Bechtle AG Beneish M-Score Historical Data
The historical data trend for Bechtle 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.
Bechtle AG Beneish M-Score Chart
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Bechtle AG Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.37 |
-2.90 |
-2.54 |
-2.05 |
-2.61 |
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Bechtle AG 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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-2.05 |
-2.33 |
-2.50 |
-2.78 |
-2.61 |
Competitive Comparison of Bechtle AG's Beneish M-Score
For the Information Technology Services subindustry, Bechtle 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.
Bechtle AG's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Bechtle AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bechtle AG's Beneish M-Score falls into.
Bechtle 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 Bechtle AG 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 * 0.9609 | + | 0.528 * 1.0004 | + | 0.404 * 1.1918 | + | 0.892 * 1.0929 | + | 0.115 * 1.0568 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0335 | + | 4.679 * -0.050891 | - | 0.327 * 0.9725 |
| = | -2.58 |
* 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 $1,560 Mil.
Revenue was 2066.678 + 1578.607 + 1635.91 + 1647.215 = $6,928 Mil.
Gross Profit was 332.883 + 299.17 + 292.59 + 285.081 = $1,210 Mil.
Total Current Assets was $2,591 Mil.
Total Assets was $4,147 Mil.
Property, Plant and Equipment(Net PPE) was $482 Mil.
Depreciation, Depletion and Amortization(DDA) was $137 Mil.
Selling, General, & Admin. Expense(SGA) was $156 Mil.
Total Current Liabilities was $1,391 Mil.
Long-Term Debt & Capital Lease Obligation was $720 Mil.
Net Income was 82.761 + 71.247 + 71.455 + 60.93 = $286 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 293.123 + 133.68 + 92.322 + -21.664 = $497 Mil.
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Total Receivables was $1,486 Mil.
Revenue was 1872.403 + 1449.378 + 1498.506 + 1518.907 = $6,339 Mil.
Gross Profit was 314.095 + 259.661 + 268.228 + 265.278 = $1,107 Mil.
Total Current Assets was $2,471 Mil.
Total Assets was $3,652 Mil.
Property, Plant and Equipment(Net PPE) was $387 Mil.
Depreciation, Depletion and Amortization(DDA) was $118 Mil.
Selling, General, & Admin. Expense(SGA) was $139 Mil.
Total Current Liabilities was $1,530 Mil.
Long-Term Debt & Capital Lease Obligation was $382 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) |
| = | (1560.378 / 6928.41) | / | (1485.844 / 6339.194) |
| = | 0.225214 | / | 0.23439 |
| | = | 0.9609 |
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) |
| = | (1107.262 / 6339.194) | / | (1209.724 / 6928.41) |
| = | 0.174669 | / | 0.174603 |
| | = | 1.0004 |
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 - (2590.92 + 481.816) / 4147.425) | / | (1 - (2471.074 + 387.195) / 3652.407) |
| = | 0.259122 | / | 0.217429 |
| | = | 1.1918 |
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 |
| = | 6928.41 | / | 6339.194 |
| | = | 1.0929 |
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)) |
| = | (117.854 / (117.854 + 387.195)) | / | (136.538 / (136.538 + 481.816)) |
| = | 0.233352 | / | 0.220809 |
| | = | 1.0568 |
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) |
| = | (156.478 / 6928.41) | / | (138.526 / 6339.194) |
| = | 0.022585 | / | 0.021852 |
| | = | 1.0335 |
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) |
| = | ((720.231 + 1391.168) / 4147.425) | / | ((381.722 + 1530.333) / 3652.407) |
| = | 0.509087 | / | 0.523505 |
| | = | 0.9725 |
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 |
| = | (286.393 - 0 | - | 497.461) | / | 4147.425 |
| | = | -0.050891 |
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.
Bechtle AG has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.
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