Wacker Neuson SE Beneish M-Score Historical Data
The historical data trend for Wacker Neuson SE'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.
Wacker Neuson SE Beneish M-Score Chart
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Wacker Neuson SE Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.26 |
-3.70 |
-2.76 |
-1.81 |
-2.25 |
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Wacker Neuson SE Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.81 |
-1.80 |
-1.89 |
-2.02 |
-2.25 |
Competitive Comparison of Wacker Neuson SE's Beneish M-Score
For the Farm & Heavy Construction Machinery subindustry, Wacker Neuson SE'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.
Wacker Neuson SE's Beneish M-Score Distribution in the Farm & Heavy Construction Machinery Industry
For the Farm & Heavy Construction Machinery industry and Industrials sector, Wacker Neuson SE's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Wacker Neuson SE's Beneish M-Score falls into.
Wacker Neuson SE 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 Wacker Neuson SE 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 * 0.976 | + | 0.528 * 0.9741 | + | 0.404 * 0.9913 | + | 0.892 * 1.1787 | + | 0.115 * 1.0561 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.974 | + | 4.679 * 0.027487 | - | 0.327 * 1.0957 |
| = | -2.25 |
* 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 €347 Mil.
Revenue was 641 + 648 + 698.7 + 667.2 = €2,655 Mil.
Gross Profit was 139.8 + 162.1 + 177.3 + 167.3 = €647 Mil.
Total Current Assets was €1,240 Mil.
Total Assets was €2,645 Mil.
Property, Plant and Equipment(Net PPE) was €582 Mil.
Depreciation, Depletion and Amortization(DDA) was €87 Mil.
Selling, General, & Admin. Expense(SGA) was €347 Mil.
Total Current Liabilities was €826 Mil.
Long-Term Debt & Capital Lease Obligation was €186 Mil.
Net Income was 16.9 + 43 + 63.6 + 62.4 = €186 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 70.1 + 28.5 + 22.4 + -7.8 = €113 Mil.
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Total Receivables was €301 Mil.
Revenue was 611.4 + 568.5 + 550.9 + 521.6 = €2,252 Mil.
Gross Profit was 144.3 + 139.4 + 130.8 + 119.8 = €534 Mil.
Total Current Assets was €1,141 Mil.
Total Assets was €2,324 Mil.
Property, Plant and Equipment(Net PPE) was €453 Mil.
Depreciation, Depletion and Amortization(DDA) was €72 Mil.
Selling, General, & Admin. Expense(SGA) was €303 Mil.
Total Current Liabilities was €588 Mil.
Long-Term Debt & Capital Lease Obligation was €224 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) |
| = | (346.6 / 2654.9) | / | (301.3 / 2252.4) |
| = | 0.130551 | / | 0.133768 |
| | = | 0.976 |
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) |
| = | (534.3 / 2252.4) | / | (646.5 / 2654.9) |
| = | 0.237214 | / | 0.243512 |
| | = | 0.9741 |
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 - (1239.6 + 581.8) / 2644.9) | / | (1 - (1141.2 + 452.8) / 2323.9) |
| = | 0.311354 | / | 0.314084 |
| | = | 0.9913 |
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 |
| = | 2654.9 | / | 2252.4 |
| | = | 1.1787 |
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)) |
| = | (72.2 / (72.2 + 452.8)) | / | (87.1 / (87.1 + 581.8)) |
| = | 0.137524 | / | 0.130214 |
| | = | 1.0561 |
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) |
| = | (347.4 / 2654.9) | / | (302.6 / 2252.4) |
| = | 0.130852 | / | 0.134346 |
| | = | 0.974 |
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) |
| = | ((185.9 + 826.2) / 2644.9) | / | ((224.1 + 587.5) / 2323.9) |
| = | 0.382661 | / | 0.349241 |
| | = | 1.0957 |
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 |
| = | (185.9 - 0 | - | 113.2) | / | 2644.9 |
| | = | 0.027487 |
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.
Wacker Neuson SE has a M-score of -2.25 suggests that the company is unlikely to be a manipulator.
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