Grupa Pracuj Beneish M-Score Historical Data
The historical data trend for Grupa Pracuj'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.
Grupa Pracuj Beneish M-Score Chart
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Grupa Pracuj Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-2.43 |
-3.01 |
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Grupa Pracuj Quarterly Data
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Dec18 |
Dec19 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.43 |
-2.45 |
-2.74 |
-2.95 |
-3.01 |
Competitive Comparison of Grupa Pracuj's Beneish M-Score
For the Staffing & Employment Services subindustry, Grupa Pracuj'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.
Grupa Pracuj's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Grupa Pracuj's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Grupa Pracuj's Beneish M-Score falls into.
Grupa Pracuj 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 Grupa Pracuj 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 * 0.8042 | + | 0.528 * 0.9885 | + | 0.404 * 0.91 | + | 0.892 * 1.1904 | + | 0.115 * 1.0197 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.3395 | + | 4.679 * -0.131856 | - | 0.327 * 0.9384 |
| = | -3.01 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was zł71.8 Mil.
Revenue was 173.525 + 181.155 + 184.348 + 185.37 = zł724.4 Mil.
Gross Profit was 186.364 + 156.267 + 168.187 + 168.518 = zł679.3 Mil.
Total Current Assets was zł274.1 Mil.
Total Assets was zł1,028.7 Mil.
Property, Plant and Equipment(Net PPE) was zł44.1 Mil.
Depreciation, Depletion and Amortization(DDA) was zł34.4 Mil.
Selling, General, & Admin. Expense(SGA) was zł22.4 Mil.
Total Current Liabilities was zł380.0 Mil.
Long-Term Debt & Capital Lease Obligation was zł262.9 Mil.
Net Income was 27.593 + 49.59 + 58.357 + 51.724 = zł187.3 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.0 Mil.
Cash Flow from Operations was 59.417 + 89.981 + 63.303 + 110.204 = zł322.9 Mil.
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Total Receivables was zł75.0 Mil.
Revenue was 155.331 + 172.927 + 138.195 + 142.096 = zł608.5 Mil.
Gross Profit was 141.736 + 145.922 + 135.858 + 140.636 = zł564.2 Mil.
Total Current Assets was zł218.1 Mil.
Total Assets was zł1,018.2 Mil.
Property, Plant and Equipment(Net PPE) was zł27.5 Mil.
Depreciation, Depletion and Amortization(DDA) was zł22.2 Mil.
Selling, General, & Admin. Expense(SGA) was zł55.3 Mil.
Total Current Liabilities was zł366.1 Mil.
Long-Term Debt & Capital Lease Obligation was zł311.9 Mil.
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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) |
| = | (71.816 / 724.398) | / | (75.024 / 608.549) |
| = | 0.099139 | / | 0.123283 |
| | = | 0.8042 |
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) |
| = | (564.152 / 608.549) | / | (679.336 / 724.398) |
| = | 0.927044 | / | 0.937794 |
| | = | 0.9885 |
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 - (274.145 + 44.14) / 1028.709) | / | (1 - (218.058 + 27.475) / 1018.215) |
| = | 0.690598 | / | 0.758859 |
| | = | 0.91 |
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 |
| = | 724.398 | / | 608.549 |
| | = | 1.1904 |
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)) |
| = | (22.2 / (22.2 + 27.475)) | / | (34.437 / (34.437 + 44.14)) |
| = | 0.446905 | / | 0.438258 |
| | = | 1.0197 |
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) |
| = | (22.351 / 724.398) | / | (55.312 / 608.549) |
| = | 0.030855 | / | 0.090892 |
| | = | 0.3395 |
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) |
| = | ((262.89 + 379.996) / 1028.709) | / | ((311.93 + 366.14) / 1018.215) |
| = | 0.624944 | / | 0.66594 |
| | = | 0.9384 |
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 |
| = | (187.264 - 0 | - | 322.905) | / | 1028.709 |
| | = | -0.131856 |
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.
Grupa Pracuj has a M-score of -3.01 suggests that the company is unlikely to be a manipulator.
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