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Smart Employee Benefits (Smart Employee Benefits) Beneish M-Score : 0.00 (As of Jun. 08, 2024)


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What is Smart Employee Benefits 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.

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

During the past 11 years, the highest Beneish M-Score of Smart Employee Benefits was 0.00. The lowest was 0.00. And the median was 0.00.


Smart Employee Benefits Beneish M-Score Historical Data

The historical data trend for Smart Employee Benefits'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.

Smart Employee Benefits Beneish M-Score Chart

Smart Employee Benefits Annual Data
Trend Nov12 Nov13 Nov14 Nov15 Nov16 Nov17 Nov18 Nov19 Nov20 Nov21
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.38 -3.62 -3.67 -3.07 -2.81

Smart Employee Benefits Quarterly Data
Nov17 Feb18 May18 Aug18 Nov18 Feb19 May19 Aug19 Nov19 Feb20 May20 Aug20 Nov20 Feb21 May21 Aug21 Nov21 Feb22 May22 Aug22
Beneish M-Score Get a 7-Day Free Trial 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 -2.15 -2.81 -2.34 -2.05 -1.77

Competitive Comparison of Smart Employee Benefits's Beneish M-Score

For the Information Technology Services subindustry, Smart Employee Benefits'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.


Smart Employee Benefits's Beneish M-Score Distribution in the Software Industry

For the Software industry and Technology sector, Smart Employee Benefits's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Smart Employee Benefits's Beneish M-Score falls into.



Smart Employee Benefits 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 Smart Employee Benefits 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 * 0.9511+0.528 * 1.0846+0.404 * 0.9539+0.892 * 1.0648+0.115 * 1.27
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0282+4.679 * 0.142347-0.327 * 1.1458
=-1.80

* 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 (Aug22) TTM:Last Year (Aug21) TTM:
Total Receivables was $12.01 Mil.
Revenue was 12.379 + 12.959 + 12.588 + 12.67 = $50.60 Mil.
Gross Profit was 4.256 + 4.362 + 4.144 + 4.045 = $16.81 Mil.
Total Current Assets was $13.21 Mil.
Total Assets was $29.67 Mil.
Property, Plant and Equipment(Net PPE) was $5.16 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.29 Mil.
Selling, General, & Admin. Expense(SGA) was $17.34 Mil.
Total Current Liabilities was $28.26 Mil.
Long-Term Debt & Capital Lease Obligation was $19.19 Mil.
Net Income was -1.754 + -1.853 + -1.451 + -1.648 = $-6.71 Mil.
Non Operating Income was -0.24 + -0.307 + -0.07 + -0.03 = $-0.65 Mil.
Cash Flow from Operations was -3.45 + -3.758 + -3.599 + 0.524 = $-10.28 Mil.
Total Receivables was $11.86 Mil.
Revenue was 12.28 + 13.245 + 11.285 + 10.708 = $47.52 Mil.
Gross Profit was 4.384 + 4.891 + 4.323 + 3.522 = $17.12 Mil.
Total Current Assets was $13.18 Mil.
Total Assets was $30.23 Mil.
Property, Plant and Equipment(Net PPE) was $4.98 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.70 Mil.
Selling, General, & Admin. Expense(SGA) was $15.84 Mil.
Total Current Liabilities was $25.99 Mil.
Long-Term Debt & Capital Lease Obligation was $16.19 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)
=(12.01 / 50.596) / (11.859 / 47.518)
=0.237371 / 0.249569
=0.9511

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)
=(17.12 / 47.518) / (16.807 / 50.596)
=0.360285 / 0.33218
=1.0846

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 - (13.212 + 5.155) / 29.674) / (1 - (13.176 + 4.975) / 30.225)
=0.381041 / 0.399471
=0.9539

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
=50.596 / 47.518
=1.0648

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))
=(1.697 / (1.697 + 4.975)) / (1.291 / (1.291 + 5.155))
=0.254347 / 0.200279
=1.27

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)
=(17.341 / 50.596) / (15.84 / 47.518)
=0.342735 / 0.333347
=1.0282

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)
=((19.189 + 28.261) / 29.674) / ((16.19 + 25.991) / 30.225)
=1.599043 / 1.395567
=1.1458

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
=(-6.706 - -0.647 - -10.283) / 29.674
=0.142347

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.

Smart Employee Benefits has a M-score of -1.80 suggests that the company is unlikely to be a manipulator.


Smart Employee Benefits Beneish M-Score Related Terms

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Smart Employee Benefits (Smart Employee Benefits) Business Description

Traded in Other Exchanges
N/A
Address
5500 Explorer Drive, 4th Floor, Mississauga, ON, CAN, L4W 5C7
Smart Employee Benefits Inc is a Canadian technology company providing software-enabled services in the areas of healthcare transaction processing, software solutions, and professional services for corporate and government clients. The company's business segments are Benefits and Technology. Its Benefits segment provides software, solutions, services, and products focused on managing group benefit and wellness solutions and healthcare claims processing environments for corporate and government clients. The Technology segment provides solutions in the areas of supply change management, integration, and energy, as well as training and resource provisioning. It earns most of its revenue from the Technology segment.

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