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Selvita (WAR:SLV) Beneish M-Score : -2.29 (As of Mar. 02, 2025)


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What is Selvita 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 -2.29 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

WAR:SLV' s Beneish M-Score Range Over the Past 10 Years
Min: -2.94   Med: -2.33   Max: -0.3
Current: -2.29

During the past 9 years, the highest Beneish M-Score of Selvita was -0.30. The lowest was -2.94. And the median was -2.33.


Selvita Beneish M-Score Historical Data

The historical data trend for Selvita'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.

Selvita Beneish M-Score Chart

Selvita Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only -1.78 -0.37 -0.93 -2.56 -2.39

Selvita 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 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 -2.79 -2.39 -2.50 -2.37 -2.29

Competitive Comparison of Selvita's Beneish M-Score

For the Diagnostics & Research subindustry, Selvita'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.


Selvita's Beneish M-Score Distribution in the Medical Diagnostics & Research Industry

For the Medical Diagnostics & Research industry and Healthcare sector, Selvita's Beneish M-Score distribution charts can be found below:

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



Selvita 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 Selvita 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 * 1.0239+0.528 * 1.0207+0.404 * 1.7254+0.892 * 0.9382+0.115 * 0.8134
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.01629-0.327 * 0.9506
=-2.29

* 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 (Sep24) TTM:Last Year (Sep23) TTM:
Total Receivables was zł72.5 Mil.
Revenue was 88.267 + 80.112 + 76.34 + 86.475 = zł331.2 Mil.
Gross Profit was 69.38 + 61.509 + 58.968 + 69.872 = zł259.7 Mil.
Total Current Assets was zł116.0 Mil.
Total Assets was zł639.1 Mil.
Property, Plant and Equipment(Net PPE) was zł270.4 Mil.
Depreciation, Depletion and Amortization(DDA) was zł50.7 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.0 Mil.
Total Current Liabilities was zł110.0 Mil.
Long-Term Debt & Capital Lease Obligation was zł172.8 Mil.
Net Income was 2.423 + -10.021 + -2.136 + 63.829 = zł54.1 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.0 Mil.
Cash Flow from Operations was 19.94 + 0.157 + 18.495 + 25.914 = zł64.5 Mil.
Total Receivables was zł75.5 Mil.
Revenue was 82.353 + 87.535 + 90.593 + 92.513 = zł353.0 Mil.
Gross Profit was 64.8 + 70.471 + 70.656 + 76.641 = zł282.6 Mil.
Total Current Assets was zł166.4 Mil.
Total Assets was zł594.7 Mil.
Property, Plant and Equipment(Net PPE) was zł292.0 Mil.
Depreciation, Depletion and Amortization(DDA) was zł43.0 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.0 Mil.
Total Current Liabilities was zł93.4 Mil.
Long-Term Debt & Capital Lease Obligation was zł183.5 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)
=(72.494 / 331.194) / (75.464 / 352.994)
=0.218887 / 0.213783
=1.0239

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)
=(282.568 / 352.994) / (259.729 / 331.194)
=0.80049 / 0.78422
=1.0207

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 - (116.034 + 270.429) / 639.092) / (1 - (166.439 + 292.035) / 594.724)
=0.395294 / 0.229098
=1.7254

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
=331.194 / 352.994
=0.9382

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))
=(43.041 / (43.041 + 292.035)) / (50.713 / (50.713 + 270.429))
=0.128451 / 0.157915
=0.8134

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 / 331.194) / (0 / 352.994)
=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)
=((172.817 + 110.023) / 639.092) / ((183.524 + 93.353) / 594.724)
=0.442565 / 0.465555
=0.9506

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
=(54.095 - 0 - 64.506) / 639.092
=-0.01629

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.

Selvita has a M-score of -2.29 suggests that the company is unlikely to be a manipulator.


Selvita Beneish M-Score Related Terms

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Selvita Business Description

Traded in Other Exchanges
Address
Bobrzynskiego 14, Park Life Science, Krakow, POL, 30-348
Selvita SA is a Poland based parent company of Selvita Group is one of the largest preclinical contract research organizations in Europe. It also develops bioinformatics solutions supporting innovative projects at preclinical stages. It also provides services provided to external contractors are in the field of chemistry, analytics, regulatory, biochemistry and cell biology and also the integrated research and development projects.

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