NNOCF (Nanoco Group) Beneish M-Score : -10.67 (As of Dec. 12, 2024)

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What is Nanoco 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 -10.67 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NNOCF' s Beneish M-Score Range Over the Past 10 Years
Min: -10.67 Med: -2.64 Max: 10.4
Current: -10.67

During the past 13 years, the highest Beneish M-Score of Nanoco Group was 10.40. The lowest was -10.67. And the median was -2.64.

Nanoco Group Beneish M-Score Historical Data

The historical data trend for Nanoco 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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Nanoco Group Beneish M-Score Chart

Nanoco Group Annual Data

Trend

Jul15

Jul16

Jul17

Jul18

Jul19

Jul20

Jul21

Jul22

Jul23

Jul24

Beneish M-Score

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-2.92

-2.55

-3.60

10.40

-10.67

Nanoco Group Semi-Annual Data
	Jan15	Jul15	Jan16	Jul16	Jan17	Jul17	Jan18	Jul18	Jan19	Jul19	Jan20	Jul20	Jan21	Jul21	Jan22	Jul22	Jan23	Jul23	Jan24	Jul24
Beneish M-Score	Get a 7-Day Free Trial															-3.60	-	10.40	-	-10.67

Competitive Comparison of Nanoco Group's Beneish M-Score

For the Semiconductor Equipment & Materials subindustry, Nanoco 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.

Nanoco Group's Beneish M-Score Distribution in the Semiconductors Industry

For the Semiconductors industry and Technology sector, Nanoco Group's Beneish M-Score distribution charts can be found below:

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

Nanoco 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 Nanoco 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 * 0.0151

0.528 * 1.0036

0.404 * 1.4879

0.892 * 1.3997

0.115 * 1.2993

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.0753

4.679 * -1.719763

0.327 * 0.9684

-10.67

This Year (Jul24) TTM:

Last Year (Jul23) TTM:

Total Receivables was $0.92 Mil.
Revenue was $10.13 Mil.
Gross Profit was $8.58 Mil.
Total Current Assets was $28.40 Mil.
Total Assets was $39.46 Mil.
Property, Plant and Equipment(Net PPE) was $4.94 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.34 Mil.
Selling, General, & Admin. Expense(SGA) was $7.80 Mil.
Total Current Liabilities was $10.47 Mil.
Long-Term Debt & Capital Lease Obligation was $1.66 Mil.
Net Income was $-1.61 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $66.25 Mil.

Total Receivables was $43.24 Mil.
Revenue was $7.24 Mil.
Gross Profit was $6.15 Mil.
Total Current Assets was $55.53 Mil.
Total Assets was $65.42 Mil.
Property, Plant and Equipment(Net PPE) was $3.07 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.17 Mil.
Selling, General, & Admin. Expense(SGA) was $73.97 Mil.
Total Current Liabilities was $18.22 Mil.
Long-Term Debt & Capital Lease Obligation was $2.54 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)
	=	(0.915 / 10.134)	/	(43.242 / 7.24)
	=	0.09029	/	5.972652
	=	0.0151

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)
	=	(6.148 / 7.24)	/	(8.575 / 10.134)
	=	0.849171	/	0.846161
	=	1.0036

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 - (28.398 + 4.941) / 39.463)	/	(1 - (55.532 + 3.066) / 65.421)
	=	0.155183	/	0.104294
	=	1.4879

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
	=	10.134	/	7.24
	=	1.3997

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))
	=	(1.173 / (1.173 + 3.066))	/	(1.337 / (1.337 + 4.941))
	=	0.276716	/	0.212966
	=	1.2993

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)
	=	(7.798 / 10.134)	/	(73.97 / 7.24)
	=	0.769489	/	10.216851
	=	0.0753

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)
	=	((1.658 + 10.467) / 39.463)	/	((2.541 + 18.216) / 65.421)
	=	0.30725	/	0.317283
	=	0.9684

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
	=	(-1.613 - 0	-	66.254)	/	39.463
	=	-1.719763

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.

Nanoco Group has a M-score of -10.67 suggests that the company is unlikely to be a manipulator.

Nanoco Group Beneish M-Score Related Terms

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Nanoco Group Business Description

Industry

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Address

The Heath Business & Technical Park, Heath Road South, Science Centre, Runcorn, GBR, WA7 4QE

Website

https://www.nanocotechnologies.com

Nanoco Group PLC is a UK-based company which is engaged in research, development, and manufacturing of heavy-metal-free quantum dots and semiconductor nanoparticles. Its products include CFQD quantum dots, Heatwave quantum dots, and nanoparticles which offer the potential for display, lighting, solar and biological imaging applications. The company's revenue comes from joint development agreements, individual project development programs and the sale of quantum dot products. Geographically, the company generates majority of its revenue from its business in South Korea and also has its presence in Taiwan, France, United States, United Kingdom, Japan and other countries.