GURUFOCUS.COM » STOCK LIST » Technology » Hardware » CABASSE (XPAR:ALCAB) » Definitions » Beneish M-Score

CABASSE (XPAR:ALCAB) Beneish M-Score : -2.51 (As of Mar. 14, 2025)


View and export this data going back to 2022. Start your Free Trial

What is CABASSE 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 -2.51 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XPAR:ALCAB' s Beneish M-Score Range Over the Past 10 Years
Min: -2.91   Med: -2.51   Max: -2.14
Current: -2.51

During the past 5 years, the highest Beneish M-Score of CABASSE was -2.14. The lowest was -2.91. And the median was -2.51.


CABASSE Beneish M-Score Historical Data

The historical data trend for CABASSE'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.

CABASSE Beneish M-Score Chart

CABASSE Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
- - -2.14 -2.91 -2.51

CABASSE Semi-Annual Data
Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24
Beneish M-Score Get a 7-Day Free Trial - -2.91 - -2.51 -

Competitive Comparison of CABASSE's Beneish M-Score

For the Consumer Electronics subindustry, CABASSE'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.


CABASSE's Beneish M-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, CABASSE's Beneish M-Score distribution charts can be found below:

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



CABASSE 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 CABASSE for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1.0099+0.528 * 0.8788+0.404 * 2.7949+0.892 * 0.8777+0.115 * 1.1082
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.121509-0.327 * 1.1147
=-2.51

* 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.

This Year (Dec23) TTM:Last Year (Dec22) TTM:
Total Receivables was €1.34 Mil.
Revenue was €9.17 Mil.
Gross Profit was €1.68 Mil.
Total Current Assets was €6.16 Mil.
Total Assets was €10.71 Mil.
Property, Plant and Equipment(Net PPE) was €2.63 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.74 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €3.91 Mil.
Long-Term Debt & Capital Lease Obligation was €6.83 Mil.
Net Income was €-1.28 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €0.02 Mil.
Total Receivables was €1.51 Mil.
Revenue was €10.45 Mil.
Gross Profit was €1.68 Mil.
Total Current Assets was €9.62 Mil.
Total Assets was €12.69 Mil.
Property, Plant and Equipment(Net PPE) was €2.26 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.72 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €4.34 Mil.
Long-Term Debt & Capital Lease Obligation was €7.08 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)
=(1.342 / 9.172) / (1.514 / 10.45)
=0.146315 / 0.14488
=1.0099

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)
=(1.678 / 10.45) / (1.676 / 9.172)
=0.160574 / 0.18273
=0.8788

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 - (6.161 + 2.634) / 10.707) / (1 - (9.621 + 2.261) / 12.693)
=0.178575 / 0.063893
=2.7949

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
=9.172 / 10.45
=0.8777

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))
=(0.723 / (0.723 + 2.261)) / (0.737 / (0.737 + 2.634))
=0.242292 / 0.218629
=1.1082

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 / 9.172) / (0 / 10.45)
=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)
=((6.828 + 3.911) / 10.707) / ((7.082 + 4.339) / 12.693)
=1.002989 / 0.899787
=1.1147

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
=(-1.281 - 0 - 0.02) / 10.707
=-0.121509

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.

CABASSE has a M-score of -2.51 suggests that the company is unlikely to be a manipulator.


CABASSE Beneish M-Score Related Terms

Thank you for viewing the detailed overview of CABASSE's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


CABASSE Business Description

Traded in Other Exchanges
N/A
Address
210 Rue Rene Descartes, Plouzane, FRA, 29280
CABASSE invented and developed coaxial loudspeakers technology. The technology makes it possible to house several speakers in a small space, offering music lovers and the essence and thrill of pure sound.

CABASSE Headlines

No Headlines