XPON Technologies Group (ASX:XPN) Beneish M-Score : -3.57 (As of Dec. 14, 2024)

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What is XPON Technologies 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.

Good Sign:

Beneish M-Score -3.57 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ASX:XPN' s Beneish M-Score Range Over the Past 10 Years
Min: -4.58 Med: -4.08 Max: -3.57
Current: -3.57

During the past 4 years, the highest Beneish M-Score of XPON Technologies Group was -3.57. The lowest was -4.58. And the median was -4.08.

XPON Technologies Group Beneish M-Score Historical Data

The historical data trend for XPON Technologies 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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XPON Technologies Group Beneish M-Score Chart

XPON Technologies Group Annual Data

Trend

Jun21

Jun22

Jun23

Jun24

Beneish M-Score

-4.58

-3.57

XPON Technologies Group Semi-Annual Data
	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24
Beneish M-Score	Get a 7-Day Free Trial			-	-	-4.58	-	-3.57

Competitive Comparison of XPON Technologies Group's Beneish M-Score

For the Software - Infrastructure subindustry, XPON Technologies 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.

XPON Technologies Group's Beneish M-Score Distribution in the Software Industry

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

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

XPON Technologies 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 XPON Technologies 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 * 1.4297

0.528 * 0.935

0.404 * 0.6015

0.892 * 0.6551

0.115 * 0.8405

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8523

4.679 * -0.16533

0.327 * 1.6594

-3.57

This Year (Jun24) TTM:

Last Year (Jun23) TTM:

Total Receivables was A$4.02 Mil.
Revenue was A$9.87 Mil.
Gross Profit was A$7.32 Mil.
Total Current Assets was A$7.83 Mil.
Total Assets was A$9.85 Mil.
Property, Plant and Equipment(Net PPE) was A$0.01 Mil.
Depreciation, Depletion and Amortization(DDA) was A$0.20 Mil.
Selling, General, & Admin. Expense(SGA) was A$8.01 Mil.
Total Current Liabilities was A$11.69 Mil.
Long-Term Debt & Capital Lease Obligation was A$0.00 Mil.
Net Income was A$-6.76 Mil.
Gross Profit was A$-2.70 Mil.
Cash Flow from Operations was A$-2.44 Mil.

Total Receivables was A$4.30 Mil.
Revenue was A$15.07 Mil.
Gross Profit was A$10.44 Mil.
Total Current Assets was A$9.56 Mil.
Total Assets was A$14.62 Mil.
Property, Plant and Equipment(Net PPE) was A$0.11 Mil.
Depreciation, Depletion and Amortization(DDA) was A$0.42 Mil.
Selling, General, & Admin. Expense(SGA) was A$14.35 Mil.
Total Current Liabilities was A$10.42 Mil.
Long-Term Debt & Capital Lease Obligation was A$0.04 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)
	=	(4.024 / 9.873)	/	(4.296 / 15.07)
	=	0.407576	/	0.28507
	=	1.4297

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)
	=	(10.443 / 15.07)	/	(7.317 / 9.873)
	=	0.692966	/	0.741112
	=	0.935

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 - (7.83 + 0.013) / 9.847)	/	(1 - (9.562 + 0.113) / 14.622)
	=	0.203514	/	0.338326
	=	0.6015

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
	=	9.873	/	15.07
	=	0.6551

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))
	=	(0.423 / (0.423 + 0.113))	/	(0.2 / (0.2 + 0.013))
	=	0.789179	/	0.938967
	=	0.8405

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)
	=	(8.013 / 9.873)	/	(14.35 / 15.07)
	=	0.811607	/	0.952223
	=	0.8523

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 + 11.688) / 9.847)	/	((0.037 + 10.422) / 14.622)
	=	1.18696	/	0.715292
	=	1.6594

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
	=	(-6.761 - -2.695	-	-2.438)	/	9.847
	=	-0.16533

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.

XPON Technologies Group has a M-score of -3.57 suggests that the company is unlikely to be a manipulator.

XPON Technologies Group Beneish M-Score Related Terms

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XPON Technologies Group Business Description

Industry

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Comparable Companies

Traded in Other Exchanges

N/A

Address

310 Edward Street, Suite GR – 111, Brisbane, QLD, AUS, 4000

Website

https://www.xpon.ai

XPON Technologies Group Ltd is engaged in providing cloud-based marketing technology solutions which include Application Modernisation, Data & Analytics, Martech & Adtech, Machine Learning & Artificial Intelligence, and Digital Experiences.

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