Mennica Polska Beneish M-Score Historical Data
The historical data trend for Mennica Polska'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.
Mennica Polska Beneish M-Score Chart
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Mennica Polska Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.48 |
-1.80 |
-2.03 |
-1.35 |
-3.29 |
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Mennica Polska Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.55 |
-1.66 |
-1.48 |
-3.29 |
-2.90 |
Competitive Comparison of Mennica Polska's Beneish M-Score
For the Metal Fabrication subindustry, Mennica Polska'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.
Mennica Polska's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Mennica Polska's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mennica Polska's Beneish M-Score falls into.
Mennica Polska 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 Mennica Polska 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 * 0.7508 | + | 0.528 * 0.4786 | + | 0.404 * 0.9336 | + | 0.892 * 1.1155 | + | 0.115 * 0.9093 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7702 | + | 4.679 * -0.01209 | - | 0.327 * 0.8993 |
| = | -2.90 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was zł59 Mil.
Revenue was 327.881 + 413.685 + 249.144 + 266.976 = zł1,258 Mil.
Gross Profit was 44.183 + 88.145 + 30.437 + 27.892 = zł191 Mil.
Total Current Assets was zł782 Mil.
Total Assets was zł1,160 Mil.
Property, Plant and Equipment(Net PPE) was zł117 Mil.
Depreciation, Depletion and Amortization(DDA) was zł20 Mil.
Selling, General, & Admin. Expense(SGA) was zł52 Mil.
Total Current Liabilities was zł366 Mil.
Long-Term Debt & Capital Lease Obligation was zł10 Mil.
Net Income was 18.843 + 39.119 + 14.996 + 30.71 = zł104 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0 Mil.
Cash Flow from Operations was -42.777 + 50.217 + 47.469 + 62.786 = zł118 Mil.
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Total Receivables was zł70 Mil.
Revenue was 306.897 + 277.374 + 247.321 + 295.856 = zł1,127 Mil.
Gross Profit was 20.076 + 14.428 + 17.632 + 29.659 = zł82 Mil.
Total Current Assets was zł644 Mil.
Total Assets was zł1,010 Mil.
Property, Plant and Equipment(Net PPE) was zł123 Mil.
Depreciation, Depletion and Amortization(DDA) was zł19 Mil.
Selling, General, & Admin. Expense(SGA) was zł61 Mil.
Total Current Liabilities was zł353 Mil.
Long-Term Debt & Capital Lease Obligation was zł11 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) |
| = | (58.544 / 1257.686) | / | (69.902 / 1127.448) |
| = | 0.046549 | / | 0.062 |
| | = | 0.7508 |
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) |
| = | (81.795 / 1127.448) | / | (190.657 / 1257.686) |
| = | 0.072549 | / | 0.151593 |
| | = | 0.4786 |
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 - (781.575 + 117.343) / 1160.17) | / | (1 - (643.769 + 122.556) / 1009.92) |
| = | 0.225184 | / | 0.241202 |
| | = | 0.9336 |
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 |
| = | 1257.686 | / | 1127.448 |
| | = | 1.1155 |
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)) |
| = | (19.119 / (19.119 + 122.556)) | / | (20.451 / (20.451 + 117.343)) |
| = | 0.13495 | / | 0.148417 |
| | = | 0.9093 |
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) |
| = | (51.998 / 1257.686) | / | (60.519 / 1127.448) |
| = | 0.041344 | / | 0.053678 |
| | = | 0.7702 |
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) |
| = | ((9.609 + 366.01) / 1160.17) | / | ((10.906 + 352.674) / 1009.92) |
| = | 0.323762 | / | 0.360009 |
| | = | 0.8993 |
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 |
| = | (103.668 - 0 | - | 117.695) | / | 1160.17 |
| | = | -0.01209 |
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.
Mennica Polska has a M-score of -2.90 suggests that the company is unlikely to be a manipulator.
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