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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.
Warning Sign:
Beneish M-Score 5.15 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Pervasip's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Pervasip was 5.15. The lowest was -89.77. And the median was -38.59.
The historical data trend for Pervasip'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.
Pervasip Annual Data | |||||||||||||||||||||
Trend | Nov06 | Nov07 | Nov08 | Nov09 | Nov10 | Nov11 | Nov12 | Nov13 | Nov14 | Nov15 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -104.78 | -78.12 | -86.41 | -14.98 | -7.52 |
Pervasip Quarterly Data | ||||||||||||||||||||
May12 | Aug12 | Nov12 | Feb13 | May13 | Aug13 | Nov13 | Feb14 | May14 | Aug14 | Nov14 | Feb15 | May15 | Aug15 | Nov15 | Feb16 | May16 | Aug16 | Aug22 | Aug23 | |
Beneish M-Score | Get a 7-Day Free Trial | -41.95 | -35.23 | -51.06 | -34.01 | 5.15 |
For the Advertising Agencies subindustry, Pervasip'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.
For the Media - Diversified industry and Communication Services sector, Pervasip's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Pervasip's Beneish M-Score falls into.
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 Pervasip 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 * 1 | + | 0.528 * 0.7155 | + | 0.404 * 0.4943 | + | 0.892 * 9.9015 | + | 0.115 * 1 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.2786 | + | 4.679 * -0.085943 | - | 0.327 * 0.0123 | |||||||
= | 5.15 |
* 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 (Aug23) TTM: | Last Year (Feb16) TTM: |
Total Receivables was $0.32 Mil. Revenue was 4.404 + 4.339 + 0 + 0 = $8.74 Mil. Gross Profit was 1.994 + 1.258 + 0 + 0 = $3.25 Mil. Total Current Assets was $3.11 Mil. Total Assets was $11.85 Mil. Property, Plant and Equipment(Net PPE) was $7.38 Mil. Depreciation, Depletion and Amortization(DDA) was $0.00 Mil. Selling, General, & Admin. Expense(SGA) was $2.79 Mil. Total Current Liabilities was $8.89 Mil. Long-Term Debt & Capital Lease Obligation was $5.63 Mil. Net Income was -0.551 + -0.088 + -0.454 + -0.493 = $-1.59 Mil. Non Operating Income was -0.103 + -0.049 + -0.101 + -0.157 = $-0.41 Mil. Cash Flow from Operations was 0 + 0 + -0.108 + -0.05 = $-0.16 Mil. |
Total Receivables was $0.00 Mil. Revenue was 0.279 + 0.308 + 0.295 + 0.001 = $0.88 Mil. Gross Profit was 0.088 + 0.047 + 0.111 + -0.011 = $0.24 Mil. Total Current Assets was $0.07 Mil. Total Assets was $0.10 Mil. Property, Plant and Equipment(Net PPE) was $0.00 Mil. Depreciation, Depletion and Amortization(DDA) was $0.00 Mil. Selling, General, & Admin. Expense(SGA) was $1.01 Mil. Total Current Liabilities was $9.02 Mil. Long-Term Debt & Capital Lease Obligation was $0.43 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) |
= | (0.324 / 8.743) | / | (0 / 0.883) | |
= | 0.037058 | / | 0 | |
= | 1 |
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) | |
= | (0.235 / 0.883) | / | (3.252 / 8.743) | |
= | 0.266138 | / | 0.371955 | |
= | 0.7155 |
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 - (3.114 + 7.375) / 11.845) | / | (1 - (0.073 + 0) / 0.095) | |
= | 0.114479 | / | 0.231579 | |
= | 0.4943 |
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 | |
= | 8.743 | / | 0.883 | |
= | 9.9015 |
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 / (0 + 0)) | / | (0 / (0 + 7.375)) | |
= | / | 0 | ||
= | 1 |
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) |
= | (2.786 / 8.743) | / | (1.01 / 0.883) | |
= | 0.318655 | / | 1.143828 | |
= | 0.2786 |
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) |
= | ((5.626 + 8.885) / 11.845) | / | ((0.425 + 9.023) / 0.095) | |
= | 1.225074 | / | 99.452632 | |
= | 0.0123 |
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 | |
= | (-1.586 - -0.41 | - | -0.158) | / | 11.845 | |
= | -0.085943 |
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.
Pervasip has a M-score of 5.15 signals that the company is likely to be a manipulator.
Thank you for viewing the detailed overview of Pervasip's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Kevin Kreisler | other: Officer of subsidiary | P.O. BOX 284, MT. ARLINGTON NJ 07856 |
Flux Carbon Corp | 10 percent owner | 5950 SHILOH ROAD EAST, SUITE N, ALPHARETTA GA 30005 |
Scott Robert Widham | director | BROADWING CORPORATION, 1122 CAPITAL OF TEXAS HIGHWAY SOUTH, AUSTIN TX 78746 |
Cherian Mathai | director | 2-01 50TH STREET, APARTMENT 4 C, LONG ISLAND CITY NY 11101 |
S Miller Williams | director | C/O WILLBROS USA INC, 4400 POST OAK PARKWAY SUITE 1000, HOUSTON TX 77027 |
Gayle L Greer | director | P O BOX 840 STE 300, DENVER CO 80201 |
Michael H Khalilian | director, officer: Chief Technology Officer | 478 E. ALTAMONTE DRIVE, SUITE 108-480, ALTAMONTE SPRINGS FL 32701 |
Mark Richards | other: President of subsidiary | 118 CELEBRATION BLVD., CELEBRATION FL 34747 |
Greg M Cooper | director | |
Paul H Riss | director, officer: Chief Executive Officer, other: Chief Financial Officer | |
Joel Dupre | director | C/O CORDIA CORP, 445 HAMILTON AVENUE, SUITE 408, WHITE PLAINS NY 10601 |
From GuruFocus
By GuruFocus Research • 02-14-2024
By GuruFocus Research • 02-14-2024
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