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AANNF (Aroundtown) Beneish M-Score : -2.96 (As of Dec. 13, 2024)


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What is Aroundtown 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 -2.96 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

AANNF' s Beneish M-Score Range Over the Past 10 Years
Min: -6.22   Med: -1.8   Max: 108.42
Current: -2.96

During the past 11 years, the highest Beneish M-Score of Aroundtown was 108.42. The lowest was -6.22. And the median was -1.80.


Aroundtown Beneish M-Score Historical Data

The historical data trend for Aroundtown'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.

Aroundtown Beneish M-Score Chart

Aroundtown Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.13 -2.18 -2.03 -2.52 -2.77

Aroundtown Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.94 -2.77 -2.96 - -

Competitive Comparison of Aroundtown's Beneish M-Score

For the Real Estate Services subindustry, Aroundtown'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.


Aroundtown's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Aroundtown's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Aroundtown's Beneish M-Score falls into.



Aroundtown 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 Aroundtown 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 * 0.9361+0.528 * 0.8685+0.404 * 0.9757+0.892 * 0.985+0.115 * 1.0462
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0505+4.679 * -0.05114-0.327 * 1.0848
=-2.90

* 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 (Sep24) TTM:Last Year (Sep23) TTM:
Total Receivables was $1,056 Mil.
Revenue was 429.19 + 414.209 + 318.587 + 325.3 = $1,487 Mil.
Gross Profit was 277.358 + 266.416 + 168.37 + 170.229 = $882 Mil.
Total Current Assets was $5,487 Mil.
Total Assets was $36,586 Mil.
Property, Plant and Equipment(Net PPE) was $167 Mil.
Depreciation, Depletion and Amortization(DDA) was $16 Mil.
Selling, General, & Admin. Expense(SGA) was $38 Mil.
Total Current Liabilities was $3,151 Mil.
Long-Term Debt & Capital Lease Obligation was $14,175 Mil.
Net Income was 170.255 + -340.151 + 96.087 + -898.8 = $-973 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 233.851 + 223.358 + 217.935 + 223.228 = $898 Mil.
Total Receivables was $1,145 Mil.
Revenue was 420.918 + 447.129 + 318.201 + 323.729 = $1,510 Mil.
Gross Profit was 258.485 + 261.213 + 133.619 + 124.682 = $778 Mil.
Total Current Assets was $4,750 Mil.
Total Assets was $37,293 Mil.
Property, Plant and Equipment(Net PPE) was $228 Mil.
Depreciation, Depletion and Amortization(DDA) was $23 Mil.
Selling, General, & Admin. Expense(SGA) was $37 Mil.
Total Current Liabilities was $1,681 Mil.
Long-Term Debt & Capital Lease Obligation was $14,600 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)
=(1055.716 / 1487.286) / (1144.931 / 1509.977)
=0.709827 / 0.758244
=0.9361

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)
=(777.999 / 1509.977) / (882.373 / 1487.286)
=0.515239 / 0.593277
=0.8685

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 - (5486.681 + 167.259) / 36585.794) / (1 - (4749.626 + 228.388) / 37292.529)
=0.845461 / 0.866514
=0.9757

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
=1487.286 / 1509.977
=0.985

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))
=(22.661 / (22.661 + 228.388)) / (15.794 / (15.794 + 167.259))
=0.090265 / 0.086281
=1.0462

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)
=(38.181 / 1487.286) / (36.899 / 1509.977)
=0.025672 / 0.024437
=1.0505

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)
=((14175.472 + 3151.276) / 36585.794) / ((14600 + 1680.683) / 37292.529)
=0.473592 / 0.436567
=1.0848

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
=(-972.609 - 0 - 898.372) / 36585.794
=-0.05114

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.

Aroundtown has a M-score of -2.90 suggests that the company is unlikely to be a manipulator.


Aroundtown Beneish M-Score Related Terms

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Aroundtown Business Description

Traded in Other Exchanges
Address
37, Boulevard Joseph 2, Luxembourg, LUX, L-1840
Aroundtown SA is a Luxembourg-based specialist real estate investment group, with a focus on value-add income generating properties in the German markets. The group covers commercial and residential real estate assets that benefit from fundamentals and growth prospects. Whereas the commercial properties are held directly by Aroundtown and its subsidiaries. The company operates in Germany, the Netherlands, the United Kingdom, Belgium, and other countries, out of which the majority of the revenue is generated from the German markets.

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