PIERER Mobility AG Beneish M-Score Historical Data
The historical data trend for PIERER Mobility 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.
PIERER Mobility AG Beneish M-Score Chart
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PIERER Mobility AG Annual Data
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Sep14 |
Dec15 |
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Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.90 |
-3.35 |
-3.08 |
-2.11 |
-2.06 |
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PIERER Mobility AG Quarterly Data
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Sep14 |
Dec14 |
Jun15 |
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Dec18 |
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Dec22 |
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Dec23 |
| Beneish M-Score |
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-3.08 |
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-2.11 |
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-2.06 |
Competitive Comparison of PIERER Mobility AG's Beneish M-Score
For the Auto Manufacturers subindustry, PIERER Mobility 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.
PIERER Mobility AG's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, PIERER Mobility AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PIERER Mobility AG's Beneish M-Score falls into.
PIERER Mobility 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 PIERER Mobility 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 * 1.4671 | + | 0.528 * 1.0305 | + | 0.404 * 0.927 | + | 0.892 * 1.3066 | + | 0.115 * 1.0771 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8915 | + | 4.679 * 0.026873 | - | 0.327 * 1.1485 |
| = | -1.69 |
* 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 (Dec21) TTM: |
Total Receivables was CHF346 Mil.
Revenue was 1201.112 + 1353.622 + 1266.292 + 1183.575 = CHF5,005 Mil.
Gross Profit was 304.236 + 352.642 + 374.022 + 320.312 = CHF1,351 Mil.
Total Current Assets was CHF1,527 Mil.
Total Assets was CHF2,785 Mil.
Property, Plant and Equipment(Net PPE) was CHF456 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF303 Mil.
Selling, General, & Admin. Expense(SGA) was CHF105 Mil.
Total Current Liabilities was CHF862 Mil.
Long-Term Debt & Capital Lease Obligation was CHF908 Mil.
Net Income was 23.74 + 53.663 + 101.001 + 69.305 = CHF248 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CHF0 Mil.
Cash Flow from Operations was -153.956 + 51.115 + 300.572 + -24.858 = CHF173 Mil.
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Total Receivables was CHF180 Mil.
Revenue was 1002.904 + 1179.076 + 1005.542 + 642.765 = CHF3,830 Mil.
Gross Profit was 301.272 + 309.317 + 300.969 + 154.186 = CHF1,066 Mil.
Total Current Assets was CHF1,083 Mil.
Total Assets was CHF2,116 Mil.
Property, Plant and Equipment(Net PPE) was CHF376 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF284 Mil.
Selling, General, & Admin. Expense(SGA) was CHF90 Mil.
Total Current Liabilities was CHF644 Mil.
Long-Term Debt & Capital Lease Obligation was CHF527 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) |
| = | (345.656 / 5004.601) | / | (180.317 / 3830.287) |
| = | 0.069068 | / | 0.047077 |
| | = | 1.4671 |
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) |
| = | (1065.744 / 3830.287) | / | (1351.212 / 5004.601) |
| = | 0.278241 | / | 0.269994 |
| | = | 1.0305 |
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 - (1526.921 + 456.341) / 2784.821) | / | (1 - (1083.247 + 376.028) / 2116.447) |
| = | 0.287831 | / | 0.310507 |
| | = | 0.927 |
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 |
| = | 5004.601 | / | 3830.287 |
| | = | 1.3066 |
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)) |
| = | (283.921 / (283.921 + 376.028)) | / | (303.488 / (303.488 + 456.341)) |
| = | 0.430217 | / | 0.399416 |
| | = | 1.0771 |
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) |
| = | (104.7 / 5004.601) | / | (89.881 / 3830.287) |
| = | 0.020921 | / | 0.023466 |
| | = | 0.8915 |
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) |
| = | ((908.039 + 861.635) / 2784.821) | / | ((527.144 + 643.87) / 2116.447) |
| = | 0.635471 | / | 0.553292 |
| | = | 1.1485 |
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 |
| = | (247.709 - 0 | - | 172.873) | / | 2784.821 |
| | = | 0.026873 |
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.
PIERER Mobility AG has a M-score of -1.69 signals that the company is likely to be a manipulator.
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