Etropal AD (XBUL:ETR) Beneish M-Score : 0.00 (As of Mar. 15, 2025)

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What is Etropal AD 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 Etropal AD's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Etropal AD was 0.00. The lowest was 0.00. And the median was 0.00.

Etropal AD Beneish M-Score Historical Data

The historical data trend for Etropal AD'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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Etropal AD Beneish M-Score Chart

Etropal AD Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.48

-1.18

Etropal AD Quarterly Data
	Dec10	Dec11	Dec12	Dec13	Dec14	Dec15	Dec16	Dec17	Dec18	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Dec23
Beneish M-Score	Get a 7-Day Free Trial														-	-	-	-1.48	-1.18

Competitive Comparison of Etropal AD's Beneish M-Score

For the Medical Instruments & Supplies subindustry, Etropal AD'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.

Etropal AD's Beneish M-Score Distribution in the Medical Devices & Instruments Industry

For the Medical Devices & Instruments industry and Healthcare sector, Etropal AD's Beneish M-Score distribution charts can be found below:

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

Etropal AD 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 Etropal AD 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 * 4.2478

0.528 * 0.3332

0.404 * 0.9018

0.892 * 0.4105

0.115 * 0.6322

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 4.6333

4.679 * -0.013845

0.327 * 1.117

-1.18

This Year (Dec23) TTM:

Last Year (Mar22) TTM:

Total Receivables was лв3.00 Mil.
Revenue was 0 + 2.053 + 0.899 + 1.557 = лв4.51 Mil.
Gross Profit was 0 + 1.068 + 0.814 + 0.827 = лв2.71 Mil.
Total Current Assets was лв5.89 Mil.
Total Assets was лв18.56 Mil.
Property, Plant and Equipment(Net PPE) was лв12.10 Mil.
Depreciation, Depletion and Amortization(DDA) was лв0.77 Mil.
Selling, General, & Admin. Expense(SGA) was лв0.43 Mil.
Total Current Liabilities was лв9.00 Mil.
Long-Term Debt & Capital Lease Obligation was лв1.21 Mil.
Net Income was 0 + -0.693 + 0.017 + 0.402 = лв-0.27 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = лв0.00 Mil.
Cash Flow from Operations was 0 + 0.666 + -0.613 + -0.07 = лв-0.02 Mil.

Total Receivables was лв1.72 Mil.
Revenue was 2.237 + 5.208 + 1.96 + 1.58 = лв10.99 Mil.
Gross Profit was 0.565 + 1.709 + -2.309 + 2.234 = лв2.20 Mil.
Total Current Assets was лв3.07 Mil.
Total Assets was лв17.33 Mil.
Property, Plant and Equipment(Net PPE) was лв13.67 Mil.
Depreciation, Depletion and Amortization(DDA) was лв0.54 Mil.
Selling, General, & Admin. Expense(SGA) was лв0.22 Mil.
Total Current Liabilities was лв6.22 Mil.
Long-Term Debt & Capital Lease Obligation was лв2.32 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)
	=	(2.999 / 4.509)	/	(1.72 / 10.985)
	=	0.665114	/	0.156577
	=	4.2478

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)
	=	(2.199 / 10.985)	/	(2.709 / 4.509)
	=	0.200182	/	0.600798
	=	0.3332

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 - (5.889 + 12.104) / 18.562)	/	(1 - (3.073 + 13.666) / 17.328)
	=	0.030654	/	0.033991
	=	0.9018

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
	=	4.509	/	10.985
	=	0.4105

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))
	=	(0.537 / (0.537 + 13.666))	/	(0.77 / (0.77 + 12.104))
	=	0.037809	/	0.05981
	=	0.6322

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)
	=	(0.426 / 4.509)	/	(0.224 / 10.985)
	=	0.094478	/	0.020391
	=	4.6333

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)
	=	((1.212 + 9.003) / 18.562)	/	((2.318 + 6.219) / 17.328)
	=	0.550318	/	0.492671
	=	1.117

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
	=	(-0.274 - 0	-	-0.017)	/	18.562
	=	-0.013845

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.

Etropal AD has a M-score of -1.18 signals that the company is likely to be a manipulator.

Etropal AD Beneish M-Score Related Terms

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Etropal AD Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Medical Devices & Instruments » Etropal AD (XBUL:ETR) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

191 Rusky Boulevard, Etropole, Sofia, BGR, 2180

Website

http://www.etropal.eu

Etropal AD is engaged in the business of manufacturing medical accessories. The product portfolio includes fistula needles, blood taking sets, transfusion and infusion sets, catheters and tubes, urine collecting bags, colostomy bags, among others. The company also produces hip - joint endoprosthesis and instruments of implantation.