FLOWSPARKS NV (XBRU:FLSP) Beneish M-Score : -2.65 (As of Apr. 24, 2024)

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What is FLOWSPARKS NV 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 -2.65 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XBRU:FLSP' s Beneish M-Score Range Over the Past 10 Years
Min: -11.64 Med: -2.77 Max: -2.25
Current: -2.65

During the past 13 years, the highest Beneish M-Score of FLOWSPARKS NV was -2.25. The lowest was -11.64. And the median was -2.77.

FLOWSPARKS NV Beneish M-Score Historical Data

The historical data trend for FLOWSPARKS NV'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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FLOWSPARKS NV Beneish M-Score Chart

FLOWSPARKS NV Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

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-3.52

-2.51

-2.25

-2.34

-2.65

FLOWSPARKS NV Semi-Annual Data
	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Dec13	Dec14	Dec15	Dec16	Dec17	Dec18	Dec19	Dec20	Dec21	Dec22
Beneish M-Score	Get a 7-Day Free Trial											-3.52	-2.51	-2.25	-2.34	-2.65

Competitive Comparison of FLOWSPARKS NV's Beneish M-Score

For the Education & Training Services subindustry, FLOWSPARKS NV'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.

FLOWSPARKS NV's Beneish M-Score Distribution in the Education Industry

For the Education industry and Consumer Defensive sector, FLOWSPARKS NV's Beneish M-Score distribution charts can be found below:

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

FLOWSPARKS NV 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 FLOWSPARKS NV 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 * 1.0036

0.528 * 0.9366

0.404 * 0.9929

0.892 * 1.0187

0.115 * 0.4588

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.033908

0.327 * 0.8036

-2.65

This Year (Dec22) TTM:

Last Year (Dec21) TTM:

Total Receivables was €2.93 Mil.
Revenue was €7.92 Mil.
Gross Profit was €1.85 Mil.
Total Current Assets was €6.32 Mil.
Total Assets was €10.79 Mil.
Property, Plant and Equipment(Net PPE) was €0.09 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.07 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €3.19 Mil.
Long-Term Debt & Capital Lease Obligation was €0.14 Mil.
Net Income was €1.37 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €1.73 Mil.

Total Receivables was €2.86 Mil.
Revenue was €7.77 Mil.
Gross Profit was €1.70 Mil.
Total Current Assets was €5.77 Mil.
Total Assets was €9.90 Mil.
Property, Plant and Equipment(Net PPE) was €0.08 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.02 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €3.42 Mil.
Long-Term Debt & Capital Lease Obligation was €0.38 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)
	=	(2.925 / 7.919)	/	(2.861 / 7.774)
	=	0.369365	/	0.368022
	=	1.0036

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)
	=	(1.701 / 7.774)	/	(1.85 / 7.919)
	=	0.218806	/	0.233615
	=	0.9366

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 - (6.317 + 0.087) / 10.794)	/	(1 - (5.768 + 0.077) / 9.9)
	=	0.406707	/	0.409596
	=	0.9929

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
	=	7.919	/	7.774
	=	1.0187

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))
	=	(0.02 / (0.02 + 0.077))	/	(0.071 / (0.071 + 0.087))
	=	0.206186	/	0.449367
	=	0.4588

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 / 7.919)	/	(0 / 7.774)
	=	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)
	=	((0.14 + 3.193) / 10.794)	/	((0.38 + 3.424) / 9.9)
	=	0.308783	/	0.384242
	=	0.8036

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
	=	(1.365 - 0	-	1.731)	/	10.794
	=	-0.033908

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.

FLOWSPARKS NV has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.

FLOWSPARKS NV Beneish M-Score Related Terms

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FLOWSPARKS NV (XBRU:FLSP) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Education » FLOWSPARKS NV (XBRU:FLSP) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Ottergemsesteenweg- Zuid 808, PO Box B545, Ghent, BEL, 9000

Website

https://www.flowsparks.com

FLOWSPARKS NV is engaged in providing online educational services. The company creates custom-made learning solutions for the target group. It offers to learn management systems, syllabus tracking services, smart templates, and other related tools.