APG SGA (XSWX:APGN) Beneish M-Score : -2.61 (As of Dec. 15, 2024)

View and export this data going back to 2004. Start your Free Trial

What is APG SGA 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 -2.61 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XSWX:APGN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.12 Med: -2.49 Max: -1.96
Current: -2.61

During the past 13 years, the highest Beneish M-Score of APG SGA was -1.96. The lowest was -3.12. And the median was -2.49.

APG SGA Beneish M-Score Historical Data

The historical data trend for APG SGA'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.

APG SGA Beneish M-Score Chart

APG SGA Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-2.52

-3.12

-2.16

-2.23

-2.61

APG SGA Semi-Annual Data
	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24
Beneish M-Score	Get a 7-Day Free Trial															-	-2.23	-	-2.61	-

Competitive Comparison of APG SGA's Beneish M-Score

For the Advertising Agencies subindustry, APG SGA'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.

APG SGA's Beneish M-Score Distribution in the Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, APG SGA's Beneish M-Score distribution charts can be found below:

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

APG SGA 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 APG SGA 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 * 1.1263

0.528 * 0.9785

0.404 * 0.9075

0.892 * 1.0484

0.115 * 0.9885

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.043049

0.327 * 1.11

-2.61

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was CHF60.1 Mil.
Revenue was CHF325.6 Mil.
Gross Profit was CHF128.8 Mil.
Total Current Assets was CHF116.9 Mil.
Total Assets was CHF191.1 Mil.
Property, Plant and Equipment(Net PPE) was CHF45.9 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF10.2 Mil.
Selling, General, & Admin. Expense(SGA) was CHF0.0 Mil.
Total Current Liabilities was CHF100.6 Mil.
Long-Term Debt & Capital Lease Obligation was CHF0.0 Mil.
Net Income was CHF26.8 Mil.
Gross Profit was CHF0.0 Mil.
Cash Flow from Operations was CHF35.0 Mil.

Total Receivables was CHF50.9 Mil.
Revenue was CHF310.6 Mil.
Gross Profit was CHF120.2 Mil.
Total Current Assets was CHF108.9 Mil.
Total Assets was CHF189.4 Mil.
Property, Plant and Equipment(Net PPE) was CHF49.5 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF10.8 Mil.
Selling, General, & Admin. Expense(SGA) was CHF0.0 Mil.
Total Current Liabilities was CHF89.8 Mil.
Long-Term Debt & Capital Lease Obligation was CHF0.0 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)
	=	(60.147 / 325.632)	/	(50.935 / 310.6)
	=	0.184709	/	0.163989
	=	1.1263

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)
	=	(120.22 / 310.6)	/	(128.806 / 325.632)
	=	0.387057	/	0.395557
	=	0.9785

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 - (116.866 + 45.913) / 191.11)	/	(1 - (108.941 + 49.523) / 189.406)
	=	0.148244	/	0.163363
	=	0.9075

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
	=	325.632	/	310.6
	=	1.0484

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))
	=	(10.838 / (10.838 + 49.523))	/	(10.191 / (10.191 + 45.913))
	=	0.179553	/	0.181645
	=	0.9885

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 / 325.632)	/	(0 / 310.6)
	=	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)
	=	((0 + 100.624) / 191.11)	/	((0 + 89.845) / 189.406)
	=	0.526524	/	0.474351
	=	1.11

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
	=	(26.815 - 0	-	35.042)	/	191.11
	=	-0.043049

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.

APG SGA has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.

APG SGA Beneish M-Score Related Terms

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

APG SGA Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Media - Diversified » APG SGA SA (XSWX:APGN) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

APGNz:UK 0QN0:UK

Address

Carrefour de Rive 1, Geneva, CHE, CH-1207

Website

https://www.apgsga.ch

APG SGA SA is a Swiss out-of-home advertising company engaged. As a media company, it transports advertising messages into public and private areas with posters, screens, and related media as promotions and mobile advertising. This media performance is generated in streets, city centers, pedestrian zones, railway stations, shopping centers, airports, tourist resorts, and on the outside and inside of public transport vehicles. The company's regional segments are Switzerland, and Serbia, out of which a majority of its revenue comes from Switzerland.