PCF Group (WAR:PCF) Beneish M-Score : -2.43 (As of Mar. 02, 2025)

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What is PCF Group 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 -2.43 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

WAR:PCF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.55 Med: -2.43 Max: 2.14
Current: -2.43

During the past 7 years, the highest Beneish M-Score of PCF Group was 2.14. The lowest was -3.55. And the median was -2.43.

PCF Group Beneish M-Score Historical Data

The historical data trend for PCF Group'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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PCF Group Beneish M-Score Chart

PCF Group Annual Data

Trend

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-0.23

-2.77

-2.90

PCF Group Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.52	-2.90	-2.21	-1.34	-2.43

Competitive Comparison of PCF Group's Beneish M-Score

For the Electronic Gaming & Multimedia subindustry, PCF Group'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.

PCF Group's Beneish M-Score Distribution in the Interactive Media Industry

For the Interactive Media industry and Communication Services sector, PCF Group's Beneish M-Score distribution charts can be found below:

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

PCF Group 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 PCF Group 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 * 1.2336

0.528 * 1.8192

0.404 * 1.3807

0.892 * 1.1248

0.115 * 0.7169

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9541

4.679 * -0.15774

0.327 * 1.3104

-2.43

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was zł71.6 Mil.
Revenue was 55.577 + 19.428 + 56.881 + 38.875 = zł170.8 Mil.
Gross Profit was 20.606 + -15.265 + 20.419 + 11.397 = zł37.2 Mil.
Total Current Assets was zł140.5 Mil.
Total Assets was zł482.6 Mil.
Property, Plant and Equipment(Net PPE) was zł36.5 Mil.
Depreciation, Depletion and Amortization(DDA) was zł27.6 Mil.
Selling, General, & Admin. Expense(SGA) was zł69.4 Mil.
Total Current Liabilities was zł57.9 Mil.
Long-Term Debt & Capital Lease Obligation was zł27.9 Mil.
Net Income was 0.091 + -32.518 + -0.724 + -61.365 = zł-94.5 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.0 Mil.
Cash Flow from Operations was 10.46 + -21.509 + 5.405 + -12.748 = zł-18.4 Mil.

Total Receivables was zł51.6 Mil.
Revenue was 42.583 + 33.749 + 34.917 + 40.564 = zł151.8 Mil.
Gross Profit was 15.751 + 12.247 + 12.724 + 19.374 = zł60.1 Mil.
Total Current Assets was zł270.8 Mil.
Total Assets was zł579.9 Mil.
Property, Plant and Equipment(Net PPE) was zł43.1 Mil.
Depreciation, Depletion and Amortization(DDA) was zł19.3 Mil.
Selling, General, & Admin. Expense(SGA) was zł64.7 Mil.
Total Current Liabilities was zł49.6 Mil.
Long-Term Debt & Capital Lease Obligation was zł29.0 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)
	=	(71.637 / 170.761)	/	(51.629 / 151.813)
	=	0.419516	/	0.340083
	=	1.2336

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)
	=	(60.096 / 151.813)	/	(37.157 / 170.761)
	=	0.395855	/	0.217597
	=	1.8192

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 - (140.471 + 36.454) / 482.591)	/	(1 - (270.825 + 43.066) / 579.927)
	=	0.633385	/	0.45874
	=	1.3807

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
	=	170.761	/	151.813
	=	1.1248

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))
	=	(19.271 / (19.271 + 43.066))	/	(27.639 / (27.639 + 36.454))
	=	0.309142	/	0.431233
	=	0.7169

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)
	=	(69.43 / 170.761)	/	(64.698 / 151.813)
	=	0.406592	/	0.426169
	=	0.9541

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)
	=	((27.879 + 57.9) / 482.591)	/	((29.039 + 49.625) / 579.927)
	=	0.177747	/	0.135645
	=	1.3104

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
	=	(-94.516 - 0	-	-18.392)	/	482.591
	=	-0.15774

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.

PCF Group has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.

PCF Group Beneish M-Score Related Terms

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PCF Group Business Description

Industry

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Traded in Other Exchanges

N/A

Address

al. Solidarnosci 171, Warsaw, POL, 00-877

Website

https://www.peoplecanfly.com

PCF Group SA is engaged in the development of games. Some of the games of the company include Outriders, Bullet Storm, Gears of war, Fortnite and Pain Killer.