Holding Nov Vek AD (XBUL:HNVK) Beneish M-Score : -2.56 (As of May. 02, 2024)

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What is Holding Nov Vek 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.

Good Sign:

Beneish M-Score -2.56 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XBUL:HNVK' s Beneish M-Score Range Over the Past 10 Years
Min: -2.93 Med: -1.77 Max: 5.99
Current: -2.56

During the past 13 years, the highest Beneish M-Score of Holding Nov Vek AD was 5.99. The lowest was -2.93. And the median was -1.77.

Holding Nov Vek AD Beneish M-Score Historical Data

The historical data trend for Holding Nov Vek 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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Holding Nov Vek AD Beneish M-Score Chart

Holding Nov Vek AD Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

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-1.78

-0.67

-2.60

-1.24

-2.53

Holding Nov Vek AD Quarterly Data
	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23
Beneish M-Score	Get a 7-Day Free Trial															-1.62	-2.53	-2.75	-2.50	-2.56

Competitive Comparison of Holding Nov Vek AD's Beneish M-Score

For the Asset Management subindustry, Holding Nov Vek 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.

Holding Nov Vek AD's Beneish M-Score Distribution in the Asset Management Industry

For the Asset Management industry and Financial Services sector, Holding Nov Vek AD's Beneish M-Score distribution charts can be found below:

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

Holding Nov Vek 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 Holding Nov Vek 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 * 0.5605

0.528 * 0.9085

0.404 * 1.1522

0.892 * 1.2218

0.115 * 1.122

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0

4.679 * -0.015623

0.327 * 1.0019

-2.56

This Year (Sep23) TTM:

Last Year (Sep22) TTM:

Total Receivables was лв38.54 Mil.
Revenue was 8.791 + 9.085 + 7.279 + 14.34 = лв39.50 Mil.
Gross Profit was 0.005 + 3.894 + 3.135 + 4.656 = лв11.69 Mil.
Total Current Assets was лв91.72 Mil.
Total Assets was лв187.04 Mil.
Property, Plant and Equipment(Net PPE) was лв30.24 Mil.
Depreciation, Depletion and Amortization(DDA) was лв1.61 Mil.
Selling, General, & Admin. Expense(SGA) was лв0.00 Mil.
Total Current Liabilities was лв50.84 Mil.
Long-Term Debt & Capital Lease Obligation was лв76.33 Mil.
Net Income was -0.382 + 1.023 + 0.279 + 0.654 = лв1.57 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = лв0.00 Mil.
Cash Flow from Operations was -1.029 + -0.005 + 0.133 + 5.397 = лв4.50 Mil.

Total Receivables was лв56.28 Mil.
Revenue was 9.638 + 7.143 + 5.584 + 9.961 = лв32.33 Mil.
Gross Profit was 1.863 + 3.294 + 1.087 + 2.449 = лв8.69 Mil.
Total Current Assets was лв99.34 Mil.
Total Assets was лв179.81 Mil.
Property, Plant and Equipment(Net PPE) was лв26.18 Mil.
Depreciation, Depletion and Amortization(DDA) was лв1.58 Mil.
Selling, General, & Admin. Expense(SGA) was лв3.27 Mil.
Total Current Liabilities was лв63.84 Mil.
Long-Term Debt & Capital Lease Obligation was лв58.19 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)
	=	(38.54 / 39.495)	/	(56.275 / 32.326)
	=	0.97582	/	1.740859
	=	0.5605

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)
	=	(8.693 / 32.326)	/	(11.69 / 39.495)
	=	0.268917	/	0.295987
	=	0.9085

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 - (91.716 + 30.237) / 187.035)	/	(1 - (99.336 + 26.175) / 179.814)
	=	0.347967	/	0.301995
	=	1.1522

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
	=	39.495	/	32.326
	=	1.2218

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))
	=	(1.577 / (1.577 + 26.175))	/	(1.613 / (1.613 + 30.237))
	=	0.056825	/	0.050644
	=	1.122

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 / 39.495)	/	(3.274 / 32.326)
	=	0	/	0.101281
	=	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)
	=	((76.328 + 50.844) / 187.035)	/	((58.191 + 63.842) / 179.814)
	=	0.679937	/	0.678662
	=	1.0019

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
	=	(1.574 - 0	-	4.496)	/	187.035
	=	-0.015623

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.

Holding Nov Vek AD has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.

Holding Nov Vek AD Beneish M-Score Related Terms

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Holding Nov Vek AD (XBUL:HNVK) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » Holding Nov Vek AD (XBUL:HNVK) » Definitions » Beneish M-Score

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Address

Gr. 13 Ship Mountain Street, Sofia, BGR

Website

http://www.holdingnovvek.com

Holding Nov Vek AD is engaged in the acquisition, appraisal and managing of shares, bonds, as well as the cession of licenses for patents. Its activities are: securities acquiring, management and sale, evaluation and sale of patent rights.

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