Technical Publications Service SpA (MIL:TPS) Beneish M-Score : -2.65 (As of Apr. 24, 2024)

View and export this data going back to 2017. Start your Free Trial

What is Technical Publications Service 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 -2.65 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MIL:TPS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.11 Med: -2.63 Max: 0.52
Current: -2.65

During the past 8 years, the highest Beneish M-Score of Technical Publications Service SpA was 0.52. The lowest was -3.11. And the median was -2.63.

Technical Publications Service SpA Beneish M-Score Historical Data

The historical data trend for Technical Publications Service 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.

Technical Publications Service SpA Beneish M-Score Chart

Technical Publications Service SpA Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

Get a 7-Day Free Trial

-2.63

-2.30

-2.63

-3.11

-2.65

Technical Publications Service SpA Semi-Annual Data
	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23
Beneish M-Score	Get a 7-Day Free Trial											-	-3.11	-	-2.65	-

Competitive Comparison of Technical Publications Service SpA's Beneish M-Score

For the Airports & Air Services subindustry, Technical Publications Service 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.

Technical Publications Service SpA's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, Technical Publications Service SpA's Beneish M-Score distribution charts can be found below:

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

Technical Publications Service 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 Technical Publications Service 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 * 1.0015

0.528 * 0.9066

0.404 * 1.034

0.892 * 0.9985

0.115 * 1.3924

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.046874

0.327 * 0.8763

-2.65

This Year (Dec22) TTM:

Last Year (Dec21) TTM:

Total Receivables was €14.53 Mil.
Revenue was €36.84 Mil.
Gross Profit was €5.71 Mil.
Total Current Assets was €34.95 Mil.
Total Assets was €43.48 Mil.
Property, Plant and Equipment(Net PPE) was €3.83 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.72 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €8.33 Mil.
Long-Term Debt & Capital Lease Obligation was €2.37 Mil.
Net Income was €3.59 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €5.62 Mil.

Total Receivables was €14.53 Mil.
Revenue was €36.90 Mil.
Gross Profit was €5.18 Mil.
Total Current Assets was €33.65 Mil.
Total Assets was €40.78 Mil.
Property, Plant and Equipment(Net PPE) was €2.87 Mil.
Depreciation, Depletion and Amortization(DDA) was €2.17 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €10.02 Mil.
Long-Term Debt & Capital Lease Obligation was €1.44 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)
	=	(14.527 / 36.838)	/	(14.528 / 36.895)
	=	0.394348	/	0.393766
	=	1.0015

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)
	=	(5.182 / 36.895)	/	(5.707 / 36.838)
	=	0.140453	/	0.154922
	=	0.9066

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 - (34.948 + 3.825) / 43.478)	/	(1 - (33.647 + 2.867) / 40.782)
	=	0.108216	/	0.104654
	=	1.034

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
	=	36.838	/	36.895
	=	0.9985

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))
	=	(2.172 / (2.172 + 2.867))	/	(1.715 / (1.715 + 3.825))
	=	0.431038	/	0.309567
	=	1.3924

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 / 36.838)	/	(0 / 36.895)
	=	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)
	=	((2.371 + 8.332) / 43.478)	/	((1.442 + 10.015) / 40.782)
	=	0.24617	/	0.280933
	=	0.8763

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
	=	(3.585 - 0	-	5.623)	/	43.478
	=	-0.046874

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.

Technical Publications Service SpA has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.

Technical Publications Service SpA Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Technical Publications Service SpA's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Technical Publications Service SpA (MIL:TPS) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » Technical Publications Service SpA (MIL:TPS) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Via Olanda 5, Gallarate, Lombardy, ITA, 21013

Website

http://www.tps-group.it

Technical Publications Service SpA provides services in the field of aeronautics with a particular focus on helicopter. The group is organised in four business units: Technical publishing and training, engineering and cost engineering, Information technology and avionic services, Digital Management.

Technical Publications Service SpA (MIL:TPS) Headlines

No Headlines