Agroton Public (WAR:AGT) Beneish M-Score : 12.14 (As of Mar. 26, 2025)

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What is Agroton Public 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.

Warning Sign:

Beneish M-Score 12.14 higher than -1.78, which implies that the company might have manipulated its financial results.

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

WAR:AGT' s Beneish M-Score Range Over the Past 10 Years
Min: -7.79 Med: -2.46 Max: 12.14
Current: 12.14

During the past 13 years, the highest Beneish M-Score of Agroton Public was 12.14. The lowest was -7.79. And the median was -2.46.

Agroton Public Beneish M-Score Historical Data

The historical data trend for Agroton Public'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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Agroton Public Beneish M-Score Chart

Agroton Public Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.93

-3.39

-1.84

-1.76

12.14

Agroton Public Semi-Annual Data
	Dec13	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Dec22	Jun23	Dec23	Jun24
Beneish M-Score	Get a 7-Day Free Trial															-1.84	-1.76	-	12.14	-

Competitive Comparison of Agroton Public's Beneish M-Score

For the Farm Products subindustry, Agroton Public'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.

Agroton Public's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Agroton Public's Beneish M-Score distribution charts can be found below:

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

Agroton Public 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 Agroton Public 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 * 21.8118

0.528 * -0.6625

0.404 * 0.8916

0.892 * 0.0535

0.115 * 1.0797

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 15.4627

4.679 * -0.041694

0.327 * 1.2772

12.14

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was zł107.24 Mil.
Revenue was zł5.08 Mil.
Gross Profit was zł-2.41 Mil.
Total Current Assets was zł328.05 Mil.
Total Assets was zł391.37 Mil.
Property, Plant and Equipment(Net PPE) was zł61.36 Mil.
Depreciation, Depletion and Amortization(DDA) was zł6.81 Mil.
Selling, General, & Admin. Expense(SGA) was zł1.92 Mil.
Total Current Liabilities was zł19.49 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 Mil.
Net Income was zł-8.11 Mil.
Gross Profit was zł0.00 Mil.
Cash Flow from Operations was zł8.21 Mil.

Total Receivables was zł91.82 Mil.
Revenue was zł94.77 Mil.
Gross Profit was zł29.82 Mil.
Total Current Assets was zł337.32 Mil.
Total Assets was zł409.07 Mil.
Property, Plant and Equipment(Net PPE) was zł69.44 Mil.
Depreciation, Depletion and Amortization(DDA) was zł8.40 Mil.
Selling, General, & Admin. Expense(SGA) was zł2.31 Mil.
Total Current Liabilities was zł15.95 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 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)
	=	(107.24 / 5.075)	/	(91.816 / 94.774)
	=	21.131034	/	0.968789
	=	21.8118

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)
	=	(29.815 / 94.774)	/	(-2.41 / 5.075)
	=	0.31459	/	-0.474877
	=	-0.6625

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 - (328.045 + 61.361) / 391.373)	/	(1 - (337.323 + 69.44) / 409.069)
	=	0.005026	/	0.005637
	=	0.8916

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
	=	5.075	/	94.774
	=	0.0535

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))
	=	(8.395 / (8.395 + 69.44))	/	(6.81 / (6.81 + 61.361))
	=	0.107856	/	0.099896
	=	1.0797

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)
	=	(1.916 / 5.075)	/	(2.314 / 94.774)
	=	0.377537	/	0.024416
	=	15.4627

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 + 19.492) / 391.373)	/	((0 + 15.952) / 409.069)
	=	0.049804	/	0.038996
	=	1.2772

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
	=	(-8.105 - 0	-	8.213)	/	391.373
	=	-0.041694

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.

Agroton Public has a M-score of 12.14 signals that the company is likely to be a manipulator.

Agroton Public Beneish M-Score Related Terms

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Agroton Public Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » Agroton Public Ltd (WAR:AGT) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

1 Lampousas Street, Nicosia, CYP, 1095

Website

http://www.agroton.com.ua

Agroton Public Ltd is a company engaged in the production of diversified agriculture products, focusing on grain growing, livestock farming, and food processing. The company is organized into three segments: Livestock, offering livestock farming producing meat, pork, beef, and milk; Plant Breeding segment that derives majority revenue focuses on plants such as sunflowers, rape, and wheat; Vegetable oil and protein meal, engaged in processing of own sunflower seeds into sunflower oil and protein meal using outsourced production facilities. The company operates mainly in Ukraine.