Immunocore Holdings Stock Beneish M Score

IMCR Stock  USD 61.66  1.92  3.02%   
This module uses fundamental data of Immunocore Holdings to approximate the value of its Beneish M Score. Immunocore Holdings 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. Check out Immunocore Holdings Piotroski F Score and Immunocore Holdings Altman Z Score analysis.
To learn how to invest in Immunocore Stock, please use our How to Invest in Immunocore Holdings guide.
  
At this time, Immunocore Holdings' Debt Ratio is relatively stable compared to the past year. As of 03/28/2024, Cash Flow To Debt Ratio is likely to grow to 0.04, while Short and Long Term Debt Total is likely to drop slightly above 65.9 M. At this time, Immunocore Holdings' Price To Operating Cash Flows Ratio is relatively stable compared to the past year. As of 03/28/2024, Inventory Turnover is likely to grow to 0.24, while Free Cash Flow Per Share is likely to drop (0.000053).
At this time, it appears that Immunocore Holdings is an unlikely manipulator. The earnings manipulation may begin if Immunocore Holdings' 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 Immunocore Holdings 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 Immunocore Holdings' 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.
-3.25
Beneish M Score - Unlikely Manipulator
Elasticity of Receivables

0.62

Focus
Asset Quality

2.71

Focus
Expense Coverage

0.52

Focus
Gross Margin Strengs

1.05

Focus
Accruals Factor

0.52

Focus
Depreciation Resistance

0.81

Focus
Net Sales Growth

1.05

Focus
Financial Leverage Condition

2.08

Focus

Immunocore Holdings 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 Immunocore Holdings' 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
Net Receivables40.2 M61.4 M
Way Down
Slightly volatile
Total Revenue261.9 M249.4 M
Sufficiently Up
Slightly volatile
Total Assets350.7 M597 M
Way Down
Slightly volatile
Total Current Assets270.4 M528.8 M
Way Down
Slightly volatile
Non Current Assets Total51.5 M68.2 M
Way Down
Slightly volatile
Property Plant Equipment33.1 M36.4 M
Significantly Down
Slightly volatile
Depreciation And Amortization4.7 M4.1 M
Fairly Up
Slightly volatile
Selling General Administrative84.5 M154.9 M
Way Down
Slightly volatile
Total Current Liabilities72 M139 M
Way Down
Slightly volatile
Non Current Liabilities Total66 M89.1 M
Way Down
Slightly volatile
Short Term Debt1.3 M1.4 M
Notably Down
Slightly volatile
Long Term Debt39.7 M48 M
Significantly Down
Slightly volatile

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

About Immunocore Holdings 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.

Depreciation And Amortization

4.71 Million

At this time, Immunocore Holdings' Depreciation And Amortization is relatively stable compared to the past year.

Immunocore Holdings 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 Immunocore Holdings. 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.
201920202021202220232024 (projected)
Net Receivables50.0M23.2M24.8M58.4M61.4M40.2M
Total Revenue25.7M30.1M26.5M143.7M249.4M261.9M
Total Assets185.6M197.2M301.8M435.5M597.0M350.7M
Total Current Assets124.3M152.9M262.7M391.9M528.8M270.4M
Net Debt(14.6M)(65.8M)(174.1M)(263.2M)(358.6M)(340.7M)
Operating Income(118.3M)(86.2M)(135.2M)(39.6M)(59.6M)(62.6M)
Investments(4.1M)467K(367K)193K4.8M4.2M

About Immunocore Holdings Fundamental Analysis

The Macroaxis Fundamental Analysis modules help investors analyze Immunocore Holdings's financials across various querterly and yearly statements, indicators and fundamental ratios. We help investors to determine the real value of Immunocore Holdings using virtually all public information available. We use both quantitative as well as qualitative analysis to arrive at the intrinsic value of Immunocore Holdings 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.
Immunocore Holdings plc, a commercial-stage biotechnology company, engages in the development of immunotherapies for the treatment of cancer, infectious, and autoimmune diseases. Immunocore Holdings plc was founded in 1999 and is headquartered in Abingdon, the United Kingdom. Immunocore Holdings operates under Biotechnology classification in the United States and is traded on NASDAQ Exchange. It employs 324 people.

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When determining whether Immunocore Holdings is a strong investment it is important to analyze Immunocore Holdings' competitive position within its industry, examining market share, product or service uniqueness, and competitive advantages. Beyond financials and market position, potential investors should also consider broader economic conditions, industry trends, and any regulatory or geopolitical factors that may impact Immunocore Holdings' future performance. For an informed investment choice regarding Immunocore Stock, refer to the following important reports:
Check out Immunocore Holdings Piotroski F Score and Immunocore Holdings Altman Z Score analysis.
To learn how to invest in Immunocore Stock, please use our How to Invest in Immunocore Holdings guide.
Note that the Immunocore Holdings information on this page should be used as a complementary analysis to other Immunocore Holdings' statistical models used to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.

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Is Immunocore Holdings' 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 Immunocore Holdings. If investors know Immunocore 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 Immunocore Holdings 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
(0.68)
Earnings Share
(1.42)
Revenue Per Share
5.102
Quarterly Revenue Growth
0.122
Return On Assets
(0.07)
The market value of Immunocore Holdings is measured differently than its book value, which is the value of Immunocore that is recorded on the company's balance sheet. Investors also form their own opinion of Immunocore Holdings' value that differs from its market value or its book value, called intrinsic value, which is Immunocore Holdings' 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 Immunocore Holdings' market value can be influenced by many factors that don't directly affect Immunocore Holdings' 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 Immunocore Holdings' value and its price as these two are different measures arrived at by different means. Investors typically determine if Immunocore Holdings is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Immunocore Holdings' 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.