XS Pro-Log (WAR:XBS) Beneish M-Score : -2.11 (As of Dec. 15, 2024)

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What is XS Pro-Log 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 -2.11 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

WAR:XBS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.24 Med: -2.48 Max: 5.25
Current: -2.11

During the past 9 years, the highest Beneish M-Score of XS Pro-Log was 5.25. The lowest was -3.24. And the median was -2.48.

XS Pro-Log Beneish M-Score Historical Data

The historical data trend for XS Pro-Log'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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XS Pro-Log Beneish M-Score Chart

XS Pro-Log Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Beneish M-Score

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-3.19

-2.20

-3.11

-2.70

-0.64

XS Pro-Log 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															-2.66	-	-1.97	-0.64	-2.11

Competitive Comparison of XS Pro-Log's Beneish M-Score

For the Integrated Freight & Logistics subindustry, XS Pro-Log'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.

XS Pro-Log's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, XS Pro-Log's Beneish M-Score distribution charts can be found below:

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

XS Pro-Log 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 XS Pro-Log 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 * 1.0552

0.528 * 1.0113

0.404 * 0.898

0.892 * 0.9613

0.115 * 1.2813

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0

4.679 * 0.029145

0.327 * 0.8534

-2.11

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was zł9.44 Mil.
Revenue was 10.591 + 9.892 + 9.028 + 13.703 = zł43.21 Mil.
Gross Profit was 7.134 + 6.793 + 5.842 + 10.191 = zł29.96 Mil.
Total Current Assets was zł23.07 Mil.
Total Assets was zł28.68 Mil.
Property, Plant and Equipment(Net PPE) was zł5.11 Mil.
Depreciation, Depletion and Amortization(DDA) was zł1.04 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.00 Mil.
Total Current Liabilities was zł5.97 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 Mil.
Net Income was 2.052 + 1.861 + 1.378 + 3.618 = zł8.91 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.00 Mil.
Cash Flow from Operations was 1.309 + 3.121 + 0.061 + 3.582 = zł8.07 Mil.

Total Receivables was zł9.30 Mil.
Revenue was 11.28 + 10.408 + 9.617 + 13.65 = zł44.96 Mil.
Gross Profit was 8.145 + 7.044 + 6.48 + 9.851 = zł31.52 Mil.
Total Current Assets was zł23.46 Mil.
Total Assets was zł27.76 Mil.
Property, Plant and Equipment(Net PPE) was zł3.76 Mil.
Depreciation, Depletion and Amortization(DDA) was zł1.04 Mil.
Selling, General, & Admin. Expense(SGA) was zł4.25 Mil.
Total Current Liabilities was zł6.77 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)
	=	(9.437 / 43.214)	/	(9.304 / 44.955)
	=	0.218378	/	0.206963
	=	1.0552

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)
	=	(31.52 / 44.955)	/	(29.96 / 43.214)
	=	0.701146	/	0.693294
	=	1.0113

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 - (23.072 + 5.11) / 28.684)	/	(1 - (23.455 + 3.764) / 27.76)
	=	0.017501	/	0.019488
	=	0.898

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
	=	43.214	/	44.955
	=	0.9613

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))
	=	(1.038 / (1.038 + 3.764))	/	(1.037 / (1.037 + 5.11))
	=	0.21616	/	0.1687
	=	1.2813

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 / 43.214)	/	(4.245 / 44.955)
	=	0	/	0.094428
	=	0

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 + 5.971) / 28.684)	/	((0 + 6.771) / 27.76)
	=	0.208165	/	0.243912
	=	0.8534

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
	=	(8.909 - 0	-	8.073)	/	28.684
	=	0.029145

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.

XS Pro-Log has a M-score of -2.11 suggests that the company is unlikely to be a manipulator.

XS Pro-Log Beneish M-Score Related Terms

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XS Pro-Log Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » XS Pro-Log SA (WAR:XBS) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

ul. 3-go Maja 8, Pruszkow, POL, 05-800

Website

http://www.pro-log.com.pl

XS Pro-Log SA, formerly Pro-Log SA is engaged in comprehensive logistical servicing of excise tax -sensitive products, such as alcoholic beverages or wine. It also operates a supply chain, which covers warehousing and logistical servicing.

XS Pro-Log Headlines

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