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ASMALLWORLD AG (XSWX:ASWN) Beneish M-Score : -2.87 (As of Dec. 15, 2024)


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What is ASMALLWORLD AG 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 -2.87 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XSWX:ASWN' s Beneish M-Score Range Over the Past 10 Years
Min: -4.14   Med: -2.57   Max: -1.45
Current: -2.87

During the past 9 years, the highest Beneish M-Score of ASMALLWORLD AG was -1.45. The lowest was -4.14. And the median was -2.57.


ASMALLWORLD AG Beneish M-Score Historical Data

The historical data trend for ASMALLWORLD AG'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.

ASMALLWORLD AG Beneish M-Score Chart

ASMALLWORLD AG Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only -1.47 -2.47 -4.14 -1.45 -2.87

ASMALLWORLD AG Semi-Annual Data
Dec15 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - -1.45 - -2.87 -

Competitive Comparison of ASMALLWORLD AG's Beneish M-Score

For the Travel Services subindustry, ASMALLWORLD AG'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.


ASMALLWORLD AG's Beneish M-Score Distribution in the Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, ASMALLWORLD AG's Beneish M-Score distribution charts can be found below:

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



ASMALLWORLD AG 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 ASMALLWORLD AG 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 * 0.2624+0.528 * 1.1473+0.404 * 1.2749+0.892 * 1.151+0.115 * 1.0038
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1284+4.679 * -0.030861-0.327 * 0.6034
=-2.87

* 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 CHF0.56 Mil.
Revenue was CHF21.24 Mil.
Gross Profit was CHF7.76 Mil.
Total Current Assets was CHF4.69 Mil.
Total Assets was CHF11.80 Mil.
Property, Plant and Equipment(Net PPE) was CHF0.03 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF0.50 Mil.
Selling, General, & Admin. Expense(SGA) was CHF2.62 Mil.
Total Current Liabilities was CHF4.76 Mil.
Long-Term Debt & Capital Lease Obligation was CHF3.63 Mil.
Net Income was CHF1.53 Mil.
Gross Profit was CHF0.00 Mil.
Cash Flow from Operations was CHF1.90 Mil.
Total Receivables was CHF1.85 Mil.
Revenue was CHF18.46 Mil.
Gross Profit was CHF7.73 Mil.
Total Current Assets was CHF6.48 Mil.
Total Assets was CHF12.30 Mil.
Property, Plant and Equipment(Net PPE) was CHF0.03 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF0.65 Mil.
Selling, General, & Admin. Expense(SGA) was CHF2.02 Mil.
Total Current Liabilities was CHF5.92 Mil.
Long-Term Debt & Capital Lease Obligation was CHF8.59 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)
=(0.559 / 21.242) / (1.851 / 18.455)
=0.026316 / 0.100298
=0.2624

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)
=(7.734 / 18.455) / (7.759 / 21.242)
=0.419073 / 0.365267
=1.1473

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 - (4.693 + 0.026) / 11.795) / (1 - (6.482 + 0.031) / 12.302)
=0.599915 / 0.470574
=1.2749

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
=21.242 / 18.455
=1.151

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))
=(0.645 / (0.645 + 0.031)) / (0.5 / (0.5 + 0.026))
=0.954142 / 0.95057
=1.0038

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)
=(2.617 / 21.242) / (2.015 / 18.455)
=0.123199 / 0.109185
=1.1284

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)
=((3.629 + 4.764) / 11.795) / ((8.59 + 5.917) / 12.302)
=0.711573 / 1.179239
=0.6034

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
=(1.533 - 0 - 1.897) / 11.795
=-0.030861

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.

ASMALLWORLD AG has a M-score of -2.87 suggests that the company is unlikely to be a manipulator.


ASMALLWORLD AG Beneish M-Score Related Terms

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ASMALLWORLD AG Business Description

Traded in Other Exchanges
N/A
Address
Seidengasse 20, Zurich, CHE, 8001
ASMALLWORLD AG is a travel and lifestyle community company. It operates through the segments of Subscription segment and Service segment, of which key revenue is derived from the Subscription segment. Subscription businesses allow members to use one of their services for a predefined period of time, for which members will pay a membership fee, and the Service segment is characterized by traditional cost-plus economics, where margins related to scale are more stable.

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