Market Cap : 0 | Enterprise Value : 0 | PE Ratio : At Loss | PB Ratio : |
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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.
The historical rank and industry rank for Robix Environmental Technologies's Beneish M-Score or its related term are showing as below:
During the past 6 years, the highest Beneish M-Score of Robix Environmental Technologies was 0.00. The lowest was 0.00. And the median was 0.00.
The historical data trend for Robix Environmental Technologies'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.
For the Pollution & Treatment Controls subindustry, Robix Environmental Technologies'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.
For the Industrial Products industry and Industrials sector, Robix Environmental Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Robix Environmental Technologies's Beneish M-Score falls into.
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 Robix Environmental Technologies for today is based on a combination of the following eight different indices:
M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
= | -4.84 | + | 0.92 * | + | 0.528 * | + | 0.404 * | + | 0.892 * | + | 0.115 * | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * | + | 4.679 * | - | 0.327 * | |||||||
= |
* 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.
This Year (Sep17) TTM: | Last Year (Sep16) TTM: |
Total Receivables was €0.03 Mil. Revenue was 0 + 0 + 0 + 0 = €0.00 Mil. Gross Profit was 0 + 0 + 0 + 0 = €0.00 Mil. Total Current Assets was €0.17 Mil. Total Assets was €1.40 Mil. Property, Plant and Equipment(Net PPE) was €1.08 Mil. Depreciation, Depletion and Amortization(DDA) was €0.21 Mil. Selling, General, & Admin. Expense(SGA) was €2.16 Mil. Total Current Liabilities was €3.60 Mil. Long-Term Debt & Capital Lease Obligation was €0.73 Mil. Net Income was -0.27194559817575 + -0.64398646107559 + -0.73685291700904 + -6.3074443361571 = €-7.96 Mil. Non Operating Income was 0 + 0 + -0.27937551355793 + 0 = €-0.28 Mil. Cash Flow from Operations was -0.093609414447431 + 0.5442421963144 + -0.050986031224322 + -0.9629957268161 = €-0.56 Mil. |
Total Receivables was €0.08 Mil. Revenue was 0.048941104668904 + 0 + 0 + 0 = €0.05 Mil. Gross Profit was 0.018352914250839 + 0 + 0 + 0 = €0.02 Mil. Total Current Assets was €0.09 Mil. Total Assets was €0.98 Mil. Property, Plant and Equipment(Net PPE) was €0.87 Mil. Depreciation, Depletion and Amortization(DDA) was €0.16 Mil. Selling, General, & Admin. Expense(SGA) was €1.77 Mil. Total Current Liabilities was €1.46 Mil. Long-Term Debt & Capital Lease Obligation was €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) |
= | (0.034164019871325 / 0) | / | (0.07613060726274 / 0.048941104668904) | |
= | / | 1.55555556 | ||
= |
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) | |
= | (0.018352914250839 / 0.048941104668904) | / | (0 / 0) | |
= | 0.375 | / | ||
= |
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 - (0.16945353856177 + 1.0795830279339) / 1.403457936314) | / | (1 - (0.093803783948734 + 0.87482224595667) / 0.98154104363747) | |
= | 0.11002921 | / | 0.01315789 | |
= |
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 | / | 0.048941104668904 | |
= |
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)) |
= | (0.15657707059449 / (0.15657707059449 + 0.87482224595667)) | / | (0.20785575689193 / (0.20785575689193 + 1.0795830279339)) | |
= | 0.15181033 | / | 0.16144904 | |
= |
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) |
= | (2.1574436366869 / 0) | / | (1.7732280038373 / 0.048941104668904) | |
= | / | 36.23187535 | ||
= |
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) |
= | ((0.73452642723349 + 3.6043040964248) / 1.403457936314) | / | ((0 + 1.4593965517241) / 0.98154104363747) | |
= | 3.09152872 | / | 1.48684211 | |
= |
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 | |
= | (-7.9602293124175 - -0.27937551355793 | - | -0.56334897617345) | / | 1.403457936314 | |
= | -5.0714 |
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.
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