PensionBee Group (LSE:PBEE) Beneish M-Score : -3.01 (As of Mar. 31, 2025)

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What is PensionBee Group 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 -3.01 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LSE:PBEE' s Beneish M-Score Range Over the Past 10 Years
Min: -90.24 Med: -46.63 Max: -3.01
Current: -3.01

During the past 7 years, the highest Beneish M-Score of PensionBee Group was -3.01. The lowest was -90.24. And the median was -46.63.

PensionBee Group Beneish M-Score Historical Data

The historical data trend for PensionBee Group'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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PensionBee Group Beneish M-Score Chart

PensionBee Group Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-90.24

-3.01

PensionBee Group Semi-Annual Data
	Dec18	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24
Beneish M-Score	Get a 7-Day Free Trial							-	-	-90.24	-	-3.01

Competitive Comparison of PensionBee Group's Beneish M-Score

For the Capital Markets subindustry, PensionBee Group'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.

PensionBee Group's Beneish M-Score Distribution in the Capital Markets Industry

For the Capital Markets industry and Financial Services sector, PensionBee Group's Beneish M-Score distribution charts can be found below:

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

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PensionBee Group 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 PensionBee Group 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 * 0.9147

0.528 * 0.8213

0.404 * 1.466

0.892 * 1.3941

0.115 * 0.8271

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7866

4.679 * -0.173289

0.327 * 1.2997

-3.01

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was £3.12 Mil.
Revenue was £33.20 Mil.
Gross Profit was £22.09 Mil.
Total Current Assets was £40.22 Mil.
Total Assets was £41.27 Mil.
Property, Plant and Equipment(Net PPE) was £0.55 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.29 Mil.
Selling, General, & Admin. Expense(SGA) was £14.45 Mil.
Total Current Liabilities was £6.74 Mil.
Long-Term Debt & Capital Lease Obligation was £0.13 Mil.
Net Income was £-3.14 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £4.02 Mil.

Total Receivables was £2.45 Mil.
Revenue was £23.82 Mil.
Gross Profit was £13.02 Mil.
Total Current Assets was £16.56 Mil.
Total Assets was £17.43 Mil.
Property, Plant and Equipment(Net PPE) was £0.72 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.29 Mil.
Selling, General, & Admin. Expense(SGA) was £13.18 Mil.
Total Current Liabilities was £1.94 Mil.
Long-Term Debt & Capital Lease Obligation was £0.29 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)
	=	(3.119 / 33.203)	/	(2.446 / 23.817)
	=	0.093937	/	0.1027
	=	0.9147

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)
	=	(13.016 / 23.817)	/	(22.094 / 33.203)
	=	0.5465	/	0.665422
	=	0.8213

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 - (40.219 + 0.546) / 41.272)	/	(1 - (16.561 + 0.718) / 17.425)
	=	0.012284	/	0.008379
	=	1.466

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
	=	33.203	/	23.817
	=	1.3941

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))
	=	(0.288 / (0.288 + 0.718))	/	(0.289 / (0.289 + 0.546))
	=	0.286282	/	0.346108
	=	0.8271

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)
	=	(14.451 / 33.203)	/	(13.178 / 23.817)
	=	0.435232	/	0.553302
	=	0.7866

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)
	=	((0.125 + 6.743) / 41.272)	/	((0.292 + 1.939) / 17.425)
	=	0.166408	/	0.128034
	=	1.2997

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
	=	(-3.136 - 0	-	4.016)	/	41.272
	=	-0.173289

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.

PensionBee Group has a M-score of -3.01 suggests that the company is unlikely to be a manipulator.

PensionBee Group Beneish M-Score Related Terms

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PensionBee Group Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Capital Markets » PensionBee Group PLC (LSE:PBEE) » Definitions » Beneish M-Score

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PBEEl:UK

Address

209 Blackfriars Road, London, GBR, SE1 8NL

Website

https://www.pensionbee.com

PensionBee Group PLC is engaged in the provision of direct-to-consumer online pensions. The company helps its customers combine their old pension pots, make flexible contributions, invest in line with their goals and values, and make withdrawals after attaining a certain age. It offers a range of investment plans, including fossil fuel-free and impact investing options, from various asset managers. The firm generates a vast majority of its revenue in the form of fees it charges for fund administration. These fees are earned for administering the customer pension schemes and are charged based on a fixed percentage of the value of a customer's assets held by the pension scheme. It operates in a single geographical location, being the United Kingdom.

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