A finished study on a fictitious company, published so you can read one before uploading anything.
Avalon Telematics Ltd
No ratingRating withheld in all 7 years. Analysis coverage peaks at 39% and a rating needs 40%. The figures that were found were read accurately; the gap is in what the filings print. 3 uploads would unblock 5 analyses and add 10 line items.
Verdict for FY2026
AI-generated analysis · figures computed, not writtenWithheld
The withheld rating is itself a finding. Coverage sits below the rating floor in all seven years, score quality never rises above limited, and half the analysis areas returned insufficient evidence; every reading that tests manipulation directly computed in no year, so the study's own question is untested rather than answered. What did compute reads benign: digit conformity is unremarkable, the one accrual-quality reading sits on the benign side of the population, and operating cash is positive every year. The supportable reading is an impairment following a lost customer at a leveraged small company, with the reporting record warranting further work.
Risk index 0.85 (not rated)Score quality limitedConfidence lowPeer group Software & IT Services
A risk index without a rating is shown for the trajectory only.Read the executive summary
How much was read
Data quality58%of figures
found in the filings
35%of indicators
computed · floor 40% · full 60%
- Study quality grade
- E · 4 of 23 analyses fully computed
- Reporting quality
- V · See the readings
- Figures published
- 622 · 89% read with high confidence
Risk trajectory
risk index, not ratedcoverage
| Year | Rating | Risk index | Coverage | Score quality |
|---|---|---|---|---|
| FY2020 | Withheld | 0.15 | 11% | insufficient |
| FY2021 | Withheld | 0.84 | 21% | limited |
| FY2022 | Withheld | 0.83 | 14% | limited |
| FY2023 | Withheld | 0.01 | 27% | limited |
| FY2024 | Withheld | 0.83 | 31% | limited |
| FY2025 | Withheld | 0.85 | 39% | limited |
| FY2026 | Withheld | 0.85 | 35% | limited |
Most significant findings
All 12High
Fiscal 2026 write-down empties equity and multiplies the accumulated deficit
FY2026 · Indicator analysis
Reads Intangible Assets · Retained Earnings
High
North America carrying value survives only on assumptions management concedes could move
FY2026 · Document review
High
Acquired goodwill carried in the wrong currency since 2022, prior periods restated
FY2025 · Restatement comparison
High
Auditor warns headroom may sit below management's calculation
FY2025 · Document review
Medium
Impairment indicators recorded for five years before the charge was taken
FY2026 · Document review
What stands out in FY2026
Elevated readings first| Indicator | Category | Value | Peer position | Risk level |
|---|---|---|---|---|
| Intangible Assets | Asset Quality | 0.43 | higher than 100% of the peer group | elevated |
| Retained Earnings | Credit | −0.66 | higher than 2% of the peer group | elevated |
| Composite Bankruptcy Score | Credit | −1.42 | higher than 96% of the peer group | elevated |
| Provision for Bad Debt Relative to Trade Receivables | Working Capital Signals | 6.40 | higher than 94% of the peer group | elevated |
| Change in Goodwill | Asset Quality | −0.33 | higher than 8% of the peer group | elevated |
One indicator dominates this reading: Provision for Bad Debt Relative to Trade ReceivablesContext declared: Mature · Asset heavy · IFRS · Merger or acquisition · Debt refinancing