Genetic Analysis AS (FRA:8V8) Beneish M-Score : -2.79 (As of Jun. 02, 2024)

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What is Genetic Analysis AS 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 -2.79 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:8V8' s Beneish M-Score Range Over the Past 10 Years
Min: -3.08 Med: -2.79 Max: -0.28
Current: -2.79

During the past 5 years, the highest Beneish M-Score of Genetic Analysis AS was -0.28. The lowest was -3.08. And the median was -2.79.

Genetic Analysis AS Beneish M-Score Historical Data

The historical data trend for Genetic Analysis AS'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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Genetic Analysis AS Beneish M-Score Chart

Genetic Analysis AS Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

-0.28

-3.08

-2.79

Genetic Analysis AS Quarterly Data
	Dec19	Jun20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial										-3.08	-	-	-	-2.79

Competitive Comparison of Genetic Analysis AS's Beneish M-Score

For the Diagnostics & Research subindustry, Genetic Analysis AS'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.

Genetic Analysis AS's Beneish M-Score Distribution in the Medical Diagnostics & Research Industry

For the Medical Diagnostics & Research industry and Healthcare sector, Genetic Analysis AS's Beneish M-Score distribution charts can be found below:

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

Genetic Analysis AS 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 Genetic Analysis AS 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 * 1.1633

0.528 * 0.9454

0.404 * 1.054

0.892 * 1.1528

0.115 * 0.7859

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.123011

0.327 * 1.2767

-2.89

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was €0.93 Mil.
Revenue was €1.23 Mil.
Gross Profit was €0.85 Mil.
Total Current Assets was €2.53 Mil.
Total Assets was €4.65 Mil.
Property, Plant and Equipment(Net PPE) was €0.54 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.49 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €1.40 Mil.
Long-Term Debt & Capital Lease Obligation was €0.47 Mil.
Net Income was €-2.07 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €-1.50 Mil.

Total Receivables was €0.70 Mil.
Revenue was €1.07 Mil.
Gross Profit was €0.69 Mil.
Total Current Assets was €3.39 Mil.
Total Assets was €6.16 Mil.
Property, Plant and Equipment(Net PPE) was €0.78 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.46 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €1.24 Mil.
Long-Term Debt & Capital Lease Obligation was €0.70 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)
	=	(0.932 / 1.23)	/	(0.695 / 1.067)
	=	0.757724	/	0.651359
	=	1.1633

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)
	=	(0.693 / 1.067)	/	(0.845 / 1.23)
	=	0.649485	/	0.686992
	=	0.9454

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 - (2.526 + 0.538) / 4.65)	/	(1 - (3.386 + 0.778) / 6.156)
	=	0.341075	/	0.323587
	=	1.054

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
	=	1.23	/	1.067
	=	1.1528

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))
	=	(0.462 / (0.462 + 0.778))	/	(0.485 / (0.485 + 0.538))
	=	0.372581	/	0.474096
	=	0.7859

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 / 1.23)	/	(0 / 1.067)
	=	0	/	0
	=	1

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)
	=	((0.474 + 1.395) / 4.65)	/	((0.701 + 1.237) / 6.156)
	=	0.401935	/	0.314815
	=	1.2767

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
	=	(-2.07 - 0	-	-1.498)	/	4.65
	=	-0.123011

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.

Genetic Analysis AS has a M-score of -2.89 suggests that the company is unlikely to be a manipulator.

Genetic Analysis AS Beneish M-Score Related Terms

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Genetic Analysis AS (FRA:8V8) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Medical Diagnostics & Research » Genetic Analysis AS (FRA:8V8) » Definitions » Beneish M-Score

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GEAN:Sweden

Address

Kabelgata 8, Oslo, NOR, 0580

Website

https://www.genetic-analysis.com

Genetic Analysis AS is a research-driven diagnostic company dedicated to delivering innovative diagnostic solutions to the growing human microbiota market. It is providing a CE-marked gut microbiota analysis for testing bacterial imbalance in IBS and IBD patients.

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