CTS Eventim AG. KGaA Beneish M-Score Historical Data
The historical data trend for CTS Eventim AG. KGaA'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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CTS Eventim AG. KGaA Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
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-2.28 |
0.63 |
-2.53 |
-0.77 |
-3.06 |
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CTS Eventim AG. KGaA 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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-0.77 |
-0.91 |
-2.08 |
-2.10 |
-3.06 |
Competitive Comparison
For the Entertainment subindustry, CTS Eventim AG. KGaA'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.
CTS Eventim AG. KGaA Beneish M-Score Distribution
For the Media - Diversified industry and Communication Services sector, CTS Eventim AG. KGaA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CTS Eventim AG. KGaA's Beneish M-Score falls into.
CTS Eventim AG. KGaA 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 CTS Eventim AG. KGaA 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 * 0.8068 | + | 0.528 * 0.9102 | + | 0.404 * 0.8601 | + | 0.892 * 1.2247 | + | 0.115 * 1.1218 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.008 | + | 4.679 * -0.111249 | - | 0.327 * 0.9854 |
| = | -3.06 |
* 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 €202 Mil.
Revenue was 1629.257 + -291.696 + 654.744 + 366.248 = €2,359 Mil.
Gross Profit was 434.159 + -57.315 + 122.575 + 103.739 = €603 Mil.
Total Current Assets was €2,150 Mil.
Total Assets was €3,195 Mil.
Property, Plant and Equipment(Net PPE) was €315 Mil.
Depreciation, Depletion and Amortization(DDA) was €92 Mil.
Selling, General, & Admin. Expense(SGA) was €244 Mil.
Total Current Liabilities was €1,946 Mil.
Long-Term Debt & Capital Lease Obligation was €102 Mil.
Net Income was 154.47 + 34.864 + 41.597 + 43.71 = €275 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 601.06 + 55.272 + -88.839 + 62.626 = €630 Mil.
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Total Receivables was €204 Mil.
Revenue was 1231.452 + -40.008 + 595.135 + 139.224 = €1,926 Mil.
Gross Profit was 298.298 + 8.419 + 108.875 + 32.679 = €448 Mil.
Total Current Assets was €1,736 Mil.
Total Assets was €2,609 Mil.
Property, Plant and Equipment(Net PPE) was €180 Mil.
Depreciation, Depletion and Amortization(DDA) was €61 Mil.
Selling, General, & Admin. Expense(SGA) was €198 Mil.
Total Current Liabilities was €1,593 Mil.
Long-Term Debt & Capital Lease Obligation was €103 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) |
| = | (201.513 / 2358.553) | / | (203.93 / 1925.803) |
| = | 0.085439 | / | 0.105893 |
| | = | 0.8068 |
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) |
| = | (448.271 / 1925.803) | / | (603.158 / 2358.553) |
| = | 0.232771 | / | 0.255732 |
| | = | 0.9102 |
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 - (2149.699 + 315.354) / 3195.339) | / | (1 - (1736.243 + 179.593) / 2609.176) |
| = | 0.228547 | / | 0.265731 |
| | = | 0.8601 |
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 |
| = | 2358.553 | / | 1925.803 |
| | = | 1.2247 |
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)) |
| = | (60.689 / (60.689 + 179.593)) | / | (91.635 / (91.635 + 315.354)) |
| = | 0.252574 | / | 0.225154 |
| | = | 1.1218 |
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) |
| = | (244.087 / 2358.553) | / | (197.72 / 1925.803) |
| = | 0.10349 | / | 0.102669 |
| | = | 1.008 |
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) |
| = | ((101.727 + 1945.767) / 3195.339) | / | ((103.09 + 1593.491) / 2609.176) |
| = | 0.640775 | / | 0.650236 |
| | = | 0.9854 |
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 |
| = | (274.641 - 0 | - | 630.119) | / | 3195.339 |
| | = | -0.111249 |
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.
CTS Eventim AG. KGaA has a M-score of -3.06 suggests that the company is unlikely to be a manipulator.
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