Relpol (WAR:RLP) Beneish M-Score : -2.98 (As of Apr. 02, 2025)

View and export this data going back to 1996. Start your Free Trial

What is Relpol 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 -2.98 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

WAR:RLP' s Beneish M-Score Range Over the Past 10 Years
Min: -3.34 Med: -2.65 Max: -1.33
Current: -2.98

During the past 13 years, the highest Beneish M-Score of Relpol was -1.33. The lowest was -3.34. And the median was -2.65.

Relpol Beneish M-Score Historical Data

The historical data trend for Relpol'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.

Relpol Beneish M-Score Chart

Relpol Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-2.84

-2.72

-2.68

-2.01

-2.06

Relpol 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															-2.25	-2.06	-2.99	-3.34	-2.98

Competitive Comparison of Relpol's Beneish M-Score

For the Electrical Equipment & Parts subindustry, Relpol'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.

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

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

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

Save Embed

;

Save Embed

;

Relpol 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 Relpol 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 * 1.0627

0.528 * 1.5891

0.404 * 1.6035

0.892 * 0.6517

0.115 * 1.0198

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.5448

4.679 * -0.15989

0.327 * 0.888

-2.98

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was zł24.4 Mil.
Revenue was 24.271 + 26.884 + 31.263 + 27.822 = zł110.2 Mil.
Gross Profit was 2.578 + 3.355 + 3.246 + 4.668 = zł13.8 Mil.
Total Current Assets was zł60.1 Mil.
Total Assets was zł130.3 Mil.
Property, Plant and Equipment(Net PPE) was zł53.2 Mil.
Depreciation, Depletion and Amortization(DDA) was zł6.4 Mil.
Selling, General, & Admin. Expense(SGA) was zł19.1 Mil.
Total Current Liabilities was zł19.3 Mil.
Long-Term Debt & Capital Lease Obligation was zł10.0 Mil.
Net Income was -2.17 + -1.688 + -1.81 + 1.492 = zł-4.2 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.0 Mil.
Cash Flow from Operations was -0.339 + 7.466 + 9.185 + 0.352 = zł16.7 Mil.

Total Receivables was zł35.3 Mil.
Revenue was 32.948 + 45.402 + 53.338 + 37.46 = zł169.1 Mil.
Gross Profit was 5.339 + 10.017 + 12.359 + 6.048 = zł33.8 Mil.
Total Current Assets was zł80.2 Mil.
Total Assets was zł141.7 Mil.
Property, Plant and Equipment(Net PPE) was zł49.9 Mil.
Depreciation, Depletion and Amortization(DDA) was zł6.2 Mil.
Selling, General, & Admin. Expense(SGA) was zł19.0 Mil.
Total Current Liabilities was zł24.2 Mil.
Long-Term Debt & Capital Lease Obligation was zł11.6 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)
	=	(24.439 / 110.24)	/	(35.285 / 169.148)
	=	0.221689	/	0.208604
	=	1.0627

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)
	=	(33.763 / 169.148)	/	(13.847 / 110.24)
	=	0.199606	/	0.125608
	=	1.5891

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 - (60.133 + 53.178) / 130.34)	/	(1 - (80.24 + 49.896) / 141.68)
	=	0.130651	/	0.081479
	=	1.6035

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
	=	110.24	/	169.148
	=	0.6517

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))
	=	(6.153 / (6.153 + 49.896))	/	(6.415 / (6.415 + 53.178))
	=	0.109779	/	0.107647
	=	1.0198

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)
	=	(19.113 / 110.24)	/	(18.984 / 169.148)
	=	0.173376	/	0.112233
	=	1.5448

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)
	=	((10.015 + 19.254) / 130.34)	/	((11.622 + 24.208) / 141.68)
	=	0.224559	/	0.252894
	=	0.888

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
	=	(-4.176 - 0	-	16.664)	/	130.34
	=	-0.15989

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.

Relpol has a M-score of -2.98 suggests that the company is unlikely to be a manipulator.

Relpol Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Relpol's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Relpol Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Products » Relpol SA (WAR:RLP) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Ul. 11 Listopada 37, Voivodeship, Zary, Lubuskie, POL, 68-200

Website

http://www.relpol.com.pl

Relpol SA is a Poland based company engaged in the manufacturing of electromechanical relay and relay sockets used in electric circuit control of machines and equipment, vehicles, domestic appliances, and electronics. The products of the company are Astronomical and digital clocks , Electricity consumption meters , Switching Power Supplies , Solid State Relays Surge arresters, Power Controllers, Installation contactors, Plug sockets for 35 mm rail GSR NEW, Signal relays, Industrial bistable relays, Miniature relays, Plug-in industrial relays, High current relays, Modular installation relays, Interface relays, Relays for railways, Sockets and accessories, Programmable relays, Time relays .and others.

Relpol Headlines

No Headlines