Aegean Airlines Beneish M-Score Historical Data
The historical data trend for Aegean Airlines'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.
Aegean Airlines Beneish M-Score Chart
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Aegean Airlines Annual Data
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Trend |
Dec13 |
Dec14 |
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-2.27 |
-3.62 |
-3.56 |
-0.47 |
-3.71 |
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Aegean Airlines Semi-Annual Data
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Dec13 |
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Dec14 |
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Dec22 |
Jun23 |
| Beneish M-Score |
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-0.47 |
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-3.71 |
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Competitive Comparison of Aegean Airlines's Beneish M-Score
For the Airlines subindustry, Aegean Airlines'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.
Aegean Airlines's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Aegean Airlines's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Aegean Airlines's Beneish M-Score falls into.
Aegean Airlines 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 Aegean Airlines 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 * 0.5839 | + | 0.528 * -1.4083 | + | 0.404 * 0.5907 | + | 0.892 * 1.8572 | + | 0.115 * 1.8127 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.119895 | - | 0.327 * 0.9809 |
| = | -3.82 |
* 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 (Dec22) TTM: | Last Year (Dec21) TTM: |
Total Receivables was $112 Mil.
Revenue was $1,416 Mil.
Gross Profit was $111 Mil.
Total Current Assets was $854 Mil.
Total Assets was $2,140 Mil.
Property, Plant and Equipment(Net PPE) was $1,098 Mil.
Depreciation, Depletion and Amortization(DDA) was $135 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $739 Mil.
Long-Term Debt & Capital Lease Obligation was $925 Mil.
Net Income was $114 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $371 Mil.
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Total Receivables was $104 Mil.
Revenue was $763 Mil.
Gross Profit was $-84 Mil.
Total Current Assets was $798 Mil.
Total Assets was $1,741 Mil.
Property, Plant and Equipment(Net PPE) was $683 Mil.
Depreciation, Depletion and Amortization(DDA) was $169 Mil.
Selling, General, & Admin. Expense(SGA) was $3 Mil.
Total Current Liabilities was $642 Mil.
Long-Term Debt & Capital Lease Obligation was $738 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) |
| = | (112.297 / 1416.136) | / | (103.562 / 762.518) |
| = | 0.079298 | / | 0.135816 |
| | = | 0.5839 |
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) |
| = | (-84.216 / 762.518) | / | (111.056 / 1416.136) |
| = | -0.110445 | / | 0.078422 |
| | = | -1.4083 |
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 - (854.059 + 1097.595) / 2140.227) | / | (1 - (798.416 + 682.523) / 1740.579) |
| = | 0.088109 | / | 0.149169 |
| | = | 0.5907 |
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 |
| = | 1416.136 | / | 762.518 |
| | = | 1.8572 |
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)) |
| = | (169.432 / (169.432 + 682.523)) | / | (135.255 / (135.255 + 1097.595)) |
| = | 0.198874 | / | 0.109709 |
| | = | 1.8127 |
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) |
| = | (0 / 1416.136) | / | (3.122 / 762.518) |
| = | 0 | / | 0.004094 |
| | = | 0 |
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) |
| = | ((924.72 + 739.475) / 2140.227) | / | ((737.937 + 641.92) / 1740.579) |
| = | 0.777579 | / | 0.792757 |
| | = | 0.9809 |
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 |
| = | (114.411 - 0 | - | 371.013) | / | 2140.227 |
| | = | -0.119895 |
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.
Aegean Airlines has a M-score of -3.82 suggests that the company is unlikely to be a manipulator.
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