Zumtobel Group AG Beneish M-Score Historical Data
The historical data trend for Zumtobel Group AG'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.
Zumtobel Group AG Beneish M-Score Chart
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Zumtobel Group AG Annual Data
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Apr23 |
| Beneish M-Score |
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-2.87 |
-2.99 |
-3.02 |
-2.44 |
-2.60 |
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Zumtobel Group AG Quarterly Data
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Apr19 |
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Jan24 |
| Beneish M-Score |
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-2.83 |
-2.60 |
-2.60 |
-2.74 |
-2.66 |
Competitive Comparison of Zumtobel Group AG's Beneish M-Score
For the Electrical Equipment & Parts subindustry, Zumtobel Group AG'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.
Zumtobel Group AG's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Zumtobel Group AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Zumtobel Group AG's Beneish M-Score falls into.
Zumtobel Group AG 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 Zumtobel Group AG 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 * 1.048 | + | 0.528 * 0.9764 | + | 0.404 * 1.1052 | + | 0.892 * 0.9366 | + | 0.115 * 0.9642 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0524 | + | 4.679 * -0.04321 | - | 0.327 * 0.9366 |
| = | -2.66 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was €141 Mil.
Revenue was 265.537 + 288.865 + 285.553 + 297.019 = €1,137 Mil.
Gross Profit was 89.863 + 96.939 + 102.51 + 105.436 = €395 Mil.
Total Current Assets was €441 Mil.
Total Assets was €984 Mil.
Property, Plant and Equipment(Net PPE) was €250 Mil.
Depreciation, Depletion and Amortization(DDA) was €56 Mil.
Selling, General, & Admin. Expense(SGA) was €124 Mil.
Total Current Liabilities was €286 Mil.
Long-Term Debt & Capital Lease Obligation was €135 Mil.
Net Income was 0.217 + 11.334 + 9.943 + 16.299 = €38 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 13.242 + 45.854 + -0.5 + 21.723 = €80 Mil.
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Total Receivables was €144 Mil.
Revenue was 284.411 + 314.107 + 313.663 + 301.717 = €1,214 Mil.
Gross Profit was 96.103 + 113.607 + 105.033 + 96.775 = €412 Mil.
Total Current Assets was €479 Mil.
Total Assets was €1,006 Mil.
Property, Plant and Equipment(Net PPE) was €255 Mil.
Depreciation, Depletion and Amortization(DDA) was €55 Mil.
Selling, General, & Admin. Expense(SGA) was €126 Mil.
Total Current Liabilities was €314 Mil.
Long-Term Debt & Capital Lease Obligation was €145 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) |
| = | (140.996 / 1136.974) | / | (143.645 / 1213.898) |
| = | 0.12401 | / | 0.118334 |
| | = | 1.048 |
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) |
| = | (411.518 / 1213.898) | / | (394.748 / 1136.974) |
| = | 0.339005 | / | 0.347192 |
| | = | 0.9764 |
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 - (440.622 + 249.53) / 984.165) | / | (1 - (478.673 + 255.326) / 1005.914) |
| = | 0.298744 | / | 0.270316 |
| | = | 1.1052 |
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 |
| = | 1136.974 | / | 1213.898 |
| | = | 0.9366 |
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)) |
| = | (54.917 / (54.917 + 255.326)) | / | (56.111 / (56.111 + 249.53)) |
| = | 0.177013 | / | 0.183585 |
| | = | 0.9642 |
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) |
| = | (124.398 / 1136.974) | / | (126.2 / 1213.898) |
| = | 0.109411 | / | 0.103963 |
| | = | 1.0524 |
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) |
| = | ((135.023 + 285.92) / 984.165) | / | ((145.328 + 314.054) / 1005.914) |
| = | 0.427716 | / | 0.456681 |
| | = | 0.9366 |
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 |
| = | (37.793 - 0 | - | 80.319) | / | 984.165 |
| | = | -0.04321 |
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.
Zumtobel Group AG has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.
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