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Allergy Therapeutics Beneish M-Score

: -2.90 (As of Today)
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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.

Good Sign:

Beneish M-Score -2.9 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

OTCPK:AGYTF' s Beneish M-Score Range Over the Past 10 Years
Min: -4.99   Med: -2.77   Max: -0.66
Current: -2.9

-4.99
-0.66

During the past 13 years, the highest Beneish M-Score of Allergy Therapeutics was -0.66. The lowest was -4.99. And the median was -2.77.


Allergy Therapeutics Beneish M-Score Historical Data

The historical data trend for Allergy Therapeutics'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.

Allergy Therapeutics Annual Data
Trend Jun12 Jun13 Jun14 Jun15 Jun16 Jun17 Jun18 Jun19 Jun20 Jun21
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.72 -2.93 -2.50 -3.08 -2.90

Allergy Therapeutics Semi-Annual Data
Dec11 Jun12 Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.50 - -3.08 - -2.90

Competitive Comparison

For the Drug Manufacturers - Specialty & Generic subindustry, Allergy Therapeutics'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.

   

Allergy Therapeutics Beneish M-Score Distribution

For the Drug Manufacturers industry and Healthcare sector, Allergy Therapeutics's Beneish M-Score distribution charts can be found below:

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



Allergy Therapeutics 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 Allergy Therapeutics 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 * 0.7863+0.528 * 1.0052+0.404 * 0.9674+0.892 * 1.2084+0.115 * 0.9285
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9564+4.679 * -0.0626-0.327 * 0.9616
=-2.78

* 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 (Jun21) TTM:Last Year (Jun20) TTM:
Accounts Receivable was $4.2 Mil.
Revenue was $118.3 Mil.
Gross Profit was $87.3 Mil.
Total Current Assets was $81.1 Mil.
Total Assets was $123.5 Mil.
Property, Plant and Equipment(Net PPE) was $27.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $5.8 Mil.
Selling, General, & Admin. Expense(SGA) was $64.3 Mil.
Total Current Liabilities was $25.6 Mil.
Long-Term Debt & Capital Lease Obligation was $13.2 Mil.
Net Income was $4.0 Mil.
Gross Profit was $0.0 Mil.
Cash Flow from Operations was $11.8 Mil.
Accounts Receivable was $4.4 Mil.
Revenue was $97.9 Mil.
Gross Profit was $72.6 Mil.
Total Current Assets was $69.0 Mil.
Total Assets was $107.9 Mil.
Property, Plant and Equipment(Net PPE) was $25.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.9 Mil.
Selling, General, & Admin. Expense(SGA) was $55.7 Mil.
Total Current Liabilities was $22.8 Mil.
Long-Term Debt & Capital Lease Obligation was $12.4 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Accounts Receivable 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)
=(4.1514726507714 / 118.2762973352) / (4.369211514393 / 97.877346683354)
=0.03509979 / 0.04463966
=0.7863

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)
=(72.594493116395 / 97.877346683354) / (87.272089761571 / 118.2762973352)
=0.7416884 / 0.73786627
=1.0052

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 - (81.147265077139 + 27.653576437588) / 123.54698457223) / (1 - (69.048811013767 + 25.553191489362) / 107.91614518148)
=0.11935656 / 0.12337489
=0.9674

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
=118.2762973352 / 97.877346683354
=1.2084

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))
=(4.8986232790989 / (4.8986232790989 + 25.553191489362)) / (5.7952314165498 / (5.7952314165498 + 27.653576437588))
=0.16086474 / 0.17325674
=0.9285

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)
=(64.339410939691 / 118.2762973352) / (55.66958698373 / 97.877346683354)
=0.54397553 / 0.56876886
=0.9564

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)
=((13.207573632539 + 25.568022440393) / 123.54698457223) / ((12.409261576971 + 22.812265331665) / 107.91614518148)
=0.31385303 / 0.32637866
=0.9616

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
=(4.0476858345021 - 0 - 11.779803646564) / 123.54698457223
=-0.0626

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.

Allergy Therapeutics has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.


Allergy Therapeutics Beneish M-Score Related Terms

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Allergy Therapeutics Business Description

Allergy Therapeutics logo
Industry
Traded in Other Exchanges
Address
Dominion Way, Worthing, West Sussex, GBR, BN14 8SA
Allergy Therapeutics PLC is active in the healthcare sector in the United Kingdom. It is a pharmaceutical company mainly engaged in the treatment and prevention of allergy with aluminium-free products. The company's geographical segment includes Central Europe; Southern Europe and the Rest of the World. It generates maximum revenue from Central Europe which includes Germany and other countries.

Allergy Therapeutics Headlines

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