Gi Group Poland (WAR:GIG) Beneish M-Score : -2.12 (As of Jun. 21, 2024)

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What is Gi Group Poland 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 -2.12 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

WAR:GIG' s Beneish M-Score Range Over the Past 10 Years
Min: -4.25 Med: -2.26 Max: -0.5
Current: -2.12

During the past 13 years, the highest Beneish M-Score of Gi Group Poland was -0.50. The lowest was -4.25. And the median was -2.26.

Gi Group Poland Beneish M-Score Historical Data

The historical data trend for Gi Group Poland'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.

Gi Group Poland Beneish M-Score Chart

Gi Group Poland Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.24

-4.25

-0.79

-1.28

-1.87

Gi Group Poland Quarterly Data
	Dec17	Sep18	Dec18	Sep19	Dec19	Mar20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.44	-2.33	-2.29	-1.87	-2.12

Competitive Comparison of Gi Group Poland's Beneish M-Score

For the Staffing & Employment Services subindustry, Gi Group Poland'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.

Gi Group Poland's Beneish M-Score Distribution in the Business Services Industry

For the Business Services industry and Industrials sector, Gi Group Poland's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Gi Group Poland's Beneish M-Score falls into.

Gi Group Poland 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 Gi Group Poland 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 * 0.8413

0.528 * 0.8374

0.404 * 1.0954

0.892 * 1.059

0.115 * 1.0764

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * 0.115324

0.327 * 1.136

-2.12

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was zł96.0 Mil.
Revenue was 140.385 + 137.1 + 138.49 + 131.903 = zł547.9 Mil.
Gross Profit was 23.633 + 25.276 + 26.116 + 20.307 = zł95.3 Mil.
Total Current Assets was zł107.0 Mil.
Total Assets was zł172.6 Mil.
Property, Plant and Equipment(Net PPE) was zł8.2 Mil.
Depreciation, Depletion and Amortization(DDA) was zł6.5 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.0 Mil.
Total Current Liabilities was zł121.2 Mil.
Long-Term Debt & Capital Lease Obligation was zł44.8 Mil.
Net Income was -6.287 + -4.122 + -2.167 + -8.546 = zł-21.1 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.0 Mil.
Cash Flow from Operations was -1.446 + -14.568 + -7.369 + -17.641 = zł-41.0 Mil.

Total Receivables was zł107.8 Mil.
Revenue was 128.95 + 134.639 + 129.754 + 124.026 = zł517.4 Mil.
Gross Profit was 19.959 + 17.285 + 21.3 + 16.842 = zł75.4 Mil.
Total Current Assets was zł132.5 Mil.
Total Assets was zł197.1 Mil.
Property, Plant and Equipment(Net PPE) was zł4.8 Mil.
Depreciation, Depletion and Amortization(DDA) was zł4.3 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.0 Mil.
Total Current Liabilities was zł125.5 Mil.
Long-Term Debt & Capital Lease Obligation was zł41.5 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)
	=	(96.017 / 547.878)	/	(107.771 / 517.369)
	=	0.175253	/	0.208306
	=	0.8413

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)
	=	(75.386 / 517.369)	/	(95.332 / 547.878)
	=	0.14571	/	0.174002
	=	0.8374

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 - (107 + 8.187) / 172.575)	/	(1 - (132.497 + 4.796) / 197.139)
	=	0.332539	/	0.303573
	=	1.0954

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
	=	547.878	/	517.369
	=	1.059

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))
	=	(4.344 / (4.344 + 4.796))	/	(6.473 / (6.473 + 8.187))
	=	0.475274	/	0.441542
	=	1.0764

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)
	=	(0 / 547.878)	/	(0 / 517.369)
	=	0	/	0
	=	1

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)
	=	((44.794 + 121.245) / 172.575)	/	((41.458 + 125.509) / 197.139)
	=	0.962127	/	0.846951
	=	1.136

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
	=	(-21.122 - 0	-	-41.024)	/	172.575
	=	0.115324

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.

Gi Group Poland has a M-score of -2.12 suggests that the company is unlikely to be a manipulator.

Gi Group Poland Beneish M-Score Related Terms

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Gi Group Poland (WAR:GIG) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Business Services » Gi Group Poland SA (WAR:GIG) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Sky Tower, ul. Gwiazdzista 66, Wroclaw, POL, 53-413

Website

https://www.workservice.pl

Gi Group Poland SA formerly Work Service SA is a Poland-based employment agency. It specializes in employment services and modern human resource solutions, providing services in the area of recruitment, the provision of skilled workers to clients, consulting and human resource management. The company has four main product lines, Temporary work, Outsourcing, Personnel Consulting and Strategic HR Consulting. The company generates a majority of its revenue from temporary work segment covering services relating to the recruitment of temporary workers directed to work for the contractor, supervising their work, reporting results, as well as the calculation of the components of remuneration and personnel record keeping and payment of wages.