Perfect (FRA:SZ9) Beneish M-Score : -2.70 (As of May. 16, 2024)

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What is Perfect 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 -2.7 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:SZ9' s Beneish M-Score Range Over the Past 10 Years
Min: -3.71 Med: -2.86 Max: -2.7
Current: -2.7

During the past 6 years, the highest Beneish M-Score of Perfect was -2.70. The lowest was -3.71. And the median was -2.86.

Perfect Beneish M-Score Historical Data

The historical data trend for Perfect'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.

* Premium members only.

Perfect Beneish M-Score Chart

Perfect Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-2.84

-2.88

-3.71

-2.70

Perfect Quarterly Data
	Dec18	Dec19	Jun20	Dec20	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial											-	-	-	-2.70	-

Competitive Comparison of Perfect's Beneish M-Score

For the Software - Application subindustry, Perfect'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.

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

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

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

Perfect 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 Perfect 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 * 0.7798

0.528 * 1.0542

0.404 * 1.199

0.892 * 1.0988

0.115 * 1.5117

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.3273

4.679 * -0.057744

0.327 * 1.4457

-2.73

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was €9.55 Mil.
Revenue was €49.06 Mil.
Gross Profit was €39.53 Mil.
Total Current Assets was €154.66 Mil.
Total Assets was €156.22 Mil.
Property, Plant and Equipment(Net PPE) was €1.13 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.65 Mil.
Selling, General, & Admin. Expense(SGA) was €34.21 Mil.
Total Current Liabilities was €26.50 Mil.
Long-Term Debt & Capital Lease Obligation was €0.36 Mil.
Net Income was €4.97 Mil.
Gross Profit was €1.54 Mil.
Cash Flow from Operations was €12.45 Mil.

Total Receivables was €11.15 Mil.
Revenue was €44.65 Mil.
Gross Profit was €37.92 Mil.
Total Current Assets was €197.46 Mil.
Total Assets was €198.50 Mil.
Property, Plant and Equipment(Net PPE) was €0.58 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.72 Mil.
Selling, General, & Admin. Expense(SGA) was €95.12 Mil.
Total Current Liabilities was €23.52 Mil.
Long-Term Debt & Capital Lease Obligation was €0.08 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)
	=	(9.551 / 49.064)	/	(11.146 / 44.651)
	=	0.194664	/	0.249625
	=	0.7798

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)
	=	(37.92 / 44.651)	/	(39.527 / 49.064)
	=	0.849253	/	0.805621
	=	1.0542

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 - (154.663 + 1.125) / 156.223)	/	(1 - (197.459 + 0.578) / 198.498)
	=	0.002784	/	0.002322
	=	1.199

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
	=	49.064	/	44.651
	=	1.0988

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))
	=	(0.723 / (0.723 + 0.578))	/	(0.654 / (0.654 + 1.125))
	=	0.555726	/	0.367622
	=	1.5117

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)
	=	(34.211 / 49.064)	/	(95.12 / 44.651)
	=	0.697273	/	2.130299
	=	0.3273

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)
	=	((0.355 + 26.501) / 156.223)	/	((0.082 + 23.522) / 198.498)
	=	0.171908	/	0.118913
	=	1.4457

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
	=	(4.966 - 1.536	-	12.451)	/	156.223
	=	-0.057744

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.

Perfect has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.

Perfect Beneish M-Score Related Terms

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Perfect (FRA:SZ9) Business Description

Industry

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PERF:USA

Address

14F, No. 98 Minquan Road, New Taipei, TWN, Taipei

Website

https://www.perfectcorp.com

Perfect Corp is engaged in beauty and fashion tech revolution, providing omni-channel integrated solutions that are ultra-personalized, interactive and engaging, from online to in-store via beauty mirrors. Geographicallt, the company has its presence in United States, France, Japan and Others.

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