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ZPUE (WAR:PUE) Beneish M-Score : 0.00 (As of May. 04, 2024)


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What is ZPUE 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.

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

During the past 13 years, the highest Beneish M-Score of ZPUE was 0.00. The lowest was 0.00. And the median was 0.00.


ZPUE Beneish M-Score Historical Data

The historical data trend for ZPUE'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.

ZPUE Beneish M-Score Chart

ZPUE Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.49 -2.72 -2.88 -2.89 -2.28

ZPUE Quarterly Data
Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.70 -2.28 -2.33 -1.82 -1.82

Competitive Comparison of ZPUE's Beneish M-Score

For the Electrical Equipment & Parts subindustry, ZPUE'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.


ZPUE's Beneish M-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, ZPUE's Beneish M-Score distribution charts can be found below:

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



ZPUE 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 ZPUE 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 * 1.2183+0.528 * 0.7954+0.404 * 0.8605+0.892 * 1.3686+0.115 * 0.9354
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8721+4.679 * 0.080856-0.327 * 1.307
=-1.82

* 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 (Sep22) TTM:Last Year (Sep21) TTM:
Total Receivables was zł259 Mil.
Revenue was 320.781 + 275.401 + 212.181 + 240.191 = zł1,049 Mil.
Gross Profit was 102.624 + 78.598 + 57.227 + 67.069 = zł306 Mil.
Total Current Assets was zł550 Mil.
Total Assets was zł953 Mil.
Property, Plant and Equipment(Net PPE) was zł334 Mil.
Depreciation, Depletion and Amortization(DDA) was zł31 Mil.
Selling, General, & Admin. Expense(SGA) was zł153 Mil.
Total Current Liabilities was zł443 Mil.
Long-Term Debt & Capital Lease Obligation was zł10 Mil.
Net Income was 43.427 + 25.033 + 14.02 + 22.333 = zł105 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0 Mil.
Cash Flow from Operations was 34.613 + -24.987 + 12.591 + 5.576 = zł28 Mil.
Total Receivables was zł155 Mil.
Revenue was 205.77 + 216.836 + 148.754 + 194.767 = zł766 Mil.
Gross Profit was 46.523 + 45.935 + 38.545 + 46.555 = zł178 Mil.
Total Current Assets was zł296 Mil.
Total Assets was zł712 Mil.
Property, Plant and Equipment(Net PPE) was zł357 Mil.
Depreciation, Depletion and Amortization(DDA) was zł30 Mil.
Selling, General, & Admin. Expense(SGA) was zł128 Mil.
Total Current Liabilities was zł259 Mil.
Long-Term Debt & Capital Lease Obligation was zł0 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)
=(258.928 / 1048.554) / (155.287 / 766.127)
=0.246938 / 0.202691
=1.2183

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)
=(177.558 / 766.127) / (305.518 / 1048.554)
=0.231761 / 0.291371
=0.7954

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 - (550.476 + 333.662) / 952.554) / (1 - (295.79 + 356.919) / 712.149)
=0.071824 / 0.083466
=0.8605

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
=1048.554 / 766.127
=1.3686

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))
=(30.39 / (30.39 + 356.919)) / (30.552 / (30.552 + 333.662))
=0.078464 / 0.083885
=0.9354

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)
=(153.357 / 1048.554) / (128.477 / 766.127)
=0.146256 / 0.167697
=0.8721

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)
=((10.231 + 443.397) / 952.554) / ((0 + 259.477) / 712.149)
=0.476223 / 0.364358
=1.307

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
=(104.813 - 0 - 27.793) / 952.554
=0.080856

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.

ZPUE has a M-score of -1.82 suggests that the company is unlikely to be a manipulator.


ZPUE (WAR:PUE) Business Description

Traded in Other Exchanges
N/A
Address
St. Jedrzejowska 79c, Wloszczowa, POL, 29-100
ZPUE SA is a Poland-based manufacturer of electrical equipment. It is engaged in the production of container transformer stations, cable connectors of low voltage, overhead lines, medium and low voltage switchgears as well as pole transformer stations. The company also provides its clients with maintenance and technical support services.

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