Zumtobel Group AG (Zumtobel Group AG) Beneish M-Score : -2.66 (As of May. 23, 2024)

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What is Zumtobel Group AG 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 -2.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Zumtobel Group AG's Beneish M-Score or its related term are showing as below:

ZMTBY' s Beneish M-Score Range Over the Past 10 Years
Min: -3.23 Med: -2.83 Max: -2.44
Current: -2.66

During the past 13 years, the highest Beneish M-Score of Zumtobel Group AG was -2.44. The lowest was -3.23. And the median was -2.83.

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.

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Zumtobel Group AG Beneish M-Score Chart

Zumtobel Group AG Annual Data

Trend

Apr14

Apr15

Apr16

Apr17

Apr18

Apr19

Apr20

Apr21

Apr22

Apr23

Beneish M-Score

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-2.87

-2.99

-3.02

-2.44

-2.60

Zumtobel Group AG Quarterly Data
	Apr19	Jul19	Oct19	Jan20	Apr20	Jul20	Oct20	Jan21	Apr21	Jul21	Oct21	Jan22	Apr22	Jul22	Oct22	Jan23	Apr23	Jul23	Oct23	Jan24
Beneish M-Score	Get a 7-Day Free Trial															-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:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0123

0.528 * 0.9746

0.404 * 1.1052

0.892 * 0.9802

0.115 * 0.9376

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1058

4.679 * -0.042008

0.327 * 0.9366

-2.66

This Year (Jan24) TTM:

Last Year (Jan23) TTM:

Total Receivables was $154 Mil.
Revenue was 289.256 + 305.032 + 315.877 + 325.679 = $1,236 Mil.
Gross Profit was 97.89 + 102.364 + 113.396 + 115.61 = $429 Mil.
Total Current Assets was $480 Mil.
Total Assets was $1,072 Mil.
Property, Plant and Equipment(Net PPE) was $272 Mil.
Depreciation, Depletion and Amortization(DDA) was $61 Mil.
Selling, General, & Admin. Expense(SGA) was $133 Mil.
Total Current Liabilities was $311 Mil.
Long-Term Debt & Capital Lease Obligation was $147 Mil.
Net Income was 0.236 + 11.968 + 10.999 + 17.872 = $41 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 14.425 + 48.42 + -0.553 + 23.819 = $86 Mil.

Total Receivables was $155 Mil.
Revenue was 306.477 + 309.465 + 319.087 + 325.828 = $1,261 Mil.
Gross Profit was 103.559 + 111.928 + 106.849 + 104.509 = $427 Mil.
Total Current Assets was $516 Mil.
Total Assets was $1,084 Mil.
Property, Plant and Equipment(Net PPE) was $275 Mil.
Depreciation, Depletion and Amortization(DDA) was $57 Mil.
Selling, General, & Admin. Expense(SGA) was $123 Mil.
Total Current Liabilities was $338 Mil.
Long-Term Debt & Capital Lease Obligation was $157 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)
	=	(153.59 / 1235.844)	/	(154.79 / 1260.857)
	=	0.124279	/	0.122766
	=	1.0123

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)
	=	(426.845 / 1260.857)	/	(429.26 / 1235.844)
	=	0.338536	/	0.347342
	=	0.9746

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 - (479.98 + 271.819) / 1072.075)	/	(1 - (515.811 + 275.136) / 1083.959)
	=	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
	=	1235.844	/	1260.857
	=	0.9802

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))
	=	(57.107 / (57.107 + 275.136))	/	(61.013 / (61.013 + 271.819))
	=	0.171883	/	0.183315
	=	0.9376

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)
	=	(133.209 / 1235.844)	/	(122.902 / 1260.857)
	=	0.107788	/	0.097475
	=	1.1058

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)
	=	((147.084 + 311.46) / 1072.075)	/	((156.603 + 338.42) / 1083.959)
	=	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
	=	(41.075 - 0	-	86.111)	/	1072.075
	=	-0.042008

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.

Zumtobel Group AG Beneish M-Score Related Terms

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Zumtobel Group AG (Zumtobel Group AG) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Products » Zumtobel Group AG (OTCPK:ZMTBY) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

T9Z:Germany ZAG:Austria

Address

Hochster Strasse 8, Dornbirn, AUT, A-6850

Website

https://z.lighting/en

Zumtobel Group AG supplies lighting solutions, lighting components, and associated services. The company also manufactures and hardware and software for lighting systems (LED light sources and LED drivers, sensors, and lighting management). It provides consultation on smart lighting controls and emergency lighting systems, light contracting, design services, and project management of turnkey lighting solutions, as well as new, data-based services focused on delivering connectivity for buildings and municipalities via the lighting infrastructure. The operating segments of the group are the Lighting segment and Components segment, of which a majority of revenue is generated from the Lighting segment, The group has a business presence all around the globe.