Indel B SpA (MIL:INDB) Beneish M-Score : -3.17 (As of May. 22, 2024)

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What is Indel B SpA Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -3.17 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Indel B SpA's Beneish M-Score or its related term are showing as below:

MIL:INDB' s Beneish M-Score Range Over the Past 10 Years
Min: -3.17 Med: -2.41 Max: -1.51
Current: -3.17

During the past 10 years, the highest Beneish M-Score of Indel B SpA was -1.51. The lowest was -3.17. And the median was -2.41.

Indel B SpA Beneish M-Score Historical Data

The historical data trend for Indel B SpA'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.

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Indel B SpA Beneish M-Score Chart

Indel B SpA Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.48

-2.67

-1.68

-1.87

-3.17

Indel B SpA Semi-Annual Data
	Dec14	Dec15	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial												-1.68	-	-1.87	-	-3.17

Competitive Comparison of Indel B SpA's Beneish M-Score

For the Auto Parts subindustry, Indel B SpA'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.

Indel B SpA's Beneish M-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Indel B SpA's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Indel B SpA's Beneish M-Score falls into.

Indel B SpA 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 Indel B SpA for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.7577

0.528 * 0.9818

0.404 * 0.9546

0.892 * 0.9986

0.115 * 1.1732

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.103574

0.327 * 0.9054

-3.17

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was €39.8 Mil.
Revenue was €225.0 Mil.
Gross Profit was €65.4 Mil.
Total Current Assets was €141.6 Mil.
Total Assets was €221.9 Mil.
Property, Plant and Equipment(Net PPE) was €47.1 Mil.
Depreciation, Depletion and Amortization(DDA) was €5.5 Mil.
Selling, General, & Admin. Expense(SGA) was €0.0 Mil.
Total Current Liabilities was €70.1 Mil.
Long-Term Debt & Capital Lease Obligation was €15.5 Mil.
Net Income was €10.4 Mil.
Gross Profit was €0.0 Mil.
Cash Flow from Operations was €33.4 Mil.

Total Receivables was €52.6 Mil.
Revenue was €225.3 Mil.
Gross Profit was €64.3 Mil.
Total Current Assets was €146.9 Mil.
Total Assets was €225.4 Mil.
Property, Plant and Equipment(Net PPE) was €43.2 Mil.
Depreciation, Depletion and Amortization(DDA) was €6.1 Mil.
Selling, General, & Admin. Expense(SGA) was €0.0 Mil.
Total Current Liabilities was €71.9 Mil.
Long-Term Debt & Capital Lease Obligation was €24.1 Mil.

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)
	=	(39.828 / 225.032)	/	(52.633 / 225.34)
	=	0.176988	/	0.233571
	=	0.7577

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)
	=	(64.312 / 225.34)	/	(65.415 / 225.032)
	=	0.2854	/	0.290692
	=	0.9818

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 - (141.605 + 47.066) / 221.871)	/	(1 - (146.867 + 43.197) / 225.397)
	=	0.149637	/	0.156759
	=	0.9546

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
	=	225.032	/	225.34
	=	0.9986

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))
	=	(6.057 / (6.057 + 43.197))	/	(5.511 / (5.511 + 47.066))
	=	0.122975	/	0.104818
	=	1.1732

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)
	=	(0 / 225.032)	/	(0 / 225.34)
	=	0	/	0
	=	1

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)
	=	((15.451 + 70.143) / 221.871)	/	((24.132 + 71.908) / 225.397)
	=	0.385783	/	0.426093
	=	0.9054

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
	=	(10.435 - 0	-	33.415)	/	221.871
	=	-0.103574

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.

Indel B SpA has a M-score of -3.17 suggests that the company is unlikely to be a manipulator.

Indel B SpA Beneish M-Score Related Terms

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Indel B SpA (MIL:INDB) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Vehicles & Parts » Indel B SpA (MIL:INDB) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

2I6:Germany

Address

Via Sarsinate, 27, Sant Agata Feltria, Rimini, ITA, 47866

Website

http://www.indelb.com

Indel B SpA manufactures and sells mobile, refrigerators and cooling systems. The company offers fridges and parking air coolers for cars, off-road vehicles, motor homes/caravans, commercial vehicles, minibusses, luxury coaches, and ambulances; and hotel minibars, electronic safes, lock systems, hairdryers, LED lighting products, and LED televisions.