 Mil.
Total Assets was £26.89 Mil.
Property, Plant and Equipment(Net PPE) was £0.10 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.29 Mil.
Selling, General, & Admin. Expense(SGA) was £0.00 Mil.
Total Current Liabilities was £1.15 Mil.
Long-Term Debt & Capital Lease Obligation was £0.06 Mil.
Net Income was £-1.08 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £-1.62 Mil.

Total Receivables was £0.10 Mil.
Revenue was £0.05 Mil.
Gross Profit was £0.05 Mil.
Total Current Assets was £2.98 Mil.
Total Assets was £3.00 Mil.
Property, Plant and Equipment(Net PPE) was £0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was £-0.02 Mil.
Selling, General, & Admin. Expense(SGA) was £0.37 Mil.
Total Current Liabilities was £0.14 Mil.
Long-Term Debt & Capital Lease Obligation was £0.00 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)
	=	(0.003 / 2.016)	/	(0.102 / 0.05)
	=	0.001488	/	2.04
	=	0.0007

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)
	=	(0.05 / 0.05)	/	(1.522 / 2.016)
	=	1	/	0.75496
	=	1.3246

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 - (2.451 + 0.104) / 26.891)	/	(1 - (2.984 + 0) / 2.999)
	=	0.904987	/	0.005002
	=	180.925

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
	=	2.016	/	0.05
	=	40.32

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))
	=	(-0.016 / (-0.016 + 0))	/	(0.29 / (0.29 + 0.104))
	=	1	/	0.736041
	=	1.3586

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 / 2.016)	/	(0.372 / 0.05)
	=	0	/	7.44
	=	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)
	=	((0.062 + 1.146) / 26.891)	/	((0 + 0.14) / 2.999)
	=	0.044922	/	0.046682
	=	0.9623

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
	=	(-1.075 - 0	-	-1.616)	/	26.891
	=	0.020118

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.

Tap Global Group has a M-score of 104.85 signals that the company is likely to be a manipulator.

Tap Global Group Beneish M-Score Related Terms

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Tap Global Group (AQSE:TAP) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Software » Tap Global Group Plc (AQSE:TAP) » Definitions » Beneish M-Score

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Address

60 Gracechurch Street, 6th Floor, London, GBR, EC3V 0HR

Website

https://www.tap.global

Tap Global Group Plc is a regulated and fully integrated crypto-fiat exchange service provider with an associated neo banking platform. Tap's mission is to create a seamless and fully regulated bridge that links fiat banking, traditional assets and crypto markets. Built on its exchange foundation, the company also offers consumer and corporate crypto-fiat banking services and DeFi yield products.