Aerodrom Nikola Tesla ad (XBEL:AERO) Beneish M-Score : -3.67 (As of May. 21, 2024)

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What is Aerodrom Nikola Tesla ad 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 -3.67 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Aerodrom Nikola Tesla ad's Beneish M-Score or its related term are showing as below:

XBEL:AERO' s Beneish M-Score Range Over the Past 10 Years
Min: -3.77 Med: -1.8 Max: 853.22
Current: -3.67

During the past 13 years, the highest Beneish M-Score of Aerodrom Nikola Tesla ad was 853.22. The lowest was -3.77. And the median was -1.80.

Aerodrom Nikola Tesla ad Beneish M-Score Historical Data

The historical data trend for Aerodrom Nikola Tesla ad'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.

* Premium members only.

Aerodrom Nikola Tesla ad Beneish M-Score Chart

Aerodrom Nikola Tesla ad Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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166.82

0.35

0.27

5.52

-3.31

Aerodrom Nikola Tesla ad Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															29.44	35.92	-3.77	-3.31	-3.67

Competitive Comparison of Aerodrom Nikola Tesla ad's Beneish M-Score

For the Airports & Air Services subindustry, Aerodrom Nikola Tesla ad'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.

Aerodrom Nikola Tesla ad's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, Aerodrom Nikola Tesla ad's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Aerodrom Nikola Tesla ad's Beneish M-Score falls into.

Aerodrom Nikola Tesla ad 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 Aerodrom Nikola Tesla ad 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 * 0.0188

0.528 * -0.3342

0.404 * 0.7442

0.892 * 1.8394

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1948

4.679 * -0.000894

0.327 * 1.5718

-3.67

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was RSD61 Mil.
Revenue was 4.435 + 537.154 + 302.918 + 451.213 = RSD1,296 Mil.
Gross Profit was -254.191 + 311.926 + 60.357 + 256.429 = RSD375 Mil.
Total Current Assets was RSD3,130 Mil.
Total Assets was RSD43,298 Mil.
Property, Plant and Equipment(Net PPE) was RSD38,303 Mil.
Depreciation, Depletion and Amortization(DDA) was RSD0 Mil.
Selling, General, & Admin. Expense(SGA) was RSD9 Mil.
Total Current Liabilities was RSD572 Mil.
Long-Term Debt & Capital Lease Obligation was RSD0 Mil.
Net Income was 43.588 + 202.976 + 30.617 + 1.385 = RSD279 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RSD0 Mil.
Cash Flow from Operations was 83.083 + 85.772 + 71.659 + 76.762 = RSD317 Mil.

Total Receivables was RSD1,775 Mil.
Revenue was 0 + 178.304 + 177.17 + 348.941 = RSD704 Mil.
Gross Profit was -189.979 + -20.587 + -17.992 + 160.503 = RSD-68 Mil.
Total Current Assets was RSD2,775 Mil.
Total Assets was RSD34,456 Mil.
Property, Plant and Equipment(Net PPE) was RSD29,686 Mil.
Depreciation, Depletion and Amortization(DDA) was RSD0 Mil.
Selling, General, & Admin. Expense(SGA) was RSD4 Mil.
Total Current Liabilities was RSD278 Mil.
Long-Term Debt & Capital Lease Obligation was RSD12 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)
	=	(61.283 / 1295.72)	/	(1774.511 / 704.415)
	=	0.047296	/	2.519127
	=	0.0188

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)
	=	(-68.055 / 704.415)	/	(374.521 / 1295.72)
	=	-0.096612	/	0.289045
	=	-0.3342

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 - (3129.867 + 38302.563) / 43297.713)	/	(1 - (2775.437 + 29686.044) / 34456.006)
	=	0.04308	/	0.057886
	=	0.7442

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
	=	1295.72	/	704.415
	=	1.8394

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))
	=	(0 / (0 + 29686.044))	/	(0 / (0 + 38302.563))
	=	0	/	0
	=	1

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)
	=	(9.155 / 1295.72)	/	(4.166 / 704.415)
	=	0.007066	/	0.005914
	=	1.1948

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)
	=	((0 + 572.497) / 43297.713)	/	((11.873 + 277.971) / 34456.006)
	=	0.013222	/	0.008412
	=	1.5718

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
	=	(278.566 - 0	-	317.276)	/	43297.713
	=	-0.000894

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.

Aerodrom Nikola Tesla ad has a M-score of -3.67 suggests that the company is unlikely to be a manipulator.

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Aerodrom Nikola Tesla ad (XBEL:AERO) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » Aerodrom Nikola Tesla ad (XBEL:AERO) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Belgrade Airport 47, surcin, Belgrade, SRB, 11271

Website

https://www.antb.rs

Aerodrom Nikola Tesla ad provides airport services such as aircraft landing, take-off, taxing and parking, and passenger and cargo handling. The group also provides ancillary services and airport complex services, satisfying the needs of service users, and domestic and foreign air carriers.