Remor Solar Polska (WAR:RSP) Beneish M-Score : -1.79 (As of Jun. 23, 2024)

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What is Remor Solar Polska 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 -1.79 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

WAR:RSP' s Beneish M-Score Range Over the Past 10 Years
Min: -13.45 Med: -1.26 Max: 26.34
Current: -1.79

During the past 11 years, the highest Beneish M-Score of Remor Solar Polska was 26.34. The lowest was -13.45. And the median was -1.26.

Remor Solar Polska Beneish M-Score Historical Data

The historical data trend for Remor Solar 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.

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Remor Solar Polska Beneish M-Score Chart

Remor Solar Polska Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

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-2.05

6.42

0.24

-1.08

-0.38

Remor Solar Polska Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-0.38	0.67	-1.44	-2.20	-1.79

Competitive Comparison of Remor Solar Polska's Beneish M-Score

For the Solar subindustry, Remor Solar 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.

Remor Solar Polska's Beneish M-Score Distribution in the Semiconductors Industry

For the Semiconductors industry and Technology sector, Remor Solar Polska's Beneish M-Score distribution charts can be found below:

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

Remor Solar 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 Remor Solar Polska 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 * 0.9425

0.528 * 0.7454

0.404 * 1.0281

0.892 * 1.4685

0.115 * 0.8935

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.5357

4.679 * 0.108502

0.327 * 0.873

-1.79

This Year (Mar24) TTM:

Last Year (Dec22) TTM:

Total Receivables was zł22.09 Mil.
Revenue was 9.904 + 33.98 + 12.427 + 22.594 = zł78.91 Mil.
Gross Profit was 9.837 + 10.559 + 8.68 + 9.615 = zł38.69 Mil.
Total Current Assets was zł41.03 Mil.
Total Assets was zł49.92 Mil.
Property, Plant and Equipment(Net PPE) was zł3.57 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.38 Mil.
Selling, General, & Admin. Expense(SGA) was zł14.21 Mil.
Total Current Liabilities was zł16.29 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 Mil.
Net Income was 0.092 + 1.503 + 1.246 + 1.229 = zł4.07 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.00 Mil.
Cash Flow from Operations was -3.45 + 1.201 + 2.016 + -1.113 = zł-1.35 Mil.

Total Receivables was zł15.96 Mil.
Revenue was 16.005 + 22.985 + 10.551 + 4.191 = zł53.73 Mil.
Gross Profit was 6.016 + 8.668 + 3.386 + 1.569 = zł19.64 Mil.
Total Current Assets was zł26.81 Mil.
Total Assets was zł32.86 Mil.
Property, Plant and Equipment(Net PPE) was zł2.65 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.25 Mil.
Selling, General, & Admin. Expense(SGA) was zł6.30 Mil.
Total Current Liabilities was zł12.29 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)
	=	(22.093 / 78.905)	/	(15.963 / 53.732)
	=	0.279995	/	0.297086
	=	0.9425

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)
	=	(19.639 / 53.732)	/	(38.691 / 78.905)
	=	0.365499	/	0.490349
	=	0.7454

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 - (41.027 + 3.573) / 49.916)	/	(1 - (26.806 + 2.65) / 32.86)
	=	0.106499	/	0.103591
	=	1.0281

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
	=	78.905	/	53.732
	=	1.4685

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))
	=	(0.249 / (0.249 + 2.65))	/	(0.38 / (0.38 + 3.573))
	=	0.085892	/	0.09613
	=	0.8935

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)
	=	(14.21 / 78.905)	/	(6.301 / 53.732)
	=	0.18009	/	0.117267
	=	1.5357

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 + 16.294) / 49.916)	/	((0 + 12.287) / 32.86)
	=	0.326428	/	0.37392
	=	0.873

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
	=	(4.07 - 0	-	-1.346)	/	49.916
	=	0.108502

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.

Remor Solar Polska has a M-score of -1.79 suggests that the company is unlikely to be a manipulator.

Remor Solar Polska Beneish M-Score Related Terms

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Remor Solar Polska (WAR:RSP) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Semiconductors » Remor Solar Polska SA (WAR:RSP) » Definitions » Beneish M-Score

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Address

ul. Kolejowa 48, Recz, POL, 73-210

Website

http://www.remorsolar.com

Remor Solar Polska SA is a solar mounting system manufacturer. It is engaged in offering mounting solutions for all types of solar projects, and also offers technical planning, as well as installation services for all REMOR Solar mounting systems.