Golden Matrix Group (FRA:SE0C) Beneish M-Score : -1.64 (As of Dec. 13, 2024)

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What is Golden Matrix 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.

Warning Sign:

Beneish M-Score -1.64 higher than -1.78, which implies that the company might have manipulated its financial results.

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

FRA:SE0C' s Beneish M-Score Range Over the Past 10 Years
Min: -2.83 Med: -2.01 Max: 22.66
Current: -1.64

During the past 13 years, the highest Beneish M-Score of Golden Matrix Group was 22.66. The lowest was -2.83. And the median was -2.01.

Golden Matrix Group Beneish M-Score Historical Data

The historical data trend for Golden Matrix 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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Golden Matrix Group Beneish M-Score Chart

Golden Matrix Group Annual Data

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Beneish M-Score

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22.66

Golden Matrix Group Quarterly Data
	Oct19	Jan20	Apr20	Jul20	Oct20	Jan21	Apr21	Jul21	Oct21	Jan22	Apr22	Jul22	Oct22	Jan23	Apr23	Jul23	Oct23	Jan24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.65	-2.83	-2.70	4.65	-1.64

Competitive Comparison of Golden Matrix Group's Beneish M-Score

For the Electronic Gaming & Multimedia subindustry, Golden Matrix 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.

Golden Matrix Group's Beneish M-Score Distribution in the Interactive Media Industry

For the Interactive Media industry and Communication Services sector, Golden Matrix Group's Beneish M-Score distribution charts can be found below:

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

Golden Matrix 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 Golden Matrix 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 * 0.9138

0.528 * 0.4298

0.404 * 1.5879

0.892 * 2.4295

0.115 * 8.4024

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.6407

4.679 * -0.042505

0.327 * 3.6033

-1.66

This Year (Sep24) TTM:

Last Year (Jul23) TTM:

Total Receivables was €8.53 Mil.
Revenue was 36.934 + 36.617 + 10.873 + 11.157 = €95.58 Mil.
Gross Profit was 20.185 + 20.146 + 3.098 + 3.06 = €46.49 Mil.
Total Current Assets was €51.06 Mil.
Total Assets was €192.36 Mil.
Property, Plant and Equipment(Net PPE) was €29.93 Mil.
Depreciation, Depletion and Amortization(DDA) was €3.03 Mil.
Selling, General, & Admin. Expense(SGA) was €45.87 Mil.
Total Current Liabilities was €62.52 Mil.
Long-Term Debt & Capital Lease Obligation was €18.47 Mil.
Net Income was -3.069 + 0.06 + 0.069 + 0.729 = €-2.21 Mil.
Non Operating Income was 0.25 + 0.351 + 0.017 + -0.039 = €0.58 Mil.
Cash Flow from Operations was 4.292 + 0 + 0.007 + 1.087 = €5.39 Mil.

Total Receivables was €3.84 Mil.
Revenue was 10.222 + 9.401 + 10.002 + 9.717 = €39.34 Mil.
Gross Profit was 1.93 + 1.879 + 2.267 + 2.149 = €8.23 Mil.
Total Current Assets was €19.97 Mil.
Total Assets was €31.63 Mil.
Property, Plant and Equipment(Net PPE) was €0.13 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.44 Mil.
Selling, General, & Admin. Expense(SGA) was €11.51 Mil.
Total Current Liabilities was €3.70 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)
	=	(8.525 / 95.581)	/	(3.84 / 39.342)
	=	0.089191	/	0.097606
	=	0.9138

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)
	=	(8.225 / 39.342)	/	(46.489 / 95.581)
	=	0.209064	/	0.486383
	=	0.4298

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 - (51.059 + 29.929) / 192.356)	/	(1 - (19.968 + 0.13) / 31.631)
	=	0.578968	/	0.364611
	=	1.5879

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
	=	95.581	/	39.342
	=	2.4295

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))
	=	(0.439 / (0.439 + 0.13))	/	(3.026 / (3.026 + 29.929))
	=	0.771529	/	0.091822
	=	8.4024

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)
	=	(45.873 / 95.581)	/	(11.508 / 39.342)
	=	0.479938	/	0.292512
	=	1.6407

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)
	=	((18.468 + 62.521) / 192.356)	/	((0 + 3.696) / 31.631)
	=	0.421037	/	0.116847
	=	3.6033

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
	=	(-2.211 - 0.579	-	5.386)	/	192.356
	=	-0.042505

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.

Golden Matrix Group has a M-score of -1.66 signals that the company is likely to be a manipulator.

Golden Matrix Group Beneish M-Score Related Terms

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Golden Matrix Group Business Description

Industry

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GMGI:USA

Address

3651 Lindell Road, Suite D131, Las Vegas, NV, USA, 89103

Website

https://www.goldenmatrix.com

Golden Matrix Group Inc is an established gaming technology company that develops and owns online gaming IP and builds configurable and scalable white-label social gaming platforms for its international customers, located in the Asia Pacific region. The company operates in two reportable segments; B2B and B2C. The B2C segment earns majority revenue. The company operates in UK, Asia Pacific and Latin America. It offers configurable and scalable iGaming platforms and operate some of the industry's iconic brands, including MexPlay, R Kings Competitions and GM-AG.

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