Corestate Capital Holding Beneish M-Score Historical Data
The historical data trend for Corestate Capital Holding'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.
Corestate Capital Holding Beneish M-Score Chart
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Corestate Capital Holding Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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-0.07 |
-2.72 |
-1.73 |
-1.13 |
-3.12 |
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Corestate Capital Holding Quarterly Data
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Dec17 |
Mar18 |
Jun18 |
Sep18 |
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Mar20 |
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Mar22 |
Jun22 |
Sep22 |
| Beneish M-Score |
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-3.12 |
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Competitive Comparison of Corestate Capital Holding's Beneish M-Score
For the Real Estate Services subindustry, Corestate Capital Holding'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.
Corestate Capital Holding's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Corestate Capital Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Corestate Capital Holding's Beneish M-Score falls into.
Corestate Capital Holding 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 Corestate Capital Holding 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 * 0.7393 | + | 0.528 * 1.4558 | + | 0.404 * 0.9795 | + | 0.892 * 1.2093 | + | 0.115 * 0.7375 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0838 | + | 4.679 * -0.164191 | - | 0.327 * 1.0283 |
| = | -3.12 |
* 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 (Dec21) TTM: | Last Year (Dec20) TTM: |
Total Receivables was €183.0 Mil.
Revenue was €205.7 Mil.
Gross Profit was €68.2 Mil.
Total Current Assets was €422.8 Mil.
Total Assets was €1,413.6 Mil.
Property, Plant and Equipment(Net PPE) was €13.4 Mil.
Depreciation, Depletion and Amortization(DDA) was €214.3 Mil.
Selling, General, & Admin. Expense(SGA) was €59.5 Mil.
Total Current Liabilities was €438.9 Mil.
Long-Term Debt & Capital Lease Obligation was €301.5 Mil.
Net Income was €-201.1 Mil.
Gross Profit was €0.0 Mil.
Cash Flow from Operations was €31.0 Mil.
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Total Receivables was €204.7 Mil.
Revenue was €170.1 Mil.
Gross Profit was €82.1 Mil.
Total Current Assets was €408.6 Mil.
Total Assets was €1,465.0 Mil.
Property, Plant and Equipment(Net PPE) was €22.3 Mil.
Depreciation, Depletion and Amortization(DDA) was €50.6 Mil.
Selling, General, & Admin. Expense(SGA) was €45.4 Mil.
Total Current Liabilities was €227.7 Mil.
Long-Term Debt & Capital Lease Obligation was €518.5 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) |
| = | (183 / 205.7) | / | (204.7 / 170.1) |
| = | 0.889645 | / | 1.20341 |
| | = | 0.7393 |
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) |
| = | (82.1 / 170.1) | / | (68.2 / 205.7) |
| = | 0.482657 | / | 0.331551 |
| | = | 1.4558 |
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 - (422.8 + 13.4) / 1413.6) | / | (1 - (408.6 + 22.3) / 1465) |
| = | 0.691426 | / | 0.70587 |
| | = | 0.9795 |
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 |
| = | 205.7 | / | 170.1 |
| | = | 1.2093 |
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)) |
| = | (50.6 / (50.6 + 22.3)) | / | (214.3 / (214.3 + 13.4)) |
| = | 0.694102 | / | 0.941151 |
| | = | 0.7375 |
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) |
| = | (59.5 / 205.7) | / | (45.4 / 170.1) |
| = | 0.289256 | / | 0.266902 |
| | = | 1.0838 |
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) |
| = | ((301.5 + 438.9) / 1413.6) | / | ((518.5 + 227.7) / 1465) |
| = | 0.523769 | / | 0.509352 |
| | = | 1.0283 |
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 |
| = | (-201.1 - 0 | - | 31) | / | 1413.6 |
| | = | -0.164191 |
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.
Corestate Capital Holding has a M-score of -3.12 suggests that the company is unlikely to be a manipulator.
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