InterXion Holding NV Beneish M-Score Historical Data
The historical data trend for InterXion Holding NV'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.
InterXion Holding NV Beneish M-Score Chart
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InterXion Holding NV Annual Data
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Dec18 |
| Beneish M-Score |
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-2.88 |
-2.87 |
-2.76 |
-2.04 |
-2.99 |
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InterXion Holding NV Quarterly Data
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Dec14 |
Mar15 |
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Sep19 |
| Beneish M-Score |
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-2.70 |
-2.99 |
-3.01 |
-2.89 |
-2.80 |
Competitive Comparison of InterXion Holding NV's Beneish M-Score
For the Information Technology Services subindustry, InterXion Holding NV'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.
InterXion Holding NV's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, InterXion Holding NV's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where InterXion Holding NV's Beneish M-Score falls into.
InterXion Holding NV 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 InterXion Holding NV 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 * 1.0297 | + | 0.528 * 0.9442 | + | 0.404 * 0.7418 | + | 0.892 * 1.0713 | + | 0.115 * 1.124 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1063 | + | 4.679 * -0.062036 | - | 0.327 * 0.9547 |
| = | -2.80 |
* 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 (Sep19) TTM: | Last Year (Sep18) TTM: |
Total Receivables was $254.7 Mil.
Revenue was 175.543 + 179.069 + 171.221 + 167.123 = $693.0 Mil.
Gross Profit was 115.92 + 117.228 + 114.279 + 102.035 = $449.5 Mil.
Total Current Assets was $481.4 Mil.
Total Assets was $3,303.1 Mil.
Property, Plant and Equipment(Net PPE) was $2,649.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $186.1 Mil.
Selling, General, & Admin. Expense(SGA) was $162.2 Mil.
Total Current Liabilities was $346.3 Mil.
Long-Term Debt & Capital Lease Obligation was $1,844.9 Mil.
Net Income was 23.624 + 9.733 + 9.49 + 9.078 = $51.9 Mil.
Non Operating Income was 15.032 + 0.252 + 1.416 + -3.915 = $12.8 Mil.
Cash Flow from Operations was 72.031 + 40.44 + 80.611 + 50.968 = $244.1 Mil.
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Total Receivables was $230.9 Mil.
Revenue was 165.917 + 162.178 + 165.026 + 153.707 = $646.8 Mil.
Gross Profit was 100.746 + 99.443 + 100.048 + 95.904 = $396.1 Mil.
Total Current Assets was $569.1 Mil.
Total Assets was $2,595.1 Mil.
Property, Plant and Equipment(Net PPE) was $1,843.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $146.8 Mil.
Selling, General, & Admin. Expense(SGA) was $136.9 Mil.
Total Current Liabilities was $301.2 Mil.
Long-Term Debt & Capital Lease Obligation was $1,502.0 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) |
| = | (254.711 / 692.956) | / | (230.903 / 646.828) |
| = | 0.367572 | / | 0.356977 |
| | = | 1.0297 |
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) |
| = | (396.141 / 646.828) | / | (449.462 / 692.956) |
| = | 0.612436 | / | 0.648615 |
| | = | 0.9442 |
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 - (481.396 + 2649.599) / 3303.106) | / | (1 - (569.13 + 1843.643) / 2595.056) |
| = | 0.052106 | / | 0.070242 |
| | = | 0.7418 |
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 |
| = | 692.956 | / | 646.828 |
| | = | 1.0713 |
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)) |
| = | (146.827 / (146.827 + 1843.643)) | / | (186.103 / (186.103 + 2649.599)) |
| = | 0.073765 | / | 0.065629 |
| | = | 1.124 |
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) |
| = | (162.221 / 692.956) | / | (136.873 / 646.828) |
| = | 0.2341 | / | 0.211606 |
| | = | 1.1063 |
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) |
| = | ((1844.881 + 346.251) / 3303.106) | / | ((1501.974 + 301.231) / 2595.056) |
| = | 0.663355 | / | 0.694862 |
| | = | 0.9547 |
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 |
| = | (51.925 - 12.785 | - | 244.05) | / | 3303.106 |
| | = | -0.062036 |
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.
InterXion Holding NV has a M-score of -2.80 suggests that the company is unlikely to be a manipulator.
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