Atreyu Capital Market (XTAE:ATRY) Beneish M-Score : 10.34 (As of Jun. 24, 2024)

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What is Atreyu Capital Market 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.

Warning Sign:

Beneish M-Score 10.34 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XTAE:ATRY' s Beneish M-Score Range Over the Past 10 Years
Min: -3.98 Med: -1.43 Max: 10.34
Current: 10.34

During the past 13 years, the highest Beneish M-Score of Atreyu Capital Market was 10.34. The lowest was -3.98. And the median was -1.43.

Atreyu Capital Market Beneish M-Score Historical Data

The historical data trend for Atreyu Capital Market'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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Atreyu Capital Market Beneish M-Score Chart

Atreyu Capital Market Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.52

0.11

-3.05

-2.29

-3.60

Atreyu Capital Market Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															0.40	-2.81	-3.02	-3.60	10.34

Competitive Comparison of Atreyu Capital Market's Beneish M-Score

For the Capital Markets subindustry, Atreyu Capital Market'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.

Atreyu Capital Market's Beneish M-Score Distribution in the Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Atreyu Capital Market's Beneish M-Score distribution charts can be found below:

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

Atreyu Capital Market 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 Atreyu Capital Market 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 * 18.5488

0.528 * 1

0.404 * 1.0249

0.892 * 0.0459

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 17.3264

4.679 * 0.053983

0.327 * 0.7851

10.34

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₪18.17 Mil.
Revenue was 0 + 0 + 0 + 0.045 = ₪0.05 Mil.
Gross Profit was 0 + 0 + 0 + 0.045 = ₪0.05 Mil.
Total Current Assets was ₪19.59 Mil.
Total Assets was ₪235.30 Mil.
Property, Plant and Equipment(Net PPE) was ₪0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪0.00 Mil.
Selling, General, & Admin. Expense(SGA) was ₪0.24 Mil.
Total Current Liabilities was ₪17.07 Mil.
Long-Term Debt & Capital Lease Obligation was ₪0.00 Mil.
Net Income was 21.165 + 18.176 + 18.773 + 18.175 = ₪76.29 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₪0.00 Mil.
Cash Flow from Operations was -0.977 + 15.433 + 11.512 + 37.619 = ₪63.59 Mil.

Total Receivables was ₪21.36 Mil.
Revenue was 0.153 + 0.132 + 0.254 + 0.442 = ₪0.98 Mil.
Gross Profit was 0.153 + 0.132 + 0.254 + 0.442 = ₪0.98 Mil.
Total Current Assets was ₪23.41 Mil.
Total Assets was ₪221.90 Mil.
Property, Plant and Equipment(Net PPE) was ₪0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪0.00 Mil.
Selling, General, & Admin. Expense(SGA) was ₪0.31 Mil.
Total Current Liabilities was ₪20.50 Mil.
Long-Term Debt & Capital Lease Obligation was ₪0.00 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)
	=	(18.171 / 0.045)	/	(21.356 / 0.981)
	=	403.8	/	21.769623
	=	18.5488

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)
	=	(0.981 / 0.981)	/	(0.045 / 0.045)
	=	1	/	1
	=	1

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 - (19.594 + 0) / 235.296)	/	(1 - (23.413 + 0) / 221.897)
	=	0.916726	/	0.894487
	=	1.0249

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
	=	0.045	/	0.981
	=	0.0459

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 / (0 + 0))	/	(0 / (0 + 0))
	=		/
	=	1

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)
	=	(0.244 / 0.045)	/	(0.307 / 0.981)
	=	5.422222	/	0.312946
	=	17.3264

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 + 17.067) / 235.296)	/	((0 + 20.502) / 221.897)
	=	0.072534	/	0.092394
	=	0.7851

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
	=	(76.289 - 0	-	63.587)	/	235.296
	=	0.053983

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.

Atreyu Capital Market has a M-score of 10.34 signals that the company is likely to be a manipulator.

Atreyu Capital Market Beneish M-Score Related Terms

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Atreyu Capital Market (XTAE:ATRY) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Capital Markets » Atreyu Capital Market Ltd (XTAE:ATRY) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

21 Ha'arbaa Street, Platinum Tower, Tel-Aviv, ISR, 64739

Website

http://www.leadercm.co.il

Atreyu Capital Market Ltd offers financial solutions to private & public companies and institutional investors in Israel. It offers brokerage, research, investment banking, inter-bank brokerage & investment management service. Its clients includes insurance companies, provident, pension and mutual funds, and foreign investment houses in Israel.

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