AGRAM BANKA dionicko drustvo (ZAG:KBZ) Beneish M-Score : -1.99 (As of May. 25, 2024)

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What is AGRAM BANKA dionicko drustvo Beneish M-Score?

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -1.99 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ZAG:KBZ' s Beneish M-Score Range Over the Past 10 Years
Min: -32.59 Med: -2.3 Max: 2.94
Current: -1.99

During the past 13 years, the highest Beneish M-Score of AGRAM BANKA dionicko drustvo was 2.94. The lowest was -32.59. And the median was -2.30.

AGRAM BANKA dionicko drustvo 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 AGRAM BANKA dionicko drustvo 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

0.528 * 1

0.404 * 1.0026

0.892 * 1.1211

0.115 * 0.9401

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3954

4.679 * -0.031804

0.327 * 0.9487

-2.58

* 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 (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was €0.00 Mil.
Revenue was 5.278 + 6.089 + 5.716 + 5.406 = €22.49 Mil.
Gross Profit was 5.278 + 6.089 + 5.716 + 5.406 = €22.49 Mil.
Total Current Assets was €0.00 Mil.
Total Assets was €575.28 Mil.
Property, Plant and Equipment(Net PPE) was €14.13 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.14 Mil.
Selling, General, & Admin. Expense(SGA) was €0.63 Mil.
Total Current Liabilities was €0.00 Mil.
Long-Term Debt & Capital Lease Obligation was €7.15 Mil.
Net Income was 1.973 + 2.199 + 2.238 + 2.077 = €8.49 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0.00 Mil.
Cash Flow from Operations was -24.955 + 12.472 + 36.5 + 2.766 = €26.78 Mil.

Total Receivables was €0.00 Mil.
Revenue was 4.505 + 5.522 + 5.382 + 4.651 = €20.06 Mil.
Gross Profit was 4.505 + 5.522 + 5.382 + 4.651 = €20.06 Mil.
Total Current Assets was €0.00 Mil.
Total Assets was €545.64 Mil.
Property, Plant and Equipment(Net PPE) was €14.79 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.12 Mil.
Selling, General, & Admin. Expense(SGA) was €0.40 Mil.
Total Current Liabilities was €0.00 Mil.
Long-Term Debt & Capital Lease Obligation was €7.15 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 / 22.489)	/	(0 / 20.06)
	=	0	/	0
	=	1

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)
	=	(20.06 / 20.06)	/	(22.489 / 22.489)
	=	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 - (0 + 14.134) / 575.277)	/	(1 - (0 + 14.79) / 545.641)
	=	0.975431	/	0.972894
	=	1.0026

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
	=	22.489	/	20.06
	=	1.1211

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))
	=	(1.119 / (1.119 + 14.79))	/	(1.143 / (1.143 + 14.134))
	=	0.070338	/	0.074818
	=	0.9401

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)
	=	(0.632 / 22.489)	/	(0.404 / 20.06)
	=	0.028103	/	0.02014
	=	1.3954

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)
	=	((7.154 + 0) / 575.277)	/	((7.153 + 0) / 545.641)
	=	0.012436	/	0.013109
	=	0.9487

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
	=	(8.487 - 0	-	26.783)	/	575.277
	=	-0.031804

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.

AGRAM BANKA dionicko drustvo has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.

AGRAM BANKA dionicko drustvo Beneish M-Score Related Terms

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AGRAM BANKA dionicko drustvo (ZAG:KBZ) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Banks » AGRAM BANKA dionicko drustvo (ZAG:KBZ) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Ulica Grada Vukovara 74, Zagreb, HRV, 10000

Website

http://www.agrambanka.hr

AGRAM BANKA dionicko drustvo provides banking services. The company's operating segment includes Commercial Banking; Retail Banking; Treasury and other. It generates maximum revenue from the Commercial Banking segment. The Commercial Banking segment includes entails loan-guarantees and deposit operations, card operations, and other transactions with clients who are legal entities. Geographically, it has a presence in Germany; Italy; Croatia; Austria; the United States of America, and Spain.