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Till Capital (Till Capital) Beneish M-Score : 935.54 (As of Apr. 29, 2024)


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What is Till Capital Beneish M-Score?

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 935.54 higher than -1.78, which implies that the company might have manipulated its financial results.

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

TILCF' s Beneish M-Score Range Over the Past 10 Years
Min: -38.07   Med: -4.44   Max: 935.54
Current: 935.54

During the past 10 years, the highest Beneish M-Score of Till Capital was 935.54. The lowest was -38.07. And the median was -4.44.


Till Capital 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 Till Capital 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 * 727.7937+0.528 * 1+0.404 * 0.9146+0.892 * 1.2339+0.115 * 591.716
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7456+4.679 * -0.033539-0.327 * 0.1786
=734.43

* 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 (Sep23) TTM:Last Year (Sep22) TTM:
Total Receivables was $0.90 Mil.
Revenue was -0.574 + -0.216 + 0.465 + 3.126 = $2.80 Mil.
Gross Profit was -0.574 + -0.216 + 0.465 + 3.126 = $2.80 Mil.
Total Current Assets was $4.92 Mil.
Total Assets was $46.63 Mil.
Property, Plant and Equipment(Net PPE) was $2.36 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $1.39 Mil.
Total Current Liabilities was $0.16 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was -0.416 + -0.35 + 0.657 + -0.514 = $-0.62 Mil.
Non Operating Income was 0.25 + 0 + 0 + 0 = $0.25 Mil.
Cash Flow from Operations was 0.544 + 0.963 + -2.075 + 1.259 = $0.69 Mil.
Total Receivables was $0.00 Mil.
Revenue was -0.281 + -4.625 + 0.048 + 7.128 = $2.27 Mil.
Gross Profit was -0.281 + -4.625 + 0.048 + 7.128 = $2.27 Mil.
Total Current Assets was $4.92 Mil.
Total Assets was $63.66 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.01 Mil.
Selling, General, & Admin. Expense(SGA) was $1.51 Mil.
Total Current Liabilities was $1.23 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 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)
=(0.899 / 2.801) / (0.001 / 2.27)
=0.320957 / 0.000441
=727.7937

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)
=(2.27 / 2.27) / (2.801 / 2.801)
=1 / 1
=1

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 - (4.916 + 2.363) / 46.632) / (1 - (4.92 + 0) / 63.661)
=0.843905 / 0.922716
=0.9146

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
=2.801 / 2.27
=1.2339

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))
=(0.005 / (0.005 + 0)) / (0.004 / (0.004 + 2.363))
=1 / 0.00169
=591.716

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)
=(1.392 / 2.801) / (1.513 / 2.27)
=0.496965 / 0.66652
=0.7456

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)
=((0 + 0.161) / 46.632) / ((0 + 1.231) / 63.661)
=0.003453 / 0.019337
=0.1786

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
=(-0.623 - 0.25 - 0.691) / 46.632
=-0.033539

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.

Till Capital has a M-score of 734.43 signals that the company is likely to be a manipulator.


Till Capital Beneish M-Score Related Terms

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Till Capital (Till Capital) Business Description

Traded in Other Exchanges
Address
666 Burrard Street, Suite 1700, Park Place, Vancouver, BC, CAN, V6C 2X8
Till Capital Corp is a holding company operating through the insurance segment. Through its subsidiaries, it conducts the insurance and reinsurance business. Its geographical segments are Canada, and United States. The company operates in a single segment, that being investments.
Executives
William A Lupien director, officer: Chief Investment Officer 6323 DEWEY DRIVE, COEUR D ALENE ID 83814
John T Rickard director, officer: Chief Executive Officer
Wayne Kauth director ONE E. WACKER DRIVE, CHICAGO IL 60601
Brian Patrick Lupien director, officer: Chief Financial Officer 6510 DEWEY DRIVE, COEUR D ALENE ID 83814
Alan Seth Danson director 3005A BOOTH FALLS ROAD, VAIL CO 81657
Weiying Zhu officer: Controller 13403 N. GOVERNMENT WAY, SUITE 212, HAYDEN ID 83835
Roger Loeb director 13403 N. GOVERNMENT WAY, SUITE 212, HAYDEN ID 83835
Patricia Marie Tilton director 12720 50TH AVENUE NORTH, PLYMOUTH MN 55442
George Joseph Rohlinger director 4895 WEST MILL RIVER FOURT, COEUR D' ALENE ID 83814