S12
ConstructionValuation Breakdown
Construction and industrial firms have characteristics of both cyclical businesses (lumpy project-based revenue) and growth companies (expanding order books). This model blends two approaches 50/50: EV/EBITDA valuation (captures current earning power relative to peers) and FCF-based DCF (captures future cash generation potential). If EV/EBITDA produces a negative value (debt exceeds enterprise value), only DCF is used.
Valuation Track Record
Retroactive intrinsic value vs actual close price — S12
Earnings Quality
Fiscal year 2024
Financial Forensics
Beneish M-Score · 2023
The Beneish M-Score of 2.2228 indicates a high likelihood of earnings manipulation, significantly exceeding the threshold of -1.78. Coupled with a low earnings quality score of 44.6/100, particularly poor cash conversion and revenue metrics, S12 presents substantial risks for investors.
- Beneish M-Score of 2.2228 indicates likely earnings manipulation.
- Earnings Quality Score of 44.6/100, with cash conversion at only 9.0/100 and revenue metrics at 0.0/100, highlighting severe quality issues.
- DSRI of 0.1494 suggests a low risk of revenue inflation through receivables.
- High receivables quality score of 100.0/100 indicates strong management of receivables.
The ownership structure is heavily concentrated, with the top three shareholders holding 80% of the company. This concentration can lead to governance risks and potential conflicts of interest.
Investors should exercise caution and consider avoiding S12 due to high manipulation risk and poor earnings quality. A thorough review of financial statements and management practices is advised before any investment.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
Company Overview
// OWNERSHIP_NETWORK
> mapping common ownership for S12 — hover nodes for intel, click to navigate