>
Switch to:

Blue Sphere Beneish M-Score

: 0.00 (As of Today)
View and export this data going back to 2008. Start your Free Trial

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 Blue Sphere's Beneish M-Score or its related term are showing as below:

During the past 12 years, the highest Beneish M-Score of Blue Sphere was 0.00. The lowest was 0.00. And the median was 0.00.


Blue Sphere Beneish M-Score Historical Data

The historical data trend for Blue Sphere'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.

Blue Sphere Annual Data
Trend Sep09 Sep10 Sep11 Sep12 Sep13 Sep14 Sep15 Dec16 Dec17 Dec18
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - - 2.54 -1.75 -

Blue Sphere Quarterly Data
Mar14 Jun14 Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -1.75 3.00 3.53 - -

Competitive Comparison

For the Utilities - Renewable subindustry, Blue Sphere'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.

   

Blue Sphere Beneish M-Score Distribution

For the Utilities - Independent Power Producers industry and Utilities sector, Blue Sphere's Beneish M-Score distribution charts can be found below:

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



Blue Sphere 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 Blue Sphere 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 * 0.403+0.528 * 2.5009+0.404 * 1.0499+0.892 * 2.8514+0.115 * 0.6337
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.1805+4.679 * -0.0822-0.327 * 0.9704
=-0.84

* 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 (Dec18) TTM:Last Year (Dec17) TTM:
Accounts Receivable was $2.16 Mil.
Revenue was 2.812 + 2.388 + 2.678 + 3.023 = $10.90 Mil.
Gross Profit was 0.536 + -0.016 + 0.536 + 0.766 = $1.82 Mil.
Total Current Assets was $9.39 Mil.
Total Assets was $42.71 Mil.
Property, Plant and Equipment(Net PPE) was $16.92 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.33 Mil.
Selling, General, & Admin. Expense(SGA) was $3.20 Mil.
Total Current Liabilities was $27.53 Mil.
Long-Term Debt & Capital Lease Obligation was $14.66 Mil.
Net Income was 2.368 + -4.852 + -5.854 + -2.105 = $-10.44 Mil.
Non Operating Income was 0.069 + -4.012 + -3.769 + -0.113 = $-7.83 Mil.
Cash Flow from Operations was 0 + 0.044 + 0.467 + 0.382 = $0.89 Mil.
Accounts Receivable was $1.88 Mil.
Revenue was 2.539 + 1.284 + 0 + 0 = $3.82 Mil.
Gross Profit was 1.123 + 0.475 + 0 + 0 = $1.60 Mil.
Total Current Assets was $8.64 Mil.
Total Assets was $41.09 Mil.
Property, Plant and Equipment(Net PPE) was $17.42 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.84 Mil.
Selling, General, & Admin. Expense(SGA) was $6.22 Mil.
Total Current Liabilities was $24.87 Mil.
Long-Term Debt & Capital Lease Obligation was $16.96 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Accounts Receivable 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)
=(2.156 / 10.901) / (1.876 / 3.823)
=0.19778002 / 0.4907141
=0.403

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)
=(1.598 / 3.823) / (1.822 / 10.901)
=0.41799634 / 0.16714063
=2.5009

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 - (9.386 + 16.924) / 42.713) / (1 - (8.642 + 17.416) / 41.087)
=0.38402828 / 0.3657848
=1.0499

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
=10.901 / 3.823
=2.8514

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))
=(0.843 / (0.843 + 17.416)) / (1.33 / (1.33 + 16.924))
=0.04616901 / 0.07286074
=0.6337

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)
=(3.201 / 10.901) / (6.22 / 3.823)
=0.29364279 / 1.62699451
=0.1805

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)
=((14.658 + 27.533) / 42.713) / ((16.956 + 24.866) / 41.087)
=0.9877789 / 1.01788887
=0.9704

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
=(-10.443 - -7.825 - 0.893) / 42.713
=-0.0822

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.

Blue Sphere has a M-score of -0.84 signals that the company is likely to be a manipulator.


Blue Sphere Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Blue Sphere's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Blue Sphere Business Description

Blue Sphere logo
Industry
Traded in Other Exchanges
N/A
Address
301 McCullough Drive, 4th Floor, Charlotte, NC, USA, 28262
Blue Sphere Corp is an international clean-tech independent power producer that develops, owns and manages waste-to-energy facilities. It focuses on developing or acquiring projects with clean energy technologies, including waste-to-energy facilities that generate clean energy, such as electricity, natural gas, heat, soil amendment and other by-products. Geographically operates the project in the region of United States, Italy, and Israel.
Executives
Keret Yosef officer: Chief Financial Officer 4 YEHOSHUA BEN NOON ST. HOD HASHARON L3 4523602
Daniel Ran officer: Chief Financial Officer 101 WEST 90TH STREET NEW YORK NY 10024
Bentovim Lyron L other: Former Director 60 CUTTER MILL ROAD GREAT NECK NEW YORK NY 11021
Lazarus Israel Opportunities Fund Lllp 10 percent owner C/O IBEX GP LLC 260 NORTH JOSEPHINE STREET, SUITE 300 DENVER CO 80206
Lazarus Investment Partners Lllp 10 percent owner C/O IBEX INVESTORS LLC 260 NORTH JOSEPHINE STREET, SUITE 300 DENVER CO 80206
Borus Justin B 10 percent owner 260 N. JOSEPHINE STREET SUITE 300 DENVER CO 80206
Lazarus Management Co Llc 10 percent owner 260 N. JOSEPHINE STREET SUITE 300 DENVER CO 80206
Dr Borenstein Ltd 10 percent owner 18 REINES ST TEL AVIV L3 00000
Weber Alex officer: Chief Financial Officer POB - 961, NARKIS 2 KOHAV YAIR L3 44864
Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)