BSF Enterprise (LSE:BSFA) Beneish M-Score : 4.55 (As of Apr. 06, 2025)

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What is BSF Enterprise 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 4.55 higher than -1.78, which implies that the company might have manipulated its financial results.

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

LSE:BSFA' s Beneish M-Score Range Over the Past 10 Years
Min: 4.55 Med: 4.55 Max: 4.55
Current: 4.55

During the past 6 years, the highest Beneish M-Score of BSF Enterprise was 4.55. The lowest was 4.55. And the median was 4.55.

BSF Enterprise Beneish M-Score Historical Data

The historical data trend for BSF Enterprise'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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BSF Enterprise Beneish M-Score Chart

BSF Enterprise Annual Data

Trend

Sep19

Sep20

Sep21

Sep22

Sep23

Sep24

Beneish M-Score

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4.55

BSF Enterprise Semi-Annual Data
	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24	Sep24
Beneish M-Score	Get a 7-Day Free Trial							-	-	-	-	4.55

Competitive Comparison of BSF Enterprise's Beneish M-Score

For the Biotechnology subindustry, BSF Enterprise'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.

BSF Enterprise's Beneish M-Score Distribution in the Biotechnology Industry

For the Biotechnology industry and Healthcare sector, BSF Enterprise's Beneish M-Score distribution charts can be found below:

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

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BSF Enterprise 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 BSF Enterprise 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 * 0.1992

0.528 * 9.584

0.404 * 1.5047

0.892 * 4.4615

0.115 * 0.7124

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.2344

4.679 * -0.023462

0.327 * 1.1428

4.55

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was £0.08 Mil.
Revenue was £0.06 Mil.
Gross Profit was £-0.03 Mil.
Total Current Assets was £0.86 Mil.
Total Assets was £3.50 Mil.
Property, Plant and Equipment(Net PPE) was £0.15 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.11 Mil.
Selling, General, & Admin. Expense(SGA) was £0.99 Mil.
Total Current Liabilities was £0.29 Mil.
Long-Term Debt & Capital Lease Obligation was £0.00 Mil.
Net Income was £-1.67 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £-1.59 Mil.

Total Receivables was £0.09 Mil.
Revenue was £0.01 Mil.
Gross Profit was £-0.06 Mil.
Total Current Assets was £2.52 Mil.
Total Assets was £5.26 Mil.
Property, Plant and Equipment(Net PPE) was £0.25 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.11 Mil.
Selling, General, & Admin. Expense(SGA) was £0.94 Mil.
Total Current Liabilities was £0.30 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)
	=	(0.08 / 0.058)	/	(0.09 / 0.013)
	=	1.37931	/	6.923077
	=	0.1992

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)
	=	(-0.058 / 0.013)	/	(-0.027 / 0.058)
	=	-4.461538	/	-0.465517
	=	9.584

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 - (0.857 + 0.153) / 3.495)	/	(1 - (2.522 + 0.253) / 5.261)
	=	0.711016	/	0.472534
	=	1.5047

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
	=	0.058	/	0.013
	=	4.4615

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))
	=	(0.109 / (0.109 + 0.253))	/	(0.112 / (0.112 + 0.153))
	=	0.301105	/	0.422642
	=	0.7124

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)
	=	(0.985 / 0.058)	/	(0.942 / 0.013)
	=	16.982759	/	72.461538
	=	0.2344

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 + 0.29) / 3.495)	/	((0.078 + 0.304) / 5.261)
	=	0.082976	/	0.07261
	=	1.1428

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
	=	(-1.672 - 0	-	-1.59)	/	3.495
	=	-0.023462

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.

BSF Enterprise has a M-score of 4.55 signals that the company is likely to be a manipulator.

BSF Enterprise Beneish M-Score Related Terms

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BSF Enterprise Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Biotechnology » BSF Enterprise PLC (LSE:BSFA) » Definitions » Beneish M-Score

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BSFAF:USA

Address

2 Portman Street, London, GBR, W1H 6DU

Website

https://www.bsfenterprise.com

BSF Enterprise PLC is a United Kingdom-based biotech company. The Company is focused on developing biotechnological solutions using cell-based tissue engineering to help generate cultured meat, lab-grown leather, as well as human corneas, collagen growth and skin substitutes. The Company operates through its wholly owned subsidiary, 3D Bio-Tissues Limited (3DBT), which is a clinical and cellular agriculture company engaged in producing human corneas that could help restore vision to millions of people.

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