Boldt (BUE:BOLT) Beneish M-Score : -0.95 (As of Apr. 25, 2024)

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What is Boldt 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 -0.95 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BUE:BOLT' s Beneish M-Score Range Over the Past 10 Years
Min: -4.06 Med: -2.15 Max: 2.92
Current: -0.95

During the past 13 years, the highest Beneish M-Score of Boldt was 2.92. The lowest was -4.06. And the median was -2.15.

Boldt Beneish M-Score Historical Data

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

Boldt Annual Data

Trend

Oct14

Oct15

Oct16

Oct17

Oct18

Oct19

Oct20

Oct21

Oct22

Oct23

Beneish M-Score

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-1.74

-2.59

-3.12

-0.81

-4.06

Boldt Quarterly Data
	Apr19	Jul19	Oct19	Jan20	Apr20	Jul20	Oct20	Jan21	Apr21	Jul21	Oct21	Jan22	Apr22	Jul22	Oct22	Jan23	Apr23	Jul23	Oct23	Jan24
Beneish M-Score	Get a 7-Day Free Trial															-3.03	-2.20	-3.34	-4.06	-0.95

Competitive Comparison of Boldt's Beneish M-Score

For the Information Technology Services subindustry, Boldt'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.

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

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

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

Boldt 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 Boldt 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 * 2.9324

0.528 * 1.3911

0.404 * 1.5084

0.892 * 0.6016

0.115 * 2.4687

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0238

4.679 * -0.063838

0.327 * 1.5114

-0.95

This Year (Jan24) TTM:

Last Year (Jan23) TTM:

Total Receivables was ARS3,945 Mil.
Revenue was 3905.867 + 6475.15 + 2030.157 + 3354.694 = ARS15,766 Mil.
Gross Profit was -77.248 + 981.501 + 313.329 + 1047.526 = ARS2,265 Mil.
Total Current Assets was ARS9,838 Mil.
Total Assets was ARS47,554 Mil.
Property, Plant and Equipment(Net PPE) was ARS12,125 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS2,569 Mil.
Selling, General, & Admin. Expense(SGA) was ARS5,125 Mil.
Total Current Liabilities was ARS15,332 Mil.
Long-Term Debt & Capital Lease Obligation was ARS5,881 Mil.
Net Income was -5890.367 + -2639.382 + -1252.034 + -500.802 = ARS-10,283 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ARS0 Mil.
Cash Flow from Operations was -4989.322 + 1351.901 + 1218.532 + -4827.95 = ARS-7,247 Mil.

Total Receivables was ARS2,236 Mil.
Revenue was 9641.583 + 9466.742 + 4192.033 + 2904.947 = ARS26,205 Mil.
Gross Profit was 1316.855 + 1700.297 + 1398.196 + 822.203 = ARS5,238 Mil.
Total Current Assets was ARS4,612 Mil.
Total Assets was ARS23,109 Mil.
Property, Plant and Equipment(Net PPE) was ARS10,252 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS7,786 Mil.
Selling, General, & Admin. Expense(SGA) was ARS8,320 Mil.
Total Current Liabilities was ARS4,411 Mil.
Long-Term Debt & Capital Lease Obligation was ARS2,409 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)
	=	(3945.295 / 15765.868)	/	(2236.318 / 26205.305)
	=	0.250243	/	0.085338
	=	2.9324

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)
	=	(5237.551 / 26205.305)	/	(2265.108 / 15765.868)
	=	0.199866	/	0.143672
	=	1.3911

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 - (9838.135 + 12125.14) / 47554.212)	/	(1 - (4612.062 + 10252.437) / 23108.665)
	=	0.538142	/	0.356756
	=	1.5084

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
	=	15765.868	/	26205.305
	=	0.6016

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))
	=	(7786.17 / (7786.17 + 10252.437))	/	(2569.277 / (2569.277 + 12125.14))
	=	0.431639	/	0.174847
	=	2.4687

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)
	=	(5124.632 / 15765.868)	/	(8319.855 / 26205.305)
	=	0.325046	/	0.317487
	=	1.0238

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)
	=	((5880.916 + 15332.032) / 47554.212)	/	((2409.405 + 4410.993) / 23108.665)
	=	0.446079	/	0.295145
	=	1.5114

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
	=	(-10282.585 - 0	-	-7246.839)	/	47554.212
	=	-0.063838

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.

Boldt has a M-score of -0.95 signals that the company is likely to be a manipulator.

Boldt Beneish M-Score Related Terms

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Boldt (BUE:BOLT) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Software » Boldt SA (BUE:BOLT) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Aristóbulo del Valle 1257, Buenos Aires, ARG, C1295ADA

Website

http://www.boldt.com.ar

Boldt SA offers telecommunications services for capturing, communicating, and processing large volumes of information. The group is mainly involved in the business of administration, management, and operation of casinos and electronic machines of chance, entertainment, hotels, and related; printing of documentation referring to the identification of people and/or goods; construction and engineering works, and exploitation and marketing of real estate.