Phoenix Capital Holding AD (XBUL:PCH) Beneish M-Score : 0.00 (As of Jun. 20, 2024)

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

During the past 11 years, the highest Beneish M-Score of Phoenix Capital Holding AD was 260.96. The lowest was -95.49. And the median was 0.97.

Phoenix Capital Holding AD Beneish M-Score Historical Data

The historical data trend for Phoenix Capital Holding 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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Phoenix Capital Holding AD Beneish M-Score Chart

Phoenix Capital Holding AD Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-4.39

-2.38

0.67

0.97

Phoenix Capital Holding AD Quarterly Data
	Dec18	Mar19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-0.30	1.58	-	0.97	-

Competitive Comparison of Phoenix Capital Holding AD's Beneish M-Score

For the Real Estate Services subindustry, Phoenix Capital Holding 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.

Phoenix Capital Holding AD's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Phoenix Capital Holding AD's Beneish M-Score distribution charts can be found below:

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

Phoenix Capital Holding 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 Phoenix Capital Holding 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 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was лв11.60 Mil.
Revenue was 0.59 + 1.584 + -0.225 + 0.575 = лв2.52 Mil.
Gross Profit was 0.59 + 1.584 + -0.225 + 0.574 = лв2.52 Mil.
Total Current Assets was лв31.62 Mil.
Total Assets was лв86.19 Mil.
Property, Plant and Equipment(Net PPE) was лв0.01 Mil.
Depreciation, Depletion and Amortization(DDA) was лв0.00 Mil.
Selling, General, & Admin. Expense(SGA) was лв0.16 Mil.
Total Current Liabilities was лв28.85 Mil.
Long-Term Debt & Capital Lease Obligation was лв11.43 Mil.
Net Income was 0.73 + 13.717 + -0.406 + 0.403 = лв14.44 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = лв0.00 Mil.
Cash Flow from Operations was 0.163 + -0.112 + 3.724 + -3.371 = лв0.40 Mil.

Total Receivables was лв0.00 Mil.
Revenue was 0.667 + 2.648 + -1.016 + 0 = лв2.30 Mil.
Gross Profit was 0.666 + 0.762 + 0.867 + 0 = лв2.30 Mil.
Total Current Assets was лв0.00 Mil.
Total Assets was лв0.00 Mil.
Property, Plant and Equipment(Net PPE) was лв0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was лв0.00 Mil.
Selling, General, & Admin. Expense(SGA) was лв0.17 Mil.
Total Current Liabilities was лв0.00 Mil.
Long-Term Debt & Capital Lease Obligation was лв0.00 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)
	=	(11.595 / 2.524)	/	(0 / 2.299)
	=	4.593899	/	0
	=

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)
	=	(2.295 / 2.299)	/	(2.523 / 2.524)
	=	0.99826	/	0.999604
	=

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 - (31.617 + 0.013) / 86.193)	/	(1 - (0 + 0) / 0)
	=	0.633033	/
	=

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
	=	2.524	/	2.299
	=

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 / (0 + 0))	/	(0 / (0 + 0.013))
	=		/	0
	=

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)
	=	(0.158 / 2.524)	/	(0.17 / 2.299)
	=	0.062599	/	0.073945
	=

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)
	=	((11.428 + 28.85) / 86.193)	/	((0 + 0) / 0)
	=	0.4673	/
	=

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
	=	(14.444 - 0	-	0.404)	/	86.193
	=	0.16289

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.

Phoenix Capital Holding AD Beneish M-Score Related Terms

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Phoenix Capital Holding AD (XBUL:PCH) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Phoenix Capital Holding AD (XBUL:PCH) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

47A Tsarigradsko shose Boulevard, Floor 3, Sofia, BGR, 1124

Website

http://www.phoenixcapital.bg

Phoenix Capital Holding AD is engaged in the acquisition of real estate, its management (including rental and construction works and improvements) and sale of the property. The company focuses on residential properties, office buildings, and holiday properties and hotels.