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
|
Aegean Airlines Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-3.61 |
-3.56 |
-0.48 |
-3.72 |
-3.21 |
|
Aegean Airlines Semi-Annual Data
|
|
Dec14 |
Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
Jun24 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
-3.72 |
- |
-3.21 |
- |
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 * 0.7988 | + | 0.528 * 0.6048 | + | 0.404 * 0.8283 | + | 0.892 * 1.2665 | + | 0.115 * 1.0454 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * -0.109336 | - | 0.327 * 0.999 |
| = | -3.21 |
* 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 €107 Mil.
Revenue was €1,693 Mil.
Gross Profit was €217 Mil.
Total Current Assets was €927 Mil.
Total Assets was €2,413 Mil.
Property, Plant and Equipment(Net PPE) was €1,310 Mil.
Depreciation, Depletion and Amortization(DDA) was €154 Mil.
Selling, General, & Admin. Expense(SGA) was €0 Mil.
Total Current Liabilities was €871 Mil.
Long-Term Debt & Capital Lease Obligation was €1,003 Mil.
Net Income was €170 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €434 Mil.
|
Total Receivables was €106 Mil.
Revenue was €1,337 Mil.
Gross Profit was €104 Mil.
Total Current Assets was €806 Mil.
Total Assets was €2,020 Mil.
Property, Plant and Equipment(Net PPE) was €1,036 Mil.
Depreciation, Depletion and Amortization(DDA) was €128 Mil.
Selling, General, & Admin. Expense(SGA) was €0 Mil.
Total Current Liabilities was €698 Mil.
Long-Term Debt & Capital Lease Obligation was €873 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) |
| = | (107.244 / 1693.129) | / | (106.008 / 1336.832) |
| = | 0.063341 | / | 0.079298 |
| | = | 0.7988 |
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) |
| = | (103.663 / 1336.832) | / | (217.09 / 1693.129) |
| = | 0.077544 | / | 0.128218 |
| | = | 0.6048 |
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 - (926.994 + 1309.588) / 2412.667) | / | (1 - (806.232 + 1036.13) / 2020.374) |
| = | 0.072984 | / | 0.088108 |
| | = | 0.8283 |
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 |
| = | 1693.129 | / | 1336.832 |
| | = | 1.2665 |
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)) |
| = | (127.681 / (127.681 + 1036.13)) | / | (153.544 / (153.544 + 1309.588)) |
| = | 0.109709 | / | 0.104942 |
| | = | 1.0454 |
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 / 1693.129) | / | (0 / 1336.832) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((1003.09 + 871.15) / 2412.667) | / | ((872.936 + 698.064) / 2020.374) |
| = | 0.776833 | / | 0.777579 |
| | = | 0.999 |
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 |
| = | (169.968 - 0 | - | 433.76) | / | 2412.667 |
| | = | -0.109336 |
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 -3.21 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
ATH:AEGN has been successfully added to your