Lecico EgyptE Beneish M-Score Historical Data
The historical data trend for Lecico EgyptE's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Lecico EgyptE Beneish M-Score Chart
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Lecico EgyptE Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.63 |
-3.55 |
-2.91 |
-2.36 |
-1.99 |
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Lecico EgyptE Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.36 |
-2.08 |
-2.15 |
-1.88 |
-1.99 |
Competitive Comparison of Lecico EgyptE's Beneish M-Score
For the Building Products & Equipment subindustry, Lecico EgyptE's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Lecico EgyptE's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Lecico EgyptE's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lecico EgyptE's Beneish M-Score falls into.
Lecico EgyptE Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Lecico EgyptE for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 0.9612 | + | 0.528 * 0.4768 | + | 0.404 * 1.218 | + | 0.892 * 1.4793 | + | 0.115 * 1.0322 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9284 | + | 4.679 * 0.056647 | - | 0.327 * 0.9877 |
| = | -1.99 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was E£1,180 Mil.
Revenue was 1223.007 + 1218.694 + 1184.485 + 1216.745 = E£4,843 Mil.
Gross Profit was 334.886 + 359.16 + 439.604 + 500.477 = E£1,634 Mil.
Total Current Assets was E£3,233 Mil.
Total Assets was E£5,455 Mil.
Property, Plant and Equipment(Net PPE) was E£2,206 Mil.
Depreciation, Depletion and Amortization(DDA) was E£118 Mil.
Selling, General, & Admin. Expense(SGA) was E£514 Mil.
Total Current Liabilities was E£2,635 Mil.
Long-Term Debt & Capital Lease Obligation was E£420 Mil.
Net Income was 110.758 + 78.625 + 167.861 + 89.04 = E£446 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = E£0 Mil.
Cash Flow from Operations was 336.983 + 145.805 + -75.355 + -270.183 = E£137 Mil.
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Total Receivables was E£830 Mil.
Revenue was 950.37 + 854.605 + 723.287 + 745.523 = E£3,274 Mil.
Gross Profit was 119.468 + 113.309 + 135.742 + 158.219 = E£527 Mil.
Total Current Assets was E£2,686 Mil.
Total Assets was E£4,695 Mil.
Property, Plant and Equipment(Net PPE) was E£1,998 Mil.
Depreciation, Depletion and Amortization(DDA) was E£111 Mil.
Selling, General, & Admin. Expense(SGA) was E£374 Mil.
Total Current Liabilities was E£2,318 Mil.
Long-Term Debt & Capital Lease Obligation was E£345 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (1179.786 / 4842.931) | / | (829.701 / 3273.785) |
| = | 0.24361 | / | 0.253438 |
| | = | 0.9612 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (526.738 / 3273.785) | / | (1634.127 / 4842.931) |
| = | 0.160896 | / | 0.337425 |
| | = | 0.4768 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (3233.023 + 2206.148) / 5455.417) | / | (1 - (2686.428 + 1997.588) / 4695.498) |
| = | 0.002978 | / | 0.002445 |
| | = | 1.218 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 4842.931 | / | 3273.785 |
| | = | 1.4793 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (110.652 / (110.652 + 1997.588)) | / | (118.186 / (118.186 + 2206.148)) |
| = | 0.052485 | / | 0.050847 |
| | = | 1.0322 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (513.791 / 4842.931) | / | (374.114 / 3273.785) |
| = | 0.106091 | / | 0.114276 |
| | = | 0.9284 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((420.352 + 2635.337) / 5455.417) | / | ((345.387 + 2317.525) / 4695.498) |
| = | 0.56012 | / | 0.56712 |
| | = | 0.9877 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (446.284 - 0 | - | 137.25) | / | 5455.417 |
| | = | 0.056647 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Lecico EgyptE has a M-score of -1.99 suggests that the company is unlikely to be a manipulator.
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