Advanced Digital Broadcast Holding (XSWX:ADBN) Beneish M-Score : 0.00 (As of Jun. 21, 2024)

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What is Advanced Digital Broadcast Holding 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 Advanced Digital Broadcast Holding's Beneish M-Score or its related term are showing as below:

During the past 12 years, the highest Beneish M-Score of Advanced Digital Broadcast Holding was 0.00. The lowest was 0.00. And the median was 0.00.

Advanced Digital Broadcast Holding Beneish M-Score Historical Data

The historical data trend for Advanced Digital Broadcast Holding'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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Advanced Digital Broadcast Holding Beneish M-Score Chart

Advanced Digital Broadcast Holding Annual Data

Trend

Dec04

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

Beneish M-Score

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-3.32

-2.30

-3.83

-2.53

-3.54

Advanced Digital Broadcast Holding Semi-Annual Data
	Dec09	Jun10	Dec10	Jun11	Dec11	Jun12	Dec12	Jun13	Dec13	Jun14
Beneish M-Score	Get a 7-Day Free Trial					-	-2.53	-	-3.54	-

Competitive Comparison of Advanced Digital Broadcast Holding's Beneish M-Score

For the Communication Equipment subindustry, Advanced Digital Broadcast Holding'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.

Advanced Digital Broadcast Holding's Beneish M-Score Distribution in the Hardware Industry

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

* The bar in red indicates where Advanced Digital Broadcast Holding's Beneish M-Score falls into.

Advanced Digital Broadcast Holding 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 Advanced Digital Broadcast Holding 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 * 0.866

0.528 * 1.018

0.404 * 0.921

0.892 * 0.802

0.115 * 0.9209

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0453

4.679 * -0.16026

0.327 * 0.9085

-3.54

This Year (Dec13) TTM:

Last Year (Dec12) TTM:

Total Receivables was CHF39.7 Mil.
Revenue was CHF333.7 Mil.
Gross Profit was CHF97.1 Mil.
Total Current Assets was CHF108.3 Mil.
Total Assets was CHF154.9 Mil.
Property, Plant and Equipment(Net PPE) was CHF12.4 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF28.4 Mil.
Selling, General, & Admin. Expense(SGA) was CHF40.9 Mil.
Total Current Liabilities was CHF89.3 Mil.
Long-Term Debt & Capital Lease Obligation was CHF7.2 Mil.
Net Income was CHF-7.0 Mil.
Gross Profit was CHF0.0 Mil.
Cash Flow from Operations was CHF17.8 Mil.

Total Receivables was CHF57.1 Mil.
Revenue was CHF416.0 Mil.
Gross Profit was CHF123.3 Mil.
Total Current Assets was CHF145.7 Mil.
Total Assets was CHF209.9 Mil.
Property, Plant and Equipment(Net PPE) was CHF14.1 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF25.1 Mil.
Selling, General, & Admin. Expense(SGA) was CHF48.7 Mil.
Total Current Liabilities was CHF135.9 Mil.
Long-Term Debt & Capital Lease Obligation was CHF8.0 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)
	=	(39.663 / 333.682)	/	(57.105 / 416.042)
	=	0.118865	/	0.137258
	=	0.866

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)
	=	(123.254 / 416.042)	/	(97.106 / 333.682)
	=	0.296254	/	0.291014
	=	1.018

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 - (108.329 + 12.449) / 154.867)	/	(1 - (145.677 + 14.077) / 209.924)
	=	0.220118	/	0.238991
	=	0.921

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
	=	333.682	/	416.042
	=	0.802

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))
	=	(25.081 / (25.081 + 14.077))	/	(28.436 / (28.436 + 12.449))
	=	0.640508	/	0.695512
	=	0.9209

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)
	=	(40.854 / 333.682)	/	(48.731 / 416.042)
	=	0.122434	/	0.11713
	=	1.0453

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)
	=	((7.151 + 89.296) / 154.867)	/	((8.008 + 135.895) / 209.924)
	=	0.622773	/	0.6855
	=	0.9085

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
	=	(-7.041 - 0	-	17.778)	/	154.867
	=	-0.16026

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.

Advanced Digital Broadcast Holding has a M-score of -3.54 suggests that the company is unlikely to be a manipulator.

Advanced Digital Broadcast Holding Beneish M-Score Related Terms

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Advanced Digital Broadcast Holding (XSWX:ADBN) Business Description

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Advanced Digital Broadcast Holding SA was incorporated on July 26, 2004 in the Canton of Geneva. The Company is engaged in the development and sale of equipment, services and software for the digital television and broadband data communication industry, and relies on third party contract manufacturers for the production of equipment. In 2005, the Company made an initial public offering. It develops and delivers diverse products to the worldwide digital television industry, supplying digital set-top boxes across all television transmission platforms such as cable, IPTV, satellite and terrestrial. Its customers include digital television operators, consumer electronics manufacturers and retail distributors of digital set-top boxes. The Company is in system integration, incorporating the industry's middleware, conditional access and hardware technologies and provide technically superior products, service and support, in as short time as possible.

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