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Antonov (XAMS:ATVAM) Beneish M-Score : 0.00 (As of May. 27, 2024)


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What is Antonov 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.

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

During the past 3 years, the highest Beneish M-Score of Antonov was 0.00. The lowest was 0.00. And the median was 0.00.

Antonov Beneish M-Score Historical Data

The historical data trend for Antonov'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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Antonov Beneish M-Score Chart

Antonov Annual Data
Trend Dec08 Dec09 Dec10
Beneish M-Score
- - -

Antonov Quarterly Data
Dec09 Jun10 Dec10 Jun11
Beneish M-Score - - - -

Competitive Comparison of Antonov's Beneish M-Score

For the Auto Parts subindustry, Antonov'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.

Antonov's Beneish M-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Antonov's Beneish M-Score distribution charts can be found below:

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


Antonov 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 Antonov 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+0.528 * -0.594+0.404 * 2.9+0.892 * 1.4755+0.115 * 0.9739
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.235525-0.327 * 0.4161
=-3.04

* 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 (Dec10) TTM:Last Year (Dec09) TTM:
Total Receivables was €0.00 Mil.
Revenue was €0.30 Mil.
Gross Profit was €-0.39 Mil.
Total Current Assets was €1.70 Mil.
Total Assets was €8.65 Mil.
Property, Plant and Equipment(Net PPE) was €0.19 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.22 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €2.67 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 Mil.
Net Income was €-1.41 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €0.63 Mil.
 Total Receivables was €0.00 Mil.
Revenue was €0.20 Mil.
Gross Profit was €0.16 Mil.
Total Current Assets was €1.94 Mil.
Total Assets was €2.94 Mil.
Property, Plant and Equipment(Net PPE) was €0.21 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.24 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €2.19 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 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)
=(0 / 0.301) / (0 / 0.204)
=0 / 0
=1

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)
=(0.157 / 0.204) / (-0.39 / 0.301)
=0.769608 / -1.295681
=-0.594

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 - (1.697 + 0.186) / 8.653) / (1 - (1.937 + 0.212) / 2.943)
=0.782388 / 0.269793
=2.9

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
=0.301 / 0.204
=1.4755

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))
=(0.239 / (0.239 + 0.212)) / (0.222 / (0.222 + 0.186))
=0.529933 / 0.544118
=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)
=(0 / 0.301) / (0 / 0.204)
=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 + 2.673) / 8.653) / ((0 + 2.185) / 2.943)
=0.30891 / 0.74244
=0.4161

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
=(-1.413 - 0 - 0.625) / 8.653
=-0.235525

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.

Antonov has a M-score of -3.04 suggests that the company is unlikely to be a manipulator.

Antonov Beneish M-Score Related Terms

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