EXXRF (EXOR NV) Beneish M-Score : -2.37 (As of Dec. 12, 2024)

View and export this data going back to 2013. Start your Free Trial

What is EXOR NV 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 -2.37 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

EXXRF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.12 Med: -2.65 Max: -0.4
Current: -2.37

During the past 13 years, the highest Beneish M-Score of EXOR NV was -0.40. The lowest was -3.12. And the median was -2.65.

EXOR NV Beneish M-Score Historical Data

The historical data trend for EXOR NV'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.

EXOR NV Beneish M-Score Chart

EXOR NV Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-2.64

-0.40

-3.12

-2.05

-2.37

EXOR NV 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															-	-2.05	-	-2.37	-

Competitive Comparison of EXOR NV's Beneish M-Score

For the Farm & Heavy Construction Machinery subindustry, EXOR NV'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.

EXOR NV's Beneish M-Score Distribution in the Farm & Heavy Construction Machinery Industry

For the Farm & Heavy Construction Machinery industry and Industrials sector, EXOR NV's Beneish M-Score distribution charts can be found below:

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

EXOR NV 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 EXOR NV for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.144

0.528 * 0.8988

0.404 * 1.1893

0.892 * 1.1007

0.115 * 0.9587

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9932

4.679 * -0.02165

0.327 * 1.0109

-2.34

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $31,802 Mil.
Revenue was $48,792 Mil.
Gross Profit was $12,332 Mil.
Total Current Assets was $54,375 Mil.
Total Assets was $103,358 Mil.
Property, Plant and Equipment(Net PPE) was $9,181 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,236 Mil.
Selling, General, & Admin. Expense(SGA) was $3,833 Mil.
Total Current Liabilities was $15,266 Mil.
Long-Term Debt & Capital Lease Obligation was $43,537 Mil.
Net Income was $4,574 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $6,811 Mil.

Total Receivables was $25,255 Mil.
Revenue was $44,327 Mil.
Gross Profit was $10,070 Mil.
Total Current Assets was $51,461 Mil.
Total Assets was $88,664 Mil.
Property, Plant and Equipment(Net PPE) was $8,494 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,963 Mil.
Selling, General, & Admin. Expense(SGA) was $3,506 Mil.
Total Current Liabilities was $14,238 Mil.
Long-Term Debt & Capital Lease Obligation was $35,659 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)
	=	(31801.527 / 48791.712)	/	(25255.297 / 44327.331)
	=	0.651781	/	0.569745
	=	1.144

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)
	=	(10069.915 / 44327.331)	/	(12331.516 / 48791.712)
	=	0.227172	/	0.252738
	=	0.8988

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 - (54375.136 + 9181.025) / 103357.688)	/	(1 - (51460.805 + 8493.644) / 88664.195)
	=	0.385085	/	0.323803
	=	1.1893

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
	=	48791.712	/	44327.331
	=	1.1007

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))
	=	(1962.924 / (1962.924 + 8493.644))	/	(2235.551 / (2235.551 + 9181.025))
	=	0.187722	/	0.195816
	=	0.9587

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)
	=	(3833.152 / 48791.712)	/	(3506.356 / 44327.331)
	=	0.078562	/	0.079101
	=	0.9932

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)
	=	((43536.532 + 15266.085) / 103357.688)	/	((35658.898 + 14238.347) / 88664.195)
	=	0.568923	/	0.562767
	=	1.0109

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
	=	(4573.61 - 0	-	6811.341)	/	103357.688
	=	-0.02165

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.

EXOR NV has a M-score of -2.34 suggests that the company is unlikely to be a manipulator.

EXOR NV Beneish M-Score Related Terms

Thank you for viewing the detailed overview of EXOR NV's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.