Sp Plus Corp Stock Beneish M Score
| SP Stock | USD 53.46 2.09 4.07% |
SP Plus | Beneish M Score |
At this time, it appears that SP Plus Corp is an unlikely manipulator. The earnings manipulation may begin if SP Plus' top management creates an artificial sense of financial success, forcing the stock price to be traded at a high price-earnings multiple than it should be. In general, excessive earnings management by SP Plus executives may lead to removing some of the operating profits from subsequent periods to inflate earnings in the following periods. This way, the manipulation of SP Plus' earnings can lead to misrepresentations of actual financial condition, taking the otherwise loyal stakeholders on to the path of questionable ethical practices and plain fraud.
-2.54
Beneish M Score - Unlikely Manipulator
SP Plus Beneish M-Score Indicator Trends
The cure to earnings manipulation is the transparency of financial reporting. It will typically remove the temptation of the top executives to inflate earnings (i.e., to promote the idea of 'winning at any cost'). Because a healthy internal audit department can enhance transparency, the board should promote the auditors' access to all the record-keeping systems across the enterprise. For example, if SP Plus' auditors report directly to the board (not management), the managers will be reluctant to manipulate simply due to the fear of punishment. On the other hand, the auditors will be free to investigate the ledgers properly because they know that the board has their back.
| Current Value | Last Year | Change From Last Year | 10 Year Trend | ||||||
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| Net Receivables | 91.7 M | 180.5 M |
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| Total Revenue | 1 B | 1.8 B |
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| Total Assets | 635 M | 1.2 B |
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| Total Current Assets | 122.7 M | 212.2 M |
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| Non Current Assets Total | 512.3 M | 939.7 M |
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| Property Plant Equipment | 62.2 M | 69.2 M |
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| Depreciation And Amortization | 18.6 M | 36.1 M |
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| Selling General Administrative | 76.1 M | 140.4 M |
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| Total Current Liabilities | 182.7 M | 337.4 M |
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| Non Current Liabilities Total | 341.2 M | 563.8 M |
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| Net Debt | 574.6 M | 547.2 M |
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| Short Term Debt | 76.3 M | 72.7 M |
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| Long Term Debt | 220.1 M | 335.6 M |
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| Long Term Investments | 12.3 M | 9.1 M |
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| Gross Profit Margin | 0.14 | 0.1226 |
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SP Plus Corp Beneish M-Score Driver Matrix
One of the toughest challenges investors face today is learning how to quickly synthesize historical financial statements and information provided by the company, SEC reporting, and various external parties in order to detect the potential manipulation of earnings. Understanding the correlation between SP Plus' different financial indicators related to revenue, expenses, operating profit, and net earnings helps investors identify and prioritize their investing strategies towards SP Plus in a much-optimized way. Analyzing correlations between earnings drivers directly associated with dollar figures is the most effective way to find SP Plus' degree of accounting gimmicks and manipulations.
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About SP Plus Beneish M Score
M-Score is one of many grading techniques for value stocks. It was developed by Professor M. Daniel Beneish of the Kelley School of Business at Indiana University and published in 1999 under the paper titled The Detection of Earnings Manipulation. The Beneish score is a multi-factor model that utilizes financial identifiers to compile eight variables used to classify whether a company has manipulated its reported earnings. The variables are built from the officially filed financial statements to create a final score call 'M Score.' The score helps to identify companies that are likely to manipulate their profits if they show deteriorating gross margins, operating expenses, and leverage against growing revenue.
Current Deferred Revenue |
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SP Plus Earnings Manipulation Drivers
Although earnings manipulation is typically not the result of intentional misconduct by the c-level executives, it is still a widespread practice by the senior management of public companies such as SP Plus. It is usually done by a series of misrepresentations of various accounting rules and operating activities across multiple financial cycles. The best way to spot the manipulation is to examine the historical financial statement to find inconsistencies in earning reports to find trends in assets or liabilities that are not sustainable in the future.
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 (projected) | ||
| Net Receivables | 162.3M | 111.2M | 139.6M | 167.7M | 180.5M | 91.7M | |
| Total Revenue | 1.7B | 1.1B | 1.2B | 1.6B | 1.8B | 1.0B | |
| Total Assets | 1.5B | 1.1B | 1.1B | 1.1B | 1.2B | 635.0M | |
| Total Current Assets | 211.1M | 151.9M | 187.5M | 196.8M | 212.2M | 122.7M | |
| Net Debt | 787.8M | 673.7M | 574M | 550.5M | 547.2M | 574.6M | |
| Short Term Debt | 133.1M | 107.1M | 91M | 72.6M | 72.7M | 76.3M | |
| Long Term Debt | 351.1M | 337.1M | 298.4M | 331.8M | 335.6M | 220.1M | |
| Operating Income | 89.7M | (84.3M) | 66.5M | 82.9M | 96.4M | 101.2M | |
| Investments | (12.5M) | (11.5M) | (9.1M) | (54M) | (58.3M) | (55.4M) |
About SP Plus Fundamental Analysis
The Macroaxis Fundamental Analysis modules help investors analyze SP Plus Corp's financials across various querterly and yearly statements, indicators and fundamental ratios. We help investors to determine the real value of SP Plus using virtually all public information available. We use both quantitative as well as qualitative analysis to arrive at the intrinsic value of SP Plus Corp based on its fundamental data. In general, a quantitative approach, as applied to this company, focuses on analyzing financial statements comparatively, whereas a qaualitative method uses data that is important to a company's growth but cannot be measured and presented in a numerical way.
Please read more on our fundamental analysis page.
Some investors attempt to determine whether the market's mood is bullish or bearish by monitoring changes in market sentiment. Unlike more traditional methods such as technical analysis, investor sentiment usually refers to the aggregate attitude towards SP Plus in the overall investment community. So, suppose investors can accurately measure the market's sentiment. In that case, they can use it for their benefit. For example, some tools to gauge market sentiment could be utilized using contrarian indexes, SP Plus' short interest history, or implied volatility extrapolated from SP Plus options trading.
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When determining whether SP Plus Corp is a good investment, qualitative aspects like company management, corporate governance, and ethical practices play a significant role. A comparison with peer companies also provides context and helps to understand if SP Plus Stock is undervalued or overvalued. This multi-faceted approach, blending both quantitative and qualitative analysis, forms a solid foundation for making an informed investment decision about Sp Plus Corp Stock. Highlighted below are key reports to facilitate an investment decision about Sp Plus Corp Stock:Check out SP Plus Piotroski F Score and SP Plus Altman Z Score analysis. You can also try the Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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When running SP Plus' price analysis, check to measure SP Plus' market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy SP Plus is operating at the current time. Most of SP Plus' value examination focuses on studying past and present price action to predict the probability of SP Plus' future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move SP Plus' price. Additionally, you may evaluate how the addition of SP Plus to your portfolios can decrease your overall portfolio volatility.
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Is SP Plus' industry expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of SP Plus. If investors know SP Plus will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about SP Plus listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Quarterly Earnings Growth (0.1) | Earnings Share 1.53 | Revenue Per Share 45.135 | Quarterly Revenue Growth 0.027 | Return On Assets 0.0514 |
The market value of SP Plus Corp is measured differently than its book value, which is the value of SP Plus that is recorded on the company's balance sheet. Investors also form their own opinion of SP Plus' value that differs from its market value or its book value, called intrinsic value, which is SP Plus' true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because SP Plus' market value can be influenced by many factors that don't directly affect SP Plus' underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between SP Plus' value and its price as these two are different measures arrived at by different means. Investors typically determine if SP Plus is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, SP Plus' price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.