Recordati SpA Beneish M-Score Historical Data
The historical data trend for Recordati 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.
Recordati SpA Beneish M-Score Chart
|
Recordati SpA Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.22 |
-2.64 |
-2.55 |
-2.51 |
-2.18 |
|
Recordati SpA Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.51 |
-2.41 |
-2.58 |
-2.53 |
-2.18 |
Competitive Comparison of Recordati SpA's Beneish M-Score
For the Drug Manufacturers - General subindustry, Recordati 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.
Recordati SpA's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Recordati SpA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Recordati SpA's Beneish M-Score falls into.
Recordati 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 Recordati SpA 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 * 1.2974 | + | 0.528 * 1.0168 | + | 0.404 * 1.0125 | + | 0.892 * 1.1532 | + | 0.115 * 0.9947 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9354 | + | 4.679 * -0.022504 | - | 0.327 * 0.9884 |
| = | -2.15 |
* 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 $594 Mil.
Revenue was 573.781 + 546.32 + 534.029 + 590.324 = $2,244 Mil.
Gross Profit was 389.253 + 355.775 + 373.358 + 415.106 = $1,533 Mil.
Total Current Assets was $1,311 Mil.
Total Assets was $4,589 Mil.
Property, Plant and Equipment(Net PPE) was $195 Mil.
Depreciation, Depletion and Amortization(DDA) was $154 Mil.
Selling, General, & Admin. Expense(SGA) was $648 Mil.
Total Current Liabilities was $1,094 Mil.
Long-Term Debt & Capital Lease Obligation was $1,476 Mil.
Net Income was 92.39 + 82.093 + 112.261 + 132.713 = $419 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 82.632 + 147.379 + 177.17 + 115.549 = $523 Mil.
|
Total Receivables was $397 Mil.
Revenue was 503.988 + 480.25 + 500.115 + 461.873 = $1,946 Mil.
Gross Profit was 351.517 + 326.859 + 339.014 + 334.695 = $1,352 Mil.
Total Current Assets was $1,256 Mil.
Total Assets was $4,236 Mil.
Property, Plant and Equipment(Net PPE) was $169 Mil.
Depreciation, Depletion and Amortization(DDA) was $132 Mil.
Selling, General, & Admin. Expense(SGA) was $601 Mil.
Total Current Liabilities was $979 Mil.
Long-Term Debt & Capital Lease Obligation was $1,421 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) |
| = | (593.887 / 2244.454) | / | (396.936 / 1946.226) |
| = | 0.264602 | / | 0.203952 |
| | = | 1.2974 |
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) |
| = | (1352.085 / 1946.226) | / | (1533.492 / 2244.454) |
| = | 0.694721 | / | 0.683236 |
| | = | 1.0168 |
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 - (1311.058 + 194.828) / 4589.02) | / | (1 - (1256.447 + 168.627) / 4236.041) |
| = | 0.67185 | / | 0.663584 |
| | = | 1.0125 |
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 |
| = | 2244.454 | / | 1946.226 |
| | = | 1.1532 |
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)) |
| = | (131.891 / (131.891 + 168.627)) | / | (153.829 / (153.829 + 194.828)) |
| = | 0.438879 | / | 0.441204 |
| | = | 0.9947 |
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) |
| = | (648.163 / 2244.454) | / | (600.854 / 1946.226) |
| = | 0.288784 | / | 0.308728 |
| | = | 0.9354 |
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) |
| = | ((1475.699 + 1093.867) / 4589.02) | / | ((1421.132 + 978.541) / 4236.041) |
| = | 0.559938 | / | 0.56649 |
| | = | 0.9884 |
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 |
| = | (419.457 - 0 | - | 522.73) | / | 4589.02 |
| | = | -0.022504 |
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.
Recordati SpA has a M-score of -2.15 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
RCDTF has been successfully added to your