Sinergon Holding AD (XBUL:SNRG) Beneish M-Score : -2.21 (As of Jun. 21, 2025)

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What is Sinergon 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.

Good Sign:

Beneish M-Score -2.21 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XBUL:SNRG' s Beneish M-Score Range Over the Past 10 Years
Min: -2.76 Med: -2.21 Max: -1.74
Current: -2.21

During the past 13 years, the highest Beneish M-Score of Sinergon Holding AD was -1.74. The lowest was -2.76. And the median was -2.21.

Sinergon Holding AD Beneish M-Score Historical Data

The historical data trend for Sinergon 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.

* Premium members only.

Sinergon Holding AD Beneish M-Score Chart

Sinergon Holding AD Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec23

Dec24

Beneish M-Score

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-2.13

-2.56

-1.83

-2.11

-2.21

Sinergon Holding AD Semi-Annual Data
	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Jun23	Dec23	Jun24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-1.71	-2.49	-2.11	-	-2.21

Competitive Comparison of Sinergon Holding AD's Beneish M-Score

For the Asset Management subindustry, Sinergon 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.

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

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

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

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Sinergon 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 Sinergon 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 * 1.2255

0.528 * 1.4043

0.404 * 0.9843

0.892 * 1.0234

0.115 * 0.9566

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9825

4.679 * -0.027121

0.327 * 1.1231

-2.21

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was лв106.2 Mil.
Revenue was лв941.8 Mil.
Gross Profit was лв34.6 Mil.
Total Current Assets was лв187.3 Mil.
Total Assets was лв411.7 Mil.
Property, Plant and Equipment(Net PPE) was лв137.6 Mil.
Depreciation, Depletion and Amortization(DDA) was лв8.7 Mil.
Selling, General, & Admin. Expense(SGA) was лв14.5 Mil.
Total Current Liabilities was лв108.4 Mil.
Long-Term Debt & Capital Lease Obligation was лв7.4 Mil.
Net Income was лв-0.3 Mil.
Gross Profit was лв0.0 Mil.
Cash Flow from Operations was лв10.9 Mil.

Total Receivables was лв84.7 Mil.
Revenue was лв920.3 Mil.
Gross Profit was лв47.4 Mil.
Total Current Assets was лв175.4 Mil.
Total Assets was лв394.7 Mil.
Property, Plant and Equipment(Net PPE) was лв134.8 Mil.
Depreciation, Depletion and Amortization(DDA) was лв8.2 Mil.
Selling, General, & Admin. Expense(SGA) was лв14.4 Mil.
Total Current Liabilities was лв94.6 Mil.
Long-Term Debt & Capital Lease Obligation was лв4.3 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)
	=	(106.164 / 941.839)	/	(84.653 / 920.322)
	=	0.11272	/	0.091982
	=	1.2255

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)
	=	(47.448 / 920.322)	/	(34.578 / 941.839)
	=	0.051556	/	0.036713
	=	1.4043

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 - (187.267 + 137.623) / 411.681)	/	(1 - (175.399 + 134.774) / 394.719)
	=	0.210821	/	0.214193
	=	0.9843

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
	=	941.839	/	920.322
	=	1.0234

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))
	=	(8.165 / (8.165 + 134.774))	/	(8.74 / (8.74 + 137.623))
	=	0.057122	/	0.059715
	=	0.9566

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)
	=	(14.503 / 941.839)	/	(14.424 / 920.322)
	=	0.015399	/	0.015673
	=	0.9825

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)
	=	((7.409 + 108.429) / 411.681)	/	((4.272 + 94.617) / 394.719)
	=	0.281378	/	0.25053
	=	1.1231

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
	=	(-0.286 - 0	-	10.879)	/	411.681
	=	-0.027121

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.

Sinergon Holding AD has a M-score of -2.21 suggests that the company is unlikely to be a manipulator.

Sinergon Holding AD Beneish M-Score Related Terms

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Sinergon Holding AD Business Description

Industry

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Traded in Other Exchanges

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Address

2 Solunska Street, Sofia, BGR, 1000

Website

http://www.synergon.bg

Sinergon Holding AD is engaged in acquisition, management, valuation and sales of stake, patents and bonds in Bulgaria and internationally. The company is also engaged in providing tourist services, hotel and restaurant services.