Pro Kapital Grupp AS (OTSE:PKG1T) Beneish M-Score : -3.22 (As of Nov. 10, 2024)

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What is Pro Kapital Grupp AS 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 -3.22 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Pro Kapital Grupp AS's Beneish M-Score or its related term are showing as below:

OTSE:PKG1T' s Beneish M-Score Range Over the Past 10 Years
Min: -3.98 Med: -2.14 Max: 5.87
Current: -3.22

During the past 13 years, the highest Beneish M-Score of Pro Kapital Grupp AS was 5.87. The lowest was -3.98. And the median was -2.14.

Pro Kapital Grupp AS Beneish M-Score Historical Data

The historical data trend for Pro Kapital Grupp AS'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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Pro Kapital Grupp AS Beneish M-Score Chart

Pro Kapital Grupp AS Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.97

-3.79

-0.64

-2.88

5.87

Pro Kapital Grupp AS Quarterly Data
	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24
Beneish M-Score	Get a 7-Day Free Trial															-0.91	4.94	5.87	-1.73	-3.22

Competitive Comparison of Pro Kapital Grupp AS's Beneish M-Score

For the Real Estate - Diversified subindustry, Pro Kapital Grupp AS'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.

Pro Kapital Grupp AS's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Pro Kapital Grupp AS's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Pro Kapital Grupp AS's Beneish M-Score falls into.

Pro Kapital Grupp AS 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 Pro Kapital Grupp AS 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 * 1.881

0.528 * 0.6596

0.404 * 0.9292

0.892 * 0.2732

0.115 * 0.831

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 4.9473

4.679 * 0.011623

0.327 * 1.1481

-3.22

This Year (Jun24) TTM:

Last Year (Jun23) TTM:

Total Receivables was €1.48 Mil.
Revenue was 3.853 + 3.054 + 3.052 + 3.857 = €13.82 Mil.
Gross Profit was 1.535 + 0.888 + 1.028 + 1.544 = €5.00 Mil.
Total Current Assets was €54.97 Mil.
Total Assets was €109.70 Mil.
Property, Plant and Equipment(Net PPE) was €8.15 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.54 Mil.
Selling, General, & Admin. Expense(SGA) was €2.47 Mil.
Total Current Liabilities was €15.25 Mil.
Long-Term Debt & Capital Lease Obligation was €40.68 Mil.
Net Income was -1.323 + -1.7 + 0.125 + -0.732 = €-3.63 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0.00 Mil.
Cash Flow from Operations was -2.817 + -1.707 + -0.44 + 0.059 = €-4.91 Mil.

Total Receivables was €2.88 Mil.
Revenue was 2.697 + 13.415 + 4.026 + 30.434 = €50.57 Mil.
Gross Profit was 0.79 + 3.666 + 0.754 + 6.849 = €12.06 Mil.
Total Current Assets was €46.95 Mil.
Total Assets was €101.17 Mil.
Property, Plant and Equipment(Net PPE) was €7.98 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.43 Mil.
Selling, General, & Admin. Expense(SGA) was €1.83 Mil.
Total Current Liabilities was €34.86 Mil.
Long-Term Debt & Capital Lease Obligation was €10.06 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)
	=	(1.481 / 13.816)	/	(2.882 / 50.572)
	=	0.107195	/	0.056988
	=	1.881

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)
	=	(12.059 / 50.572)	/	(4.995 / 13.816)
	=	0.238452	/	0.361537
	=	0.6596

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 - (54.966 + 8.15) / 109.695)	/	(1 - (46.954 + 7.982) / 101.166)
	=	0.424623	/	0.456972
	=	0.9292

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
	=	13.816	/	50.572
	=	0.2732

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))
	=	(0.433 / (0.433 + 7.982))	/	(0.538 / (0.538 + 8.15))
	=	0.051456	/	0.061924
	=	0.831

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)
	=	(2.472 / 13.816)	/	(1.829 / 50.572)
	=	0.178923	/	0.036166
	=	4.9473

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)
	=	((40.676 + 15.25) / 109.695)	/	((10.064 + 34.862) / 101.166)
	=	0.509832	/	0.444082
	=	1.1481

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
	=	(-3.63 - 0	-	-4.905)	/	109.695
	=	0.011623

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.

Pro Kapital Grupp AS has a M-score of -3.22 suggests that the company is unlikely to be a manipulator.

Pro Kapital Grupp AS Beneish M-Score Related Terms

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Pro Kapital Grupp AS Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Pro Kapital Grupp AS (OTSE:PKG1T) » Definitions » Beneish M-Score

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17E:Germany

Address

Sojakooli 11, Tallinn, EST, 11316

Website

https://www.prokapital.com

Pro Kapital Grupp AS is an Estonian-based company engaged in the business of real estate. Principally, it is involved in buying and selling as well as renting its own and leased real estate. The company focuses on the development, management, and sale of modern retail and residential real estate properties geographically across Estonia, Latvia, Lithuania, and Germany. The company's project includes the residential area in Kalaranna District, Kristiine City, Kliversala Quarter, Saltiniu Namai, City Oasis Quarter, and others.

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