DCI Advisors (LSE:DCI) Beneish M-Score : 0.00 (As of Jun. 11, 2024)

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What is DCI Advisors Beneish M-Score?

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 DCI Advisors's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of DCI Advisors was 0.00. The lowest was 0.00. And the median was 0.00.

DCI Advisors 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 DCI Advisors 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 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

* 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 (Dec22) TTM:

Last Year (Dec21) TTM:

Total Receivables was £0.00 Mil.
Revenue was £-6.32 Mil.
Gross Profit was £-6.32 Mil.
Total Current Assets was £0.00 Mil.
Total Assets was £150.19 Mil.
Property, Plant and Equipment(Net PPE) was £13.24 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.04 Mil.
Selling, General, & Admin. Expense(SGA) was £2.50 Mil.
Total Current Liabilities was £0.00 Mil.
Long-Term Debt & Capital Lease Obligation was £7.00 Mil.
Net Income was £-6.02 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £-10.43 Mil.

Total Receivables was £0.00 Mil.
Revenue was £-16.47 Mil.
Gross Profit was £-16.47 Mil.
Total Current Assets was £0.00 Mil.
Total Assets was £160.68 Mil.
Property, Plant and Equipment(Net PPE) was £7.71 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.04 Mil.
Selling, General, & Admin. Expense(SGA) was £4.76 Mil.
Total Current Liabilities was £0.00 Mil.
Long-Term Debt & Capital Lease Obligation was £17.68 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 / -6.322)	/	(0 / -16.471)
	=		/
	=

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)
	=	(-16.471 / -16.471)	/	(-6.322 / -6.322)
	=		/
	=

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 + 13.242) / 150.187)	/	(1 - (0 + 7.706) / 160.676)
	=	0.91183	/	0.95204
	=

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
	=	-6.322	/	-16.471
	=

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))
	=	(0.041 / (0.041 + 7.706))	/	(0.042 / (0.042 + 13.242))
	=	0.005292	/	0.003162
	=

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)
	=	(2.5 / -6.322)	/	(4.757 / -16.471)
	=		/
	=

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)
	=	((6.998 + 0) / 150.187)	/	((17.683 + 0) / 160.676)
	=	0.046595	/	0.110054
	=

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
	=	(-6.022 - 0	-	-10.434)	/	150.187
	=	0.029377

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.

DCI Advisors Beneish M-Score Related Terms

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DCI Advisors (LSE:DCI) Business Description

Industry

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Address

Tortola Pier Park, Building 1, 2nd Floor, Wickams Cay 1, Tortola, Road Town, VGB

Website

https://www.dciadvisorsltd.com

DCI Advisors Ltd is a real estate investment company, which focuses on the early-stage, large-scale, leisure-integrated residential resorts in southeast Europe. Some of the projects include Kilada Hills Golf Resort, One&Only Kea Island, Scorpio Bay, Lavender Bay, Plaka Bay, Apollo Heights Polo, Livka Bay, and La Vanta - Mediterra Resorts.