Nanoveu (ASX:NVU) Beneish M-Score : -11.87 (As of Dec. 13, 2024)

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What is Nanoveu 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 -11.87 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ASX:NVU' s Beneish M-Score Range Over the Past 10 Years
Min: -11.87 Med: -7 Max: -2.12
Current: -11.87

During the past 6 years, the highest Beneish M-Score of Nanoveu was -2.12. The lowest was -11.87. And the median was -7.00.

Nanoveu Beneish M-Score Historical Data

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

Nanoveu Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.12

-11.87

Nanoveu Semi-Annual Data
	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24
Beneish M-Score	Get a 7-Day Free Trial							-	-	-	-11.87	-

Competitive Comparison of Nanoveu's Beneish M-Score

For the Software - Application subindustry, Nanoveu'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.

Nanoveu's Beneish M-Score Distribution in the Software Industry

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

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

Nanoveu 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 Nanoveu 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 * 0.577

0.528 * 1.854

0.404 * -17.4791

0.892 * 0.6438

0.115 * 0.7816

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.4034

4.679 * -0.354776

0.327 * 0.7386

-11.87

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was A$0.04 Mil.
Revenue was A$0.10 Mil.
Gross Profit was A$0.03 Mil.
Total Current Assets was A$0.34 Mil.
Total Assets was A$0.51 Mil.
Property, Plant and Equipment(Net PPE) was A$0.15 Mil.
Depreciation, Depletion and Amortization(DDA) was A$0.17 Mil.
Selling, General, & Admin. Expense(SGA) was A$1.54 Mil.
Total Current Liabilities was A$0.62 Mil.
Long-Term Debt & Capital Lease Obligation was A$0.01 Mil.
Net Income was A$-2.16 Mil.
Gross Profit was A$0.03 Mil.
Cash Flow from Operations was A$-2.01 Mil.

Total Receivables was A$0.11 Mil.
Revenue was A$0.16 Mil.
Gross Profit was A$0.07 Mil.
Total Current Assets was A$0.37 Mil.
Total Assets was A$0.43 Mil.
Property, Plant and Equipment(Net PPE) was A$0.06 Mil.
Depreciation, Depletion and Amortization(DDA) was A$0.05 Mil.
Selling, General, & Admin. Expense(SGA) was A$1.71 Mil.
Total Current Liabilities was A$0.70 Mil.
Long-Term Debt & Capital Lease Obligation was A$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)
	=	(0.039 / 0.103)	/	(0.105 / 0.16)
	=	0.378641	/	0.65625
	=	0.577

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)
	=	(0.072 / 0.16)	/	(0.025 / 0.103)
	=	0.45	/	0.242718
	=	1.854

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 - (0.344 + 0.148) / 0.513)	/	(1 - (0.365 + 0.063) / 0.427)
	=	0.040936	/	-0.002342
	=	-17.4791

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
	=	0.103	/	0.16
	=	0.6438

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))
	=	(0.045 / (0.045 + 0.063))	/	(0.169 / (0.169 + 0.148))
	=	0.416667	/	0.533123
	=	0.7816

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)
	=	(1.544 / 0.103)	/	(1.709 / 0.16)
	=	14.990291	/	10.68125
	=	1.4034

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)
	=	((0.006 + 0.616) / 0.513)	/	((0 + 0.701) / 0.427)
	=	1.212476	/	1.641686
	=	0.7386

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
	=	(-2.16 - 0.028	-	-2.006)	/	0.513
	=	-0.354776

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.

Nanoveu has a M-score of -11.87 suggests that the company is unlikely to be a manipulator.

Nanoveu Beneish M-Score Related Terms

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Nanoveu Business Description

Industry

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Address

191 Street Georges Terrace, Level 5, Perth, WA, AUS, 6000

Website

https://www.nanoveu.com

Nanoveu Ltd is a technology company developing a range of products for mobile phones and other digital displays. The company's wholly-owned, flagship product is its Nanoshield antiviral protector which is available in a variety of mobile phone screen covers, mobile phone cases and as a commercial film capable of being applied to a number of surfaces. The product is a clear plastic containing a layer of charged copper nanoparticles which have antiviral and antimicrobial properties. The Group deploys nanotechnology applications for consumer devices.

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