TRW Automotive Holdings Beneish M-Score Historical Data
The historical data trend for TRW Automotive Holdings'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.
TRW Automotive Holdings Beneish M-Score Chart
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TRW Automotive Holdings Annual Data
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Dec05 |
Dec06 |
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Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
| Beneish M-Score |
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-2.63 |
-2.33 |
-2.42 |
-2.48 |
-3.04 |
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TRW Automotive Holdings Quarterly Data
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Jun10 |
Sep10 |
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Mar11 |
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Mar14 |
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Sep14 |
Dec14 |
Mar15 |
| Beneish M-Score |
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-2.46 |
-2.48 |
-2.63 |
-3.04 |
-3.06 |
Competitive Comparison of TRW Automotive Holdings's Beneish M-Score
For the Auto Parts subindustry, TRW Automotive Holdings'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.
TRW Automotive Holdings's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, TRW Automotive Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TRW Automotive Holdings's Beneish M-Score falls into.
TRW Automotive Holdings 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 TRW Automotive Holdings 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 * 1.0519 | + | 0.528 * 0.9552 | + | 0.404 * 0.9398 | + | 0.892 * 1.0684 | + | 0.115 * 1.0338 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 2.2336 | + | 4.679 * -0.034633 | - | 0.327 * 0.9366 |
| = | -2.77 |
* 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 (Mar15) TTM: | Last Year (Mar14) TTM: |
Total Receivables was €2,384 Mil.
Revenue was 3827.208 + 3526.228 + 3225.056 + 3380.448 = €13,959 Mil.
Gross Profit was 446.292 + 424.964 + 368.6 + 417.312 = €1,657 Mil.
Total Current Assets was €4,892 Mil.
Total Assets was €10,425 Mil.
Property, Plant and Equipment(Net PPE) was €2,255 Mil.
Depreciation, Depletion and Amortization(DDA) was €357 Mil.
Selling, General, & Admin. Expense(SGA) was €1,168 Mil.
Total Current Liabilities was €3,789 Mil.
Long-Term Debt & Capital Lease Obligation was €1,187 Mil.
Net Income was 338.184 + -291.96 + 146.664 + 195.04 = €388 Mil.
Non Operating Income was 9.24 + 4.866 + 9.312 + 7.36 = €31 Mil.
Cash Flow from Operations was -177.408 + 545.803 + 160.632 + 189.152 = €718 Mil.
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Total Receivables was €2,121 Mil.
Revenue was 3211.566 + 3282.08 + 3150.576 + 3421.612 = €13,066 Mil.
Gross Profit was 361.5 + 381.06 + 336.6 + 402.498 = €1,482 Mil.
Total Current Assets was €3,793 Mil.
Total Assets was €8,630 Mil.
Property, Plant and Equipment(Net PPE) was €1,950 Mil.
Depreciation, Depletion and Amortization(DDA) was €321 Mil.
Selling, General, & Admin. Expense(SGA) was €490 Mil.
Total Current Liabilities was €3,337 Mil.
Long-Term Debt & Capital Lease Obligation was €1,061 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) |
| = | (2383.92 / 13958.94) | / | (2121.282 / 13065.834) |
| = | 0.170781 | / | 0.162353 |
| | = | 1.0519 |
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) |
| = | (1481.658 / 13065.834) | / | (1657.168 / 13958.94) |
| = | 0.113399 | / | 0.118717 |
| | = | 0.9552 |
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 - (4891.656 + 2255.484) / 10424.568) | / | (1 - (3792.858 + 1949.931) / 8629.728) |
| = | 0.314395 | / | 0.334534 |
| | = | 0.9398 |
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 |
| = | 13958.94 | / | 13065.834 |
| | = | 1.0684 |
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)) |
| = | (320.961 / (320.961 + 1949.931)) | / | (357.209 / (357.209 + 2255.484)) |
| = | 0.141337 | / | 0.136721 |
| | = | 1.0338 |
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) |
| = | (1168.458 / 13958.94) | / | (489.662 / 13065.834) |
| = | 0.083707 | / | 0.037477 |
| | = | 2.2336 |
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) |
| = | ((1187.34 + 3789.324) / 10424.568) | / | ((1061.364 + 3337.368) / 8629.728) |
| = | 0.477398 | / | 0.509718 |
| | = | 0.9366 |
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 |
| = | (387.928 - 30.778 | - | 718.179) | / | 10424.568 |
| | = | -0.034633 |
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.
TRW Automotive Holdings has a M-score of -2.77 suggests that the company is unlikely to be a manipulator.
TRW Automotive Holdings (FRA:TQT) Business Description
Traded in Other Exchanges
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TRW Automotive Holdings Corp is a Delaware corporation formed in 2002. The Company is a supplier of automotive systems, modules and components to automotive original equipment manufacturers and related aftermarkets. It conducts substantially all of its operations through subsidiaries. These operations encompass the design, manufacture and sale of active and passive safety related products and systems. Active safety related products and systems principally refer to vehicle dynamic controls (braking and steering) and electronics (driver assistance systems), and passive safety related products and systems principally refer to occupant restraints (airbags and seat belts) and electronics (airbag electronic control units, and crash and occupant weight sensors). It operates its business in four segments: Chassis Systems, Occupant Safety Systems, Electronics and Automotive Components. The Chassis Systems segment focuses on the design, manufacture and sale of products and systems relating to braking, steering, modules, and linkage and suspension. It sells its Chassis Systems products and systems to OEMs and other Tier 1 suppliers. The Occupant Safety Systems segment focuses on the design, manufacture and sale of products and systems relating to airbags, seat belts, and steering wheels. It sells its Occupant Safety Systems products and systems to OEMs and other Tier 1 suppliers. It also sells these products and systems to OEM service organizations. The Electronics segment focuses on the design, manufacture and sale of electronics components and systems in the areas of safety, chassis, radio frequency, powertrain, and driver assistance systems, including cameras and radars. It sells its Electronics products and systems to OEMs and to its Chassis Systems segment (braking and steering applications). It also sells these products and systems to OEM service organizations. The Automotive Components segment focuses on the design, manufacture and sale of body controls, engine valves, and engineered fasteners and components. It sells its Automotive Components products to OEMs and other Tier 1 suppliers, and to certain non-automotive markets and customers. It also sells these products to OEM service organizations. In addition, it sells some engine valve and body control products to independent distributors for the automotive aftermarket. The Company's principal competitors include Advics, Bosch, Continental, JTEKT, Nexteer and ZF in the Chassis Systems segment; Autoliv, Key Safety, and Takata in the Occupant Safety Systems segment; Autoliv, Bosch, Continental, Delphi, Denso, and Magna in the Electronics segment; and Delphi, Eaton, ITW, Kostal, Nifco, Raymond, Tokai Rika, and Valeo in the Automotive Components segment. Its operations are subject to a variety of federal, state, local and international laws and regulations which may have a direct or indirect effect on its business.
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