SPI
CyclicalsValuation Breakdown
Cyclical companies (chemicals, oil & gas, basic resources) have earnings that swing dramatically with commodity prices and economic cycles. Valuing them on a single year's earnings is misleading: they look cheap at peaks and expensive at troughs. This model uses 7-year median EBITDA ("mid-cycle" earnings) and a 7-year median EV/EBITDA multiple to estimate what the firm is worth at a normal point in the cycle.
Valuation Track Record
Retroactive intrinsic value vs actual close price — SPI
Earnings Quality
Fiscal year 2023
Financial Forensics
Beneish M-Score · 2021
SPI exhibits several concerning financial metrics that suggest potential earnings manipulation, particularly with a Beneish M-Score of -3.3751, well below the manipulation threshold. The earnings quality score of 41.2 indicates significant weaknesses in revenue recognition and margin quality, raising further concerns about the reliability of reported earnings.
- Beneish M-Score of -3.3751 indicates potential earnings manipulation as it is significantly below the threshold of -1.78.
- Earnings quality metrics show 0.0/100 for eq_receivables, eq_margin, and eq_revenue, indicating severe issues in revenue recognition and profitability.
- The cash conversion score is 100.0/100, suggesting that cash flows are being generated effectively despite the concerns in earnings quality.
The ownership structure is highly concentrated with the top five shareholders holding over 47% of the shares, which may lead to governance risks and potential conflicts of interest.
Investors should exercise caution and conduct further due diligence, particularly focusing on cash flow statements and operational performance, before considering any investment in SPI.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
Company Overview
// OWNERSHIP_NETWORK
> mapping common ownership for SPI — hover nodes for intel, click to navigate