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Gradina a.d (XBEL:GRDN) Beneish M-Score : 1.91 (As of Dec. 14, 2024)


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What is Gradina a.d 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 1.91 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XBEL:GRDN' s Beneish M-Score Range Over the Past 10 Years
Min: -7.7   Med: -2.62   Max: 563.82
Current: 1.91

During the past 13 years, the highest Beneish M-Score of Gradina a.d was 563.82. The lowest was -7.70. And the median was -2.62.


Gradina a.d Beneish M-Score Historical Data

The historical data trend for Gradina a.d'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.

Gradina a.d Beneish M-Score Chart

Gradina a.d Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.78 -3.02 -3.43 -0.15 1.91

Gradina a.d Semi-Annual Data
Dec10 Dec11 Jun12 Dec12 Jun13 Dec13 Jun14 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Jun23 Dec23 Jun24
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 -3.43 -0.15 - 1.91 -

Competitive Comparison of Gradina a.d's Beneish M-Score

For the Real Estate Services subindustry, Gradina a.d'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.


Gradina a.d's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Gradina a.d's Beneish M-Score distribution charts can be found below:

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



Gradina a.d 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 Gradina a.d 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 * 0.6307+0.528 * 1.1969+0.404 * 1.0151+0.892 * 4.9713+0.115 * 1.2438
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.2492+4.679 * 0.180298-0.327 * 0.7534
=1.91

* 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 (Dec23) TTM:Last Year (Dec22) TTM:
Total Receivables was RSD116.7 Mil.
Revenue was RSD169.0 Mil.
Gross Profit was RSD105.8 Mil.
Total Current Assets was RSD139.8 Mil.
Total Assets was RSD460.4 Mil.
Property, Plant and Equipment(Net PPE) was RSD36.4 Mil.
Depreciation, Depletion and Amortization(DDA) was RSD4.4 Mil.
Selling, General, & Admin. Expense(SGA) was RSD0.2 Mil.
Total Current Liabilities was RSD55.2 Mil.
Long-Term Debt & Capital Lease Obligation was RSD0.0 Mil.
Net Income was RSD93.5 Mil.
Gross Profit was RSD0.0 Mil.
Cash Flow from Operations was RSD10.5 Mil.
Total Receivables was RSD37.2 Mil.
Revenue was RSD34.0 Mil.
Gross Profit was RSD25.5 Mil.
Total Current Assets was RSD109.2 Mil.
Total Assets was RSD376.2 Mil.
Property, Plant and Equipment(Net PPE) was RSD38.3 Mil.
Depreciation, Depletion and Amortization(DDA) was RSD5.9 Mil.
Selling, General, & Admin. Expense(SGA) was RSD0.2 Mil.
Total Current Liabilities was RSD57.6 Mil.
Long-Term Debt & Capital Lease Obligation was RSD2.2 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)
=(116.695 / 169.03) / (37.219 / 34.001)
=0.69038 / 1.094644
=0.6307

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)
=(25.483 / 34.001) / (105.841 / 169.03)
=0.749478 / 0.626167
=1.1969

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 - (139.79 + 36.441) / 460.449) / (1 - (109.163 + 38.269) / 376.166)
=0.617263 / 0.608067
=1.0151

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
=169.03 / 34.001
=4.9713

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))
=(5.941 / (5.941 + 38.269)) / (4.414 / (4.414 + 36.441))
=0.134381 / 0.108041
=1.2438

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)
=(0.233 / 169.03) / (0.188 / 34.001)
=0.001378 / 0.005529
=0.2492

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 + 55.161) / 460.449) / ((2.23 + 57.585) / 376.166)
=0.119798 / 0.159012
=0.7534

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
=(93.486 - 0 - 10.468) / 460.449
=0.180298

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.

Gradina a.d has a M-score of 1.91 signals that the company is likely to be a manipulator.


Gradina a.d Beneish M-Score Related Terms

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Gradina a.d Business Description

Traded in Other Exchanges
N/A
Address
Zorza Klemansoa 19, Belgrade, SRB
Gradina a.d engaged in the management of real estate properties. It mainly rents the real estate properties.