Altimmune Beneish M Score

ALT
 Stock
  

USD 11.28  0.49  4.54%   

This module uses fundamental data of Altimmune to approximate the value of its Beneish M Score. Altimmune M Score tells investors if the company management is likely to be manipulating earnings. The score is calculated using eight financial indicators that are adjusted by a specific multiplier. Please note, the M Score is a probabilistic model and cannot detect companies that manipulate their earnings with 100% accuracy. Please continue to Altimmune Piotroski F Score and Altimmune Altman Z Score analysis.
  
Altimmune Total Debt is comparatively stable at the moment as compared to the past year. Altimmune reported Total Debt of 64,436.4 in 2021. Debt Current is likely to gain to about 66.1 K in 2022, whereas Issuance Repayment of Debt Securities is likely to drop (269.7 K) in 2022. Altimmune Quick Ratio is comparatively stable at the moment as compared to the past year. Altimmune reported Quick Ratio of 10.31 in 2021. Asset Turnover is likely to gain to 0.0195 in 2022, whereas Cash Flow Per Share is likely to drop (1.96)  in 2022.
At this time, it appears that Altimmune is an unlikely manipulator. The earnings manipulation may begin if Altimmune's 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 Altimmune 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 Altimmune's 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.
-2.91
Beneish M Score - Unlikely Manipulator
Elasticity of Receivables1.0Focus
Asset Quality0.76Focus
Expense Coverage0.8Focus
Gross Margin Strengs0.99Focus
Accruals Factor0.8Focus
Depreciation Resistance1.01Focus
Net Sales Growth1.03Focus
Financial Leverage Condition1.02Focus

Altimmune 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 Altimmune's 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 ValueLast YearChange From Last Year 10 Year Trend
Selling General and Administrative Expense12.7 M15.4 M
Significantly Down
Decreasing
Very volatile
Revenues4.5 M4.4 M
Fairly Up
Decreasing
Slightly volatile
Trade and Non Trade Receivables440.3 K429 K
Fairly Up
Decreasing
Slightly volatile
Property Plant and Equipment Net1.2 M1.4 M
Fairly Down
Increasing
Slightly volatile
Net Cash Flow from Operations(80.3 M)(78.2 M)
Fairly Down
Decreasing
Stable
Liabilities Non Current1.5 M1.5 M
Fairly Up
Increasing
Stable
Current Liabilities19.3 M18.3 M
Notably Up
Increasing
Very volatile
Total Liabilities21.7 M19.7 M
Significantly Up
Increasing
Very volatile
Investments Current97.7 M115 M
Fairly Down
Increasing
Slightly volatile
Investments97.7 M115 M
Fairly Down
Increasing
Slightly volatile
Gross Margin0.890.9
Fairly Down
Decreasing
Slightly volatile
Depreciation Amortization and Accretion457.7 K551.3 K
Significantly Down
Increasing
Stable
Debt Non Current952.4 K657.3 K
Way Up
Decreasing
Slightly volatile
Debt Current66.1 K64.4 K
Fairly Up
Decreasing
Slightly volatile
Total Debt66.1 K64.4 K
Fairly Up
Decreasing
Slightly volatile
Assets Non Current15.5 M14.7 M
Notably Up
Increasing
Slightly volatile
Current Assets220.2 M204.1 M
Significantly Up
Increasing
Slightly volatile
Total Assets236.1 M218.9 M
Significantly Up
Increasing
Slightly volatile

Altimmune 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 Altimmune's different financial indicators related to revenue, expenses, operating profit, and net earnings helps investors identify and prioritize their investing strategies towards Altimmune in a much-optimized way. Analyzing correlations between earnings drivers directly associated with dollar figures is the most effective way to find Altimmune's degree of accounting gimmicks and manipulations.

About Altimmune 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.

Operating Expenses

109.32 Million

Altimmune Operating Expenses is comparatively stable at the moment as compared to the past year. Altimmune reported Operating Expenses of 101.32 Million in 2021

Altimmune 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 Altimmune. 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.
201720182019202020212022 (projected)
Revenues10.74 M10.33 M5.8 M8.19 M4.41 M4.53 M
Total Assets63.03 M54.75 M54.06 M245.12 M218.86 M236.14 M
Current Assets23.47 M39.37 M39.39 M230.26 M204.13 M220.24 M
Assets Non Current39.56 M15.38 M14.66 M14.86 M14.74 M15.52 M
Total Liabilities14.35 M6.44 M8.54 M19.24 M19.73 M21.73 M
Current Liabilities3.84 M4.53 M3.92 M12.02 M18.28 M19.35 M
Operating Income(52.05 M)(42.83 M)(21.46 M)(54.8 M)(96.91 M)(99.46 M)

About Altimmune Fundamental Analysis

The Macroaxis Fundamental Analysis modules help investors analyze Altimmune's financials across various querterly and yearly statements, indicators and fundamental ratios. We help investors to determine the real value of Altimmune using virtually all public information available. We use both quantitative as well as qualitative analysis to arrive at the intrinsic value of Altimmune 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.
Altimmune, Inc., a clinical stage biopharmaceutical company, focuses on developing treatments for obesity and liver diseases. Altimmune, Inc. was founded in 1997 is headquartered in Gaithersburg, Maryland. Altimmune operates under Biotechnology classification in the United States and is traded on NASDAQ Exchange. It employs 47 people.

Be your own money manager

Our tools can tell you how much better you can do entering a position in Altimmune without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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Pair Trading with Altimmune

One of the main advantages of trading using pair correlations is that every trade hedges away some risk. Because there are two separate transactions required, even if Altimmune position performs unexpectedly, the other equity can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Altimmune will appreciate offsetting losses from the drop in the long position's value.

Moving together with Altimmune

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The ability to find closely correlated positions to Altimmune could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Altimmune when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Altimmune - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Altimmune to buy it.
The correlation of Altimmune is a statistical measure of how it moves in relation to other equities. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Altimmune moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Altimmune moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Correlation analysis and pair trading evaluation for Altimmune can also be used as hedging techniques within a particular sector or industry or even over random equities to generate a better risk-adjusted return on your portfolios.
Pair CorrelationCorrelation Matching
Please continue to Altimmune Piotroski F Score and Altimmune Altman Z Score analysis. You can also try Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.

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Is Altimmune's 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 Altimmune. If investors know Altimmune 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 Altimmune listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Market Capitalization
554.5 M
Quarterly Revenue Growth YOY
(0.99) 
Return On Assets
(0.23) 
Return On Equity
(0.42) 
The market value of Altimmune is measured differently than its book value, which is the value of Altimmune that is recorded on the company's balance sheet. Investors also form their own opinion of Altimmune's value that differs from its market value or its book value, called intrinsic value, which is Altimmune's 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 Altimmune's market value can be influenced by many factors that don't directly affect Altimmune's 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 Altimmune's value and its price as these two are different measures arrived at by different means. Investors typically determine Altimmune value by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Altimmune's 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.