Stalexport Autostrady (WAR:STX) Beneish M-Score : -2.74 (As of Dec. 15, 2024)

View and export this data going back to 1994. Start your Free Trial

What is Stalexport Autostrady 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 -2.74 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

WAR:STX' s Beneish M-Score Range Over the Past 10 Years
Min: -3.42 Med: -2.64 Max: -2.16
Current: -2.74

During the past 13 years, the highest Beneish M-Score of Stalexport Autostrady was -2.16. The lowest was -3.42. And the median was -2.64.

Stalexport Autostrady Beneish M-Score Historical Data

The historical data trend for Stalexport Autostrady'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.

Stalexport Autostrady Beneish M-Score Chart

Stalexport Autostrady Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-3.34

-2.61

-2.44

-2.92

-2.89

Stalexport Autostrady 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															-3.00	-2.89	-2.91	-2.70	-2.74

Competitive Comparison of Stalexport Autostrady's Beneish M-Score

For the Infrastructure Operations subindustry, Stalexport Autostrady'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.

Stalexport Autostrady's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, Stalexport Autostrady's Beneish M-Score distribution charts can be found below:

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

Stalexport Autostrady 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 Stalexport Autostrady 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 * 0.9494

0.528 * 0.9588

0.404 * 0.7003

0.892 * 1.1548

0.115 * 0.9739

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.23

4.679 * -0.022686

0.327 * 1.1831

-2.74

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was zł30.7 Mil.
Revenue was 160.822 + 146.927 + 127.197 + 127.972 = zł562.9 Mil.
Gross Profit was 117.287 + 99.559 + 80.344 + 81.035 = zł378.2 Mil.
Total Current Assets was zł765.1 Mil.
Total Assets was zł1,309.0 Mil.
Property, Plant and Equipment(Net PPE) was zł34.7 Mil.
Depreciation, Depletion and Amortization(DDA) was zł99.7 Mil.
Selling, General, & Admin. Expense(SGA) was zł159.6 Mil.
Total Current Liabilities was zł336.3 Mil.
Long-Term Debt & Capital Lease Obligation was zł4.7 Mil.
Net Income was 77.776 + 1.214 + 57.182 + -12.074 = zł124.1 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.0 Mil.
Cash Flow from Operations was 103.537 + -14.253 + 89.717 + -25.208 = zł153.8 Mil.

Total Receivables was zł28.0 Mil.
Revenue was 147.356 + 130.245 + 103.298 + 106.56 = zł487.5 Mil.
Gross Profit was 104.678 + 92.478 + 60.238 + 56.652 = zł314.0 Mil.
Total Current Assets was zł652.9 Mil.
Total Assets was zł1,544.1 Mil.
Property, Plant and Equipment(Net PPE) was zł33.5 Mil.
Depreciation, Depletion and Amortization(DDA) was zł87.3 Mil.
Selling, General, & Admin. Expense(SGA) was zł112.4 Mil.
Total Current Liabilities was zł335.3 Mil.
Long-Term Debt & Capital Lease Obligation was zł4.7 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)
	=	(30.725 / 562.918)	/	(28.025 / 487.459)
	=	0.054582	/	0.057492
	=	0.9494

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)
	=	(314.046 / 487.459)	/	(378.225 / 562.918)
	=	0.644251	/	0.671901
	=	0.9588

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 - (765.123 + 34.665) / 1308.966)	/	(1 - (652.934 + 33.504) / 1544.064)
	=	0.388993	/	0.555434
	=	0.7003

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
	=	562.918	/	487.459
	=	1.1548

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))
	=	(87.277 / (87.277 + 33.504))	/	(99.665 / (99.665 + 34.665))
	=	0.722605	/	0.741941
	=	0.9739

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)
	=	(159.606 / 562.918)	/	(112.37 / 487.459)
	=	0.283533	/	0.230522
	=	1.23

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)
	=	((4.716 + 336.315) / 1308.966)	/	((4.734 + 335.296) / 1544.064)
	=	0.260535	/	0.220218
	=	1.1831

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
	=	(124.098 - 0	-	153.793)	/	1308.966
	=	-0.022686

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.

Stalexport Autostrady has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.

Stalexport Autostrady Beneish M-Score Related Terms

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

Stalexport Autostrady Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » Stalexport Autostrady SA (WAR:STX) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

8ZZ:Germany

Address

ul. Piaskowa 20, Myslowice, POL, 41-404

Website

http://www.stalexport-autostrady.pl

Stalexport Autostrady SA is an engineering and infrastructure company based in Poland. It operates under two divisions; Management of motorways and provision of advisory and rental services. Its core business is the construction and maintenance of motorways throughout the country, especially Katowice-Krakow section of the A4 motorway. The company manufactures metal structures, installs industrial machinery, repairs fabricated metal products, constructs bridges and tunnels and underground railways and provides for electrical installations for infrastructure. Its other businesses comprise of the leasing office, parking spaces and provision of management and business advisory services.