Aeroflex Holding (FRA:1AX) Beneish M-Score : 0.00 (As of May. 06, 2024)

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What is Aeroflex Holding 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.

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

During the past 6 years, the highest Beneish M-Score of Aeroflex Holding was 0.00. The lowest was 0.00. And the median was 0.00.

Aeroflex Holding Beneish M-Score Historical Data

The historical data trend for Aeroflex Holding'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.

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Aeroflex Holding Beneish M-Score Chart

Aeroflex Holding Annual Data

Trend

Jun08

Jun09

Jun10

Jun11

Jun12

Jun13

Beneish M-Score

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-3.16

-3.33

Aeroflex Holding Quarterly Data
	Jun09	Dec09	Mar10	Jun10	Sep10	Dec10	Mar11	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13	Jun13	Sep13	Dec13	Mar14
Beneish M-Score	Get a 7-Day Free Trial														-2.81	-3.33	-3.09	-3.08	-3.07

Competitive Comparison of Aeroflex Holding's Beneish M-Score

For the Electronic Components subindustry, Aeroflex Holding'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.

Aeroflex Holding's Beneish M-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Aeroflex Holding's Beneish M-Score distribution charts can be found below:

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

Aeroflex Holding 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 Aeroflex Holding 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 * 0.9601

0.528 * 0.9978

0.404 * 0.8919

0.892 * 0.9655

0.115 * 1.1692

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9459

4.679 * -0.121691

0.327 * 1.0587

-3.15

This Year (Mar14) TTM:

Last Year (Mar13) TTM:

Total Receivables was €96.3 Mil.
Revenue was 112.4 + 110.307 + 99.284 + 152.049 = €474.0 Mil.
Gross Profit was 59.945 + 54.735 + 49.232 + 78.11 = €242.0 Mil.
Total Current Assets was €287.7 Mil.
Total Assets was €750.4 Mil.
Property, Plant and Equipment(Net PPE) was €74.9 Mil.
Depreciation, Depletion and Amortization(DDA) was €46.7 Mil.
Selling, General, & Admin. Expense(SGA) was €104.8 Mil.
Total Current Liabilities was €84.7 Mil.
Long-Term Debt & Capital Lease Obligation was €424.4 Mil.
Net Income was 3.851 + 0.823 + 7.859 + -61.75 = €-49.2 Mil.
Non Operating Income was -0.155 + -0.216 + -0.038 + -1.278 = €-1.7 Mil.
Cash Flow from Operations was 12.144 + 1.685 + 5.787 + 24.166 = €43.8 Mil.

Total Receivables was €103.9 Mil.
Revenue was 121.236 + 115.726 + 106.805 + 147.231 = €491.0 Mil.
Gross Profit was 61.6 + 59.48 + 52.94 + 76.116 = €250.1 Mil.
Total Current Assets was €284.4 Mil.
Total Assets was €860.6 Mil.
Property, Plant and Equipment(Net PPE) was €77.6 Mil.
Depreciation, Depletion and Amortization(DDA) was €63.2 Mil.
Selling, General, & Admin. Expense(SGA) was €114.8 Mil.
Total Current Liabilities was €83.3 Mil.
Long-Term Debt & Capital Lease Obligation was €468.1 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)
	=	(96.261 / 474.04)	/	(103.853 / 490.998)
	=	0.203065	/	0.211514
	=	0.9601

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)
	=	(250.136 / 490.998)	/	(242.022 / 474.04)
	=	0.509444	/	0.510552
	=	0.9978

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 - (287.663 + 74.896) / 750.36)	/	(1 - (284.367 + 77.559) / 860.583)
	=	0.51682	/	0.579441
	=	0.8919

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
	=	474.04	/	490.998
	=	0.9655

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))
	=	(63.194 / (63.194 + 77.559))	/	(46.687 / (46.687 + 74.896))
	=	0.448971	/	0.383993
	=	1.1692

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)
	=	(104.81 / 474.04)	/	(114.769 / 490.998)
	=	0.221099	/	0.233746
	=	0.9459

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)
	=	((424.401 + 84.655) / 750.36)	/	((468.121 + 83.347) / 860.583)
	=	0.678416	/	0.640807
	=	1.0587

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
	=	(-49.217 - -1.687	-	43.782)	/	750.36
	=	-0.121691

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.

Aeroflex Holding has a M-score of -3.15 suggests that the company is unlikely to be a manipulator.

Aeroflex Holding Beneish M-Score Related Terms

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Aeroflex Holding (FRA:1AX) Business Description

Industry

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Traded in Other Exchanges

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Address

Website

http://www.aeroflex.com

Aeroflex Holding Corp is a provider of radio frequency, or RF, and microwave integrated circuits, components and systems used in the design, development and maintenance of technically demanding, high-performance wireless communication systems. Its solutions include microelectronic components and test and measurement equipment used by companies in the: commercial wireless communications; space, avionics and defense; and medical and other markets. The products it manufactures include RF, microwave and millimeter wave microelectronic components , or HiRel, and radiation hardened, or RadHard, integrated circuits, or ICs, and analog and mixed-signal devices. It also manufactures RF and microwave wireless radio and avionics test equipment and solutions particularly for the wireless, avionics and radio test markets. The Company operates in the following segments: Aeroflex Microelectronic Solutions, or AMS, and Aeroflex Test Solutions, or ATS. AMS offers microelectronics products and is a provider of high-performance, high reliability specialty products for the commercial wireless communications and the space, avionics and defense and medical and other markets. ATS is a provider of specialized test and measurement hardware and software products, primarily for the commercial wireless communications and the space, avionics and defense markets. AMS addresses value-added specialty markets requiring application specific, custom engineered, high-performance microelectronic solutions. ATS addresses value-added specialty markets requiring application specific, custom engineered, high-performance testing solutions. Its operations are subject to various federal, state, local, and foreign environmental laws, ordinances and regulations that limit discharges into the environment, establish standards for the handling, generation, use, emission, release, discharge, treatment, storage and disposal of, or exposure to, hazardous materials, substances and waste, and require cleanup of contaminated soil and groundwater.

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