InteliWISE (WAR:ITL) Beneish M-Score : -0.52 (As of Apr. 26, 2024)

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What is InteliWISE 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 -0.52 higher than -1.78, which implies that the company might have manipulated its financial results.

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

WAR:ITL' s Beneish M-Score Range Over the Past 10 Years
Min: -10000000 Med: -1.53 Max: 7.41
Current: -0.52

During the past 13 years, the highest Beneish M-Score of InteliWISE was 7.41. The lowest was -10000000.00. And the median was -1.53.

InteliWISE Beneish M-Score Historical Data

The historical data trend for InteliWISE'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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InteliWISE Beneish M-Score Chart

InteliWISE Annual Data

Trend

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Beneish M-Score

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-1.72

-3.70

-0.85

-1.58

-0.54

InteliWISE Quarterly Data
	Sep17	Dec17	Mar18	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22
Beneish M-Score	Get a 7-Day Free Trial															-1.02	-1.43	-0.54	-0.59	-0.52

Competitive Comparison of InteliWISE's Beneish M-Score

For the Software - Application subindustry, InteliWISE'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.

InteliWISE's Beneish M-Score Distribution in the Software Industry

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

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

InteliWISE 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 InteliWISE 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 * 1.555

0.528 * 0.9994

0.404 * 4.0519

0.892 * 1.0132

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1056

4.679 * 0.08011

0.327 * 1.4545

-0.52

This Year (Jun22) TTM:

Last Year (Jun21) TTM:

Total Receivables was zł1.10 Mil.
Revenue was 1.035 + 1.404 + 1.145 + 1.014 = zł4.60 Mil.
Gross Profit was 1.027 + 1.394 + 1.134 + 1.006 = zł4.56 Mil.
Total Current Assets was zł1.76 Mil.
Total Assets was zł1.81 Mil.
Property, Plant and Equipment(Net PPE) was zł0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.06 Mil.
Selling, General, & Admin. Expense(SGA) was zł1.95 Mil.
Total Current Liabilities was zł0.36 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 Mil.
Net Income was 0.012 + 0.05 + 0.061 + 0.084 = zł0.21 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.00 Mil.
Cash Flow from Operations was -0.042 + 0.085 + 0.008 + 0.011 = zł0.06 Mil.

Total Receivables was zł0.70 Mil.
Revenue was 1.056 + 1.073 + 1.233 + 1.176 = zł4.54 Mil.
Gross Profit was 1.051 + 1.071 + 1.221 + 1.156 = zł4.50 Mil.
Total Current Assets was zł1.43 Mil.
Total Assets was zł1.44 Mil.
Property, Plant and Equipment(Net PPE) was zł0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.05 Mil.
Selling, General, & Admin. Expense(SGA) was zł1.74 Mil.
Total Current Liabilities was zł0.20 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)
	=	(1.095 / 4.598)	/	(0.695 / 4.538)
	=	0.238147	/	0.153151
	=	1.555

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)
	=	(4.499 / 4.538)	/	(4.561 / 4.598)
	=	0.991406	/	0.991953
	=	0.9994

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 - (1.759 + 0) / 1.81)	/	(1 - (1.428 + 0) / 1.438)
	=	0.028177	/	0.006954
	=	4.0519

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
	=	4.598	/	4.538
	=	1.0132

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))
	=	(0.045 / (0.045 + 0))	/	(0.056 / (0.056 + 0))
	=	1	/	1
	=	1

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)
	=	(1.948 / 4.598)	/	(1.739 / 4.538)
	=	0.423662	/	0.383208
	=	1.1056

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 + 0.357) / 1.81)	/	((0 + 0.195) / 1.438)
	=	0.197238	/	0.135605
	=	1.4545

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
	=	(0.207 - 0	-	0.062)	/	1.81
	=	0.08011

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.

InteliWISE has a M-score of -0.52 signals that the company is likely to be a manipulator.

InteliWISE Beneish M-Score Related Terms

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InteliWISE (WAR:ITL) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Software » InteliWISE SA (WAR:ITL) » Definitions » Beneish M-Score

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Address

72 Ursynowska Street, Warsaw, POL, 02-672

Website

http://www.inteliwise.com

InteliWISE SA provides the intelligent, AI-powered cloud-based services for both automated and live - assisted customer engagement and e-commerce. The company develops virtual agents for websites and online stores for social marketing and e-commerce. Its products include AI-Chatbot Virtual Assistant, Facebook Messenger AI-Chatbot, Proactive LiveChat, Omni-channel Contact Center and eGOV.

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