Ellaktor Beneish M-Score Historical Data
The historical data trend for Ellaktor'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.
Ellaktor Beneish M-Score Chart
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Ellaktor Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.35 |
-0.49 |
-3.09 |
-1.87 |
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Ellaktor Quarterly Data
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Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Jun22 |
Sep22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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-3.22 |
-3.19 |
-1.87 |
-3.16 |
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Competitive Comparison of Ellaktor's Beneish M-Score
For the Engineering & Construction subindustry, Ellaktor'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.
Ellaktor's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Ellaktor's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ellaktor's Beneish M-Score falls into.
Ellaktor 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 Ellaktor 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 * 1.3021 | + | 0.528 * 0.1489 | + | 0.404 * 1.1103 | + | 0.892 * 0.1791 | + | 0.115 * 0.5623 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 5.537 | + | 4.679 * 0.201461 | - | 0.327 * 0.7935 |
| = | -3.16 |
* 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 (Jun23) TTM: | Last Year (Dec21) TTM: |
Total Receivables was €174.98 Mil.
Revenue was 94.855 + -261.965 + 237.467 + 99.446 = €169.80 Mil.
Gross Profit was 38.252 + 32.046 + 39.657 + 32.823 = €142.78 Mil.
Total Current Assets was €1,427.99 Mil.
Total Assets was €2,534.29 Mil.
Property, Plant and Equipment(Net PPE) was €143.12 Mil.
Depreciation, Depletion and Amortization(DDA) was €39.29 Mil.
Selling, General, & Admin. Expense(SGA) was €46.62 Mil.
Total Current Liabilities was €879.98 Mil.
Long-Term Debt & Capital Lease Obligation was €605.42 Mil.
Net Income was 10.605 + 496.026 + -3.423 + 1.481 = €504.69 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0.00 Mil.
Cash Flow from Operations was 0 + -3.456 + -2.417 + 0 = €-5.87 Mil.
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Total Receivables was €750.16 Mil.
Revenue was 349.719 + 224.097 + 181.097 + 193.021 = €947.93 Mil.
Gross Profit was 80.923 + 24.038 + -9.528 + 23.253 = €118.69 Mil.
Total Current Assets was €1,239.55 Mil.
Total Assets was €2,835.04 Mil.
Property, Plant and Equipment(Net PPE) was €625.08 Mil.
Depreciation, Depletion and Amortization(DDA) was €86.14 Mil.
Selling, General, & Admin. Expense(SGA) was €47.00 Mil.
Total Current Liabilities was €656.43 Mil.
Long-Term Debt & Capital Lease Obligation was €1,437.80 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) |
| = | (174.977 / 169.803) | / | (750.164 / 947.934) |
| = | 1.030471 | / | 0.791367 |
| | = | 1.3021 |
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) |
| = | (118.686 / 947.934) | / | (142.778 / 169.803) |
| = | 0.125205 | / | 0.840845 |
| | = | 0.1489 |
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 - (1427.99 + 143.121) / 2534.294) | / | (1 - (1239.546 + 625.084) / 2835.044) |
| = | 0.38006 | / | 0.342292 |
| | = | 1.1103 |
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 |
| = | 169.803 | / | 947.934 |
| | = | 0.1791 |
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)) |
| = | (86.143 / (86.143 + 625.084)) | / | (39.29 / (39.29 + 143.121)) |
| = | 0.121119 | / | 0.215393 |
| | = | 0.5623 |
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) |
| = | (46.618 / 169.803) | / | (47.001 / 947.934) |
| = | 0.274542 | / | 0.049583 |
| | = | 5.537 |
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) |
| = | ((605.421 + 879.984) / 2534.294) | / | ((1437.796 + 656.428) / 2835.044) |
| = | 0.586122 | / | 0.738692 |
| | = | 0.7935 |
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 |
| = | (504.689 - 0 | - | -5.873) | / | 2534.294 |
| | = | 0.201461 |
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.
Ellaktor has a M-score of -3.16 suggests that the company is unlikely to be a manipulator.
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