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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.
Good Sign:
Beneish M-Score -3.08 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for LiqTech International's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of LiqTech International was -0.04. The lowest was -7.40. And the median was -2.39.
The historical data trend for LiqTech International'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.
LiqTech International Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -0.04 | -3.13 | -3.51 | -1.29 | -3.08 |
LiqTech International Quarterly Data | ||||||||||||||||||||
Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | |
Beneish M-Score | Get a 7-Day Free Trial | -1.29 | -1.60 | -2.71 | -2.60 | -3.08 |
For the Pollution & Treatment Controls subindustry, LiqTech International'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, LiqTech International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where LiqTech International'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 LiqTech International 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 * 1.1794 | + | 0.528 * 0.2301 | + | 0.404 * 1.0277 | + | 0.892 * 1.1264 | + | 0.115 * 0.9422 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.8673 | + | 4.679 * -0.088791 | - | 0.327 * 1.245 | |||||||
= | -3.08 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $6.06 Mil. Revenue was 3.93 + 5.07 + 4.99 + 4.012 = $18.00 Mil. Gross Profit was 0.273 + 0.949 + 1.163 + 0.391 = $2.78 Mil. Total Current Assets was $22.09 Mil. Total Assets was $35.97 Mil. Property, Plant and Equipment(Net PPE) was $13.06 Mil. Depreciation, Depletion and Amortization(DDA) was $3.14 Mil. Selling, General, & Admin. Expense(SGA) was $9.16 Mil. Total Current Liabilities was $7.50 Mil. Long-Term Debt & Capital Lease Obligation was $11.10 Mil. Net Income was -3.212 + -1.414 + -1.555 + -2.39 = $-8.57 Mil. Non Operating Income was -1.364 + 0.287 + 0.049 + -0.166 = $-1.19 Mil. Cash Flow from Operations was -1.21 + 0.783 + -1.471 + -2.285 = $-4.18 Mil. |
Total Receivables was $4.56 Mil. Revenue was 4.021 + 3.306 + 5.018 + 3.637 = $15.98 Mil. Gross Profit was 0.066 + 0.107 + 0.148 + 0.246 = $0.57 Mil. Total Current Assets was $27.67 Mil. Total Assets was $40.13 Mil. Property, Plant and Equipment(Net PPE) was $11.57 Mil. Depreciation, Depletion and Amortization(DDA) was $2.59 Mil. Selling, General, & Admin. Expense(SGA) was $9.37 Mil. Total Current Liabilities was $6.09 Mil. Long-Term Debt & Capital Lease Obligation was $10.58 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) |
= | (6.063 / 18.002) | / | (4.564 / 15.982) | |
= | 0.336796 | / | 0.285571 | |
= | 1.1794 |
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) | |
= | (0.567 / 15.982) | / | (2.776 / 18.002) | |
= | 0.035477 | / | 0.154205 | |
= | 0.2301 |
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 - (22.09 + 13.063) / 35.972) | / | (1 - (27.668 + 11.569) / 40.126) | |
= | 0.022768 | / | 0.022155 | |
= | 1.0277 |
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 | |
= | 18.002 | / | 15.982 | |
= | 1.1264 |
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)) |
= | (2.585 / (2.585 + 11.569)) | / | (3.141 / (3.141 + 13.063)) | |
= | 0.182634 | / | 0.193841 | |
= | 0.9422 |
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) |
= | (9.156 / 18.002) | / | (9.372 / 15.982) | |
= | 0.50861 | / | 0.58641 | |
= | 0.8673 |
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) |
= | ((11.095 + 7.5) / 35.972) | / | ((10.575 + 6.086) / 40.126) | |
= | 0.51693 | / | 0.415217 | |
= | 1.245 |
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 | |
= | (-8.571 - -1.194 | - | -4.183) | / | 35.972 | |
= | -0.088791 |
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.
LiqTech International has a M-score of -3.08 suggests that the company is unlikely to be a manipulator.
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