Quarticon (WAR:QON) Beneish M-Score : -6.62 (As of Dec. 14, 2024)

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What is Quarticon 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 -6.62 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

WAR:QON' s Beneish M-Score Range Over the Past 10 Years
Min: -10.05 Med: -6.24 Max: -2.6
Current: -6.62

During the past 8 years, the highest Beneish M-Score of Quarticon was -2.60. The lowest was -10.05. And the median was -6.24.

Quarticon Beneish M-Score Historical Data

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

Quarticon Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.23

-6.17

-6.16

-8.02

-7.75

Quarticon 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															-9.61	-7.75	-8.04	-6.81	-6.62

Competitive Comparison of Quarticon's Beneish M-Score

For the Software - Application subindustry, Quarticon'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.

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

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

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

Quarticon 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 Quarticon 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 * 0.3613

0.528 * 0.9835

0.404 * 1.9216

0.892 * 0.3923

0.115 * 1.0008

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.691804

0.327 * 1.4338

-6.62

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was zł0.27 Mil.
Revenue was 0.514 + 0.514 + 0.603 + 0.656 = zł2.29 Mil.
Gross Profit was 0.513 + 0.514 + 0.6 + 0.66 = zł2.29 Mil.
Total Current Assets was zł0.74 Mil.
Total Assets was zł3.21 Mil.
Property, Plant and Equipment(Net PPE) was zł0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was zł1.21 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.00 Mil.
Total Current Liabilities was zł7.83 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 Mil.
Net Income was -0.244 + -0.235 + -0.761 + -0.398 = zł-1.64 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.00 Mil.
Cash Flow from Operations was 0.028 + -0.019 + 0.01 + 0.563 = zł0.58 Mil.

Total Receivables was zł1.91 Mil.
Revenue was 0.663 + 0.859 + 1.021 + 3.287 = zł5.83 Mil.
Gross Profit was 0.655 + 0.815 + 1.01 + 3.254 = zł5.73 Mil.
Total Current Assets was zł2.39 Mil.
Total Assets was zł3.99 Mil.
Property, Plant and Equipment(Net PPE) was zł0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was zł3.33 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.00 Mil.
Total Current Liabilities was zł6.79 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)
	=	(0.27 / 2.287)	/	(1.905 / 5.83)
	=	0.118059	/	0.326758
	=	0.3613

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)
	=	(5.734 / 5.83)	/	(2.287 / 2.287)
	=	0.983533	/	1
	=	0.9835

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 - (0.742 + 0.002) / 3.209)	/	(1 - (2.392 + 0.003) / 3.99)
	=	0.768152	/	0.399749
	=	1.9216

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
	=	2.287	/	5.83
	=	0.3923

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))
	=	(3.328 / (3.328 + 0.003))	/	(1.207 / (1.207 + 0.002))
	=	0.999099	/	0.998346
	=	1.0008

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)
	=	(0 / 2.287)	/	(0 / 5.83)
	=	0	/	0
	=	1

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 + 7.825) / 3.209)	/	((0 + 6.786) / 3.99)
	=	2.438454	/	1.700752
	=	1.4338

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
	=	(-1.638 - 0	-	0.582)	/	3.209
	=	-0.691804

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.

Quarticon has a M-score of -6.62 suggests that the company is unlikely to be a manipulator.

Quarticon Beneish M-Score Related Terms

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Quarticon Business Description

Industry

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Address

80/82 Grzybowska Street, Warszawa, POL, 00-844

Website

https://www.quarticon.com

Quarticon SA is a Poland-based technology company. It provides solutions to e-shops and the e-commerce industry by using modern technology based on artificial intelligence and machine learning algorithms. The company's product offer includes a recommendation engine, personalized banners, pop-ups, landing pages, and marketing automation. The development of QuarticOn is based on two business segments: Customer Data & Experience Platform (CDXP) and AI Fashion Stylist.

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