Scanway S A (WAR:SCW) Beneish M-Score : -1.58 (As of Dec. 15, 2024)

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What is Scanway S A 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.

Warning Sign:

Beneish M-Score -1.58 higher than -1.78, which implies that the company might have manipulated its financial results.

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

WAR:SCW' s Beneish M-Score Range Over the Past 10 Years
Min: -1.58 Med: -1.58 Max: -1.58
Current: -1.58

During the past 3 years, the highest Beneish M-Score of Scanway S A was -1.58. The lowest was -1.58. And the median was -1.58.

Scanway S A Beneish M-Score Historical Data

The historical data trend for Scanway S A'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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Scanway S A Beneish M-Score Chart

Scanway S A Annual Data

Trend

Dec21

Dec22

Dec23

Beneish M-Score

-1.58

Scanway S A Quarterly Data
	Dec21	Jun22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial					-	-1.58	-	-	-

Competitive Comparison of Scanway S A's Beneish M-Score

For the Scientific & Technical Instruments subindustry, Scanway S A'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.

Scanway S A's Beneish M-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Scanway S A's Beneish M-Score distribution charts can be found below:

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

Scanway S A 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 Scanway S A 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 * 0.6581

0.528 * 1.7951

0.404 * 0.8347

0.892 * 2.5367

0.115 * 0.3165

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.098033

0.327 * 0.9001

-1.58

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was zł2.02 Mil.
Revenue was zł5.49 Mil.
Gross Profit was zł2.43 Mil.
Total Current Assets was zł7.00 Mil.
Total Assets was zł24.76 Mil.
Property, Plant and Equipment(Net PPE) was zł0.22 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.70 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.00 Mil.
Total Current Liabilities was zł7.98 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 Mil.
Net Income was zł-2.21 Mil.
Gross Profit was zł0.00 Mil.
Cash Flow from Operations was zł0.22 Mil.

Total Receivables was zł1.21 Mil.
Revenue was zł2.17 Mil.
Gross Profit was zł1.72 Mil.
Total Current Assets was zł1.45 Mil.
Total Assets was zł13.23 Mil.
Property, Plant and Equipment(Net PPE) was zł0.55 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.18 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.00 Mil.
Total Current Liabilities was zł4.74 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)
	=	(2.02 / 5.492)	/	(1.21 / 2.165)
	=	0.367808	/	0.558891
	=	0.6581

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)
	=	(1.716 / 2.165)	/	(2.425 / 5.492)
	=	0.79261	/	0.441551
	=	1.7951

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 - (7.003 + 0.219) / 24.757)	/	(1 - (1.449 + 0.554) / 13.227)
	=	0.708285	/	0.848567
	=	0.8347

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
	=	5.492	/	2.165
	=	2.5367

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))
	=	(0.176 / (0.176 + 0.554))	/	(0.7 / (0.7 + 0.219))
	=	0.241096	/	0.761697
	=	0.3165

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 / 5.492)	/	(0 / 2.165)
	=	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 + 7.977) / 24.757)	/	((0 + 4.735) / 13.227)
	=	0.322212	/	0.35798
	=	0.9001

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
	=	(-2.212 - 0	-	0.215)	/	24.757
	=	-0.098033

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.

Scanway S A has a M-score of -1.58 signals that the company is likely to be a manipulator.

Scanway S A Beneish M-Score Related Terms

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Scanway S A Business Description

Industry

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Comparable Companies

Traded in Other Exchanges

N/A

Address

ul. Dunska 9, Wroclaw, POL, 54-427

Website

https://www.scanway.pl

Scanway S A is a Polish based company operating in the field of vision systems and optoelectronics. It creates solutions at the intersection of optics, electronics and software. The company's activities are divided into two branches - industrial and space. Space sector includes observation systems for satellites. Our specialists are the authors of, among others: the optical part of the EagleEye microsatellite observation system, cameras monitoring the maiden flight of Ariane-6, as well as a 3D laser system for the orientation of drilled particles in space. Industry it includes reducing production costs thanks to quality control of 100% of products or components in the production plant.

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