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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.
The historical rank and industry rank for MGT Capital Investments's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of MGT Capital Investments was 1142.92. The lowest was -62.95. And the median was -6.92.
The historical data trend for MGT Capital Investments'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.
MGT Capital Investments Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial |
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-9.78 | -8.41 | -1.83 | -21.96 | -12.66 |
MGT Capital Investments Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial |
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-26.26 | -1.72 | -14.57 | -12.66 | - |
For the Capital Markets subindustry, MGT Capital Investments'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 Capital Markets industry and Financial Services sector, MGT Capital Investments's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where MGT Capital Investments'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 MGT Capital Investments 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 * | + | 0.528 * | + | 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $0.01 Mil. Revenue was 0.102 + 0.102 + 0.092 + 0.098 = $0.39 Mil. Gross Profit was 0.007 + -0.019 + -0.036 + 0.005 = $-0.04 Mil. Total Current Assets was $0.04 Mil. Total Assets was $0.89 Mil. Property, Plant and Equipment(Net PPE) was $0.85 Mil. Depreciation, Depletion and Amortization(DDA) was $0.26 Mil. Selling, General, & Admin. Expense(SGA) was $1.11 Mil. Total Current Liabilities was $9.02 Mil. Long-Term Debt & Capital Lease Obligation was $0.00 Mil. Net Income was 0.296 + -5.454 + 0.701 + 2.418 = $-2.04 Mil. Non Operating Income was 0.601 + -4.511 + 1.387 + 2.926 = $0.40 Mil. Cash Flow from Operations was -0.177 + -0.406 + -0.161 + -0.122 = $-0.87 Mil. |
Total Receivables was $0.00 Mil. Revenue was 0.107 + 0.124 + 0.146 + 0.284 = $0.66 Mil. Gross Profit was -0.027 + 0.091 + -0.078 + -0.469 = $-0.48 Mil. Total Current Assets was $0.33 Mil. Total Assets was $1.44 Mil. Property, Plant and Equipment(Net PPE) was $1.11 Mil. Depreciation, Depletion and Amortization(DDA) was $0.20 Mil. Selling, General, & Admin. Expense(SGA) was $1.82 Mil. Total Current Liabilities was $8.50 Mil. Long-Term Debt & Capital Lease Obligation was $0.00 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) |
= | (0.014 / 0.394) | / | (0 / 0.661) | |
= | 0.035533 | / | 0 | |
= |
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) | |
= | (-0.483 / 0.661) | / | (-0.043 / 0.394) | |
= | -0.730711 | / | -0.109137 | |
= |
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 - (0.04 + 0.852) / 0.892) | / | (1 - (0.326 + 1.113) / 1.439) | |
= | 0 | / | 0 | |
= |
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 | |
= | 0.394 | / | 0.661 | |
= |
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)) |
= | (0.204 / (0.204 + 1.113)) | / | (0.259 / (0.259 + 0.852)) | |
= | 0.154897 | / | 0.233123 | |
= |
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) |
= | (1.107 / 0.394) | / | (1.817 / 0.661) | |
= | 2.809645 | / | 2.748865 | |
= |
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 + 9.016) / 0.892) | / | ((0 + 8.502) / 1.439) | |
= | 10.107623 | / | 5.90827 | |
= |
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 | |
= | (-2.039 - 0.403 | - | -0.866) | / | 0.892 | |
= | -1.766816 |
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.
Thank you for viewing the detailed overview of MGT Capital Investments's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Stephen Schaeffer | officer: Chief Operating Officer | 512 S. MANGUM STREET, SUITE 408, DURHAM NC 27701 |
Robert Ladd | director, 10 percent owner | C/O LADDCAP VALUE ADVISORS LLC, 650 FIFTH AVENUE, SUITE 600, NEW YORK NY 10019 |
Robert S Lowrey | officer: CFO, Treasurer, Secretary | 512 S MAGNUM STREET, STE 408, DURHAM NC 27701 |
Nolan K Bushnell | director | 5443 BEETHOVEN ST, LOS ANGELES CA 90066 |
Hugh Robert Holmes | director | 500 MAMARONECK AVENUE, SUITE 204, HARRISON NY 10528 |
Iroquois Master Fund Ltd. | 10 percent owner | 641 LEXINGTON AVENUE, 26TH FLOOR, NEW YORK NY 10022 |
Joshua Silverman | 10 percent owner | IROQUOIS CAPITAL MANAGEMENT LLC, 205 EAST 42ND ST - 20TH FL., NEW YORK NY 10017 |
Iroquois Capital Management, Llc | 10 percent owner | 641 LEXINGTON AVENUE, 26TH FLOOR, NEW YORK, NY 10022 |
Michael Onghai | director | 122 WEST 26TH ST. 5TH FLOOR, NEW YORK NY 10001 |
J&s Gaming, Inc. | 10 percent owner | 12 MAY HILL LANE, DIX HILLS NY 11746 |
Laddcap Value Partners Iii Llc | other: Managing Member | 335 MADISON AVENUE, SUITE 1100, NEW YORK NY 10017 |
Robert Paul Traversa | officer: Chief Financial Officer | C/O MGT CAPITAL INVESTMENTS, INC., 500 MAMARONECK AVENUE, SUITE 204, HARRISON NY 10528 |
Neal Wyman | director | KENSINGTON CENTRE, 66 HAMMERSMITH ROAD, LONDON X0 W14 8UD |
Peter Venton | director | KENSINGTON CENTRE, 66 HAMMERSMITH ROAD, LONDON X0 W14 8UD |
Richard Wolfe Cohen | director | ONE NORTH BROADWAY, SUITE 509, WHITE PLAINS NY 10601 |
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