CrowdFundMe SpA (MIL:CFM) Beneish M-Score : -3.62 (As of Apr. 05, 2025)

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What is CrowdFundMe SpA 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 -3.62 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MIL:CFM' s Beneish M-Score Range Over the Past 10 Years
Min: -4.82 Med: -2.75 Max: 0.36
Current: -3.62

During the past 7 years, the highest Beneish M-Score of CrowdFundMe SpA was 0.36. The lowest was -4.82. And the median was -2.75.

CrowdFundMe SpA Beneish M-Score Historical Data

The historical data trend for CrowdFundMe SpA'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.

* Premium members only.

CrowdFundMe SpA Beneish M-Score Chart

CrowdFundMe SpA Annual Data

Trend

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.75

0.36

-4.82

0.19

-3.62

CrowdFundMe SpA Semi-Annual Data
	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24
Beneish M-Score	Get a 7-Day Free Trial									-	0.19	-	-3.62	-

Competitive Comparison of CrowdFundMe SpA's Beneish M-Score

For the Asset Management subindustry, CrowdFundMe SpA'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.

CrowdFundMe SpA's Beneish M-Score Distribution in the Asset Management Industry

For the Asset Management industry and Financial Services sector, CrowdFundMe SpA's Beneish M-Score distribution charts can be found below:

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

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CrowdFundMe SpA 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 CrowdFundMe SpA 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 * 0.5427

0.528 * 0.7784

0.404 * 1.1071

0.892 * 1.5463

0.115 * 0.9773

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.240098

0.327 * 1.0238

-3.62

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was €0.27 Mil.
Revenue was €1.79 Mil.
Gross Profit was €0.15 Mil.
Total Current Assets was €0.46 Mil.
Total Assets was €3.69 Mil.
Property, Plant and Equipment(Net PPE) was €0.01 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.72 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €0.65 Mil.
Long-Term Debt & Capital Lease Obligation was €0.04 Mil.
Net Income was €-0.90 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €-0.02 Mil.

Total Receivables was €0.32 Mil.
Revenue was €1.16 Mil.
Gross Profit was €0.07 Mil.
Total Current Assets was €1.00 Mil.
Total Assets was €4.76 Mil.
Property, Plant and Equipment(Net PPE) was €0.02 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.41 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €0.81 Mil.
Long-Term Debt & Capital Lease Obligation was €0.06 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)
	=	(0.266 / 1.786)	/	(0.317 / 1.155)
	=	0.148936	/	0.274459
	=	0.5427

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)
	=	(0.074 / 1.155)	/	(0.147 / 1.786)
	=	0.064069	/	0.082307
	=	0.7784

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 - (0.464 + 0.011) / 3.686)	/	(1 - (0.998 + 0.016) / 4.758)
	=	0.871134	/	0.786885
	=	1.1071

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
	=	1.786	/	1.155
	=	1.5463

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))
	=	(0.413 / (0.413 + 0.016))	/	(0.724 / (0.724 + 0.011))
	=	0.962704	/	0.985034
	=	0.9773

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 / 1.786)	/	(0 / 1.155)
	=	0	/	0
	=	1

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)
	=	((0.042 + 0.648) / 3.686)	/	((0.056 + 0.814) / 4.758)
	=	0.187195	/	0.18285
	=	1.0238

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
	=	(-0.902 - 0	-	-0.017)	/	3.686
	=	-0.240098

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.

CrowdFundMe SpA has a M-score of -3.62 suggests that the company is unlikely to be a manipulator.

CrowdFundMe SpA Beneish M-Score Related Terms

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CrowdFundMe SpA Business Description

Industry

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Address

Via Legnano 28, Milan, ITA, 20121

Website

https://www.crowdfundme.it

CrowdFundMe SpA is engaged in the management of an equity financing platform. The platform allows start-ups and small and medium-sized companies to diversify their types of investors, thus offering private and professional investors the opportunity to invest in these companies.

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