Quest Holdings (FRA:9IVA) Beneish M-Score : -2.18 (As of Mar. 31, 2025)

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What is Quest Holdings 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 -2.18 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:9IVA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.13 Med: -2.46 Max: -1.37
Current: -2.18

During the past 13 years, the highest Beneish M-Score of Quest Holdings was -1.37. The lowest was -3.13. And the median was -2.46.

Quest Holdings Beneish M-Score Historical Data

The historical data trend for Quest Holdings'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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Quest Holdings Beneish M-Score Chart

Quest Holdings Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.74

-2.39

-1.37

-2.33

-1.97

Quest Holdings Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.39	-1.97	-1.93	-1.96	-2.18

Competitive Comparison of Quest Holdings's Beneish M-Score

For the Electronics & Computer Distribution subindustry, Quest Holdings'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.

Quest Holdings's Beneish M-Score Distribution in the Hardware Industry

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

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

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Quest Holdings 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 Quest Holdings 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 * 1.01

0.528 * 1.0883

0.404 * 1.0584

0.892 * 1.1575

0.115 * 1.0169

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8763

4.679 * 0.007991

0.327 * 0.9496

-2.18

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was €275 Mil.
Revenue was 305.867 + 316.949 + 303.118 + 369.619 = €1,296 Mil.
Gross Profit was 44.468 + 46.123 + 38.317 + 47.978 = €177 Mil.
Total Current Assets was €477 Mil.
Total Assets was €743 Mil.
Property, Plant and Equipment(Net PPE) was €156 Mil.
Depreciation, Depletion and Amortization(DDA) was €15 Mil.
Selling, General, & Admin. Expense(SGA) was €109 Mil.
Total Current Liabilities was €327 Mil.
Long-Term Debt & Capital Lease Obligation was €77 Mil.
Net Income was 12.521 + 11.633 + 8.532 + 12.867 = €46 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 19.049 + 6.54 + -8.018 + 22.043 = €40 Mil.

Total Receivables was €235 Mil.
Revenue was 282.961 + 258.078 + 285.946 + 292.238 = €1,119 Mil.
Gross Profit was 42.182 + 41.957 + 39.7 + 42.459 = €166 Mil.
Total Current Assets was €435 Mil.
Total Assets was €666 Mil.
Property, Plant and Equipment(Net PPE) was €137 Mil.
Depreciation, Depletion and Amortization(DDA) was €13 Mil.
Selling, General, & Admin. Expense(SGA) was €107 Mil.
Total Current Liabilities was €297 Mil.
Long-Term Debt & Capital Lease Obligation was €84 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)
	=	(275.138 / 1295.553)	/	(235.33 / 1119.223)
	=	0.212371	/	0.210262
	=	1.01

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)
	=	(166.298 / 1119.223)	/	(176.886 / 1295.553)
	=	0.148583	/	0.136533
	=	1.0883

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 - (476.702 + 155.857) / 743.239)	/	(1 - (435.365 + 137.181) / 666.295)
	=	0.148916	/	0.140702
	=	1.0584

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
	=	1295.553	/	1119.223
	=	1.1575

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))
	=	(13.39 / (13.39 + 137.181))	/	(14.935 / (14.935 + 155.857))
	=	0.088928	/	0.087446
	=	1.0169

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)
	=	(108.845 / 1295.553)	/	(107.306 / 1119.223)
	=	0.084014	/	0.095875
	=	0.8763

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)
	=	((76.629 + 327.042) / 743.239)	/	((84.271 + 296.832) / 666.295)
	=	0.543124	/	0.571973
	=	0.9496

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
	=	(45.553 - 0	-	39.614)	/	743.239
	=	0.007991

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.

Quest Holdings has a M-score of -2.18 suggests that the company is unlikely to be a manipulator.

Quest Holdings Beneish M-Score Related Terms

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Quest Holdings Business Description

Industry

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Traded in Other Exchanges

QUEST:Greece 0QIK:UK

Address

2A, Argyroupoleos Street, Kallithea, Athens, GRC, 176 76

Website

https://www.quest.gr

Quest Holdings SA, together with its subsidiaries, engages in diversified business. It operates through four business segments: Commercial activities, Information technology services, Postal services, and Production of electric power from renewable energy sources. The vast majority of its revenue comes from the Commercial activities segment, which Includes sales of a wide range of products, mostly IT-related, such as IT equipment, Apple and Xiaomi mobile phone devices, air conditioning devices, and other home appliances. The company's geographical segments are Greece, the Eurozone, European countries out of the Eurozone, and Other countries.

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