Grupa Kety Beneish M-Score Historical Data
The historical data trend for Grupa Kety'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.
Grupa Kety Beneish M-Score Chart
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Grupa Kety Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.05 |
-2.89 |
-1.99 |
-2.28 |
-3.14 |
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Grupa Kety Quarterly Data
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Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
| Beneish M-Score |
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-3.06 |
-3.06 |
-3.14 |
-3.00 |
-2.86 |
Competitive Comparison of Grupa Kety's Beneish M-Score
For the Aluminum subindustry, Grupa Kety'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.
Grupa Kety's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Grupa Kety's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Grupa Kety's Beneish M-Score falls into.
Grupa Kety 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 Grupa Kety 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 * 1.085 | + | 0.528 * 0.8324 | + | 0.404 * 1.1817 | + | 0.892 * 0.9188 | + | 0.115 * 1.0014 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.117283 | - | 0.327 * 0.9938 |
| = | -2.86 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was €199 Mil.
Revenue was 308.401 + 293.91 + 283.374 + 311.101 = €1,197 Mil.
Gross Profit was 130.948 + 118.063 + 108.138 + 124.556 = €482 Mil.
Total Current Assets was €405 Mil.
Total Assets was €917 Mil.
Property, Plant and Equipment(Net PPE) was €459 Mil.
Depreciation, Depletion and Amortization(DDA) was €45 Mil.
Selling, General, & Admin. Expense(SGA) was €0 Mil.
Total Current Liabilities was €350 Mil.
Long-Term Debt & Capital Lease Obligation was €143 Mil.
Net Income was 39.458 + 35.619 + 16.905 + 42.922 = €135 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 52.148 + 48.997 + 63.753 + 77.568 = €242 Mil.
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Total Receivables was €200 Mil.
Revenue was 317.33 + 325.539 + 302.204 + 357.485 = €1,303 Mil.
Gross Profit was 115.888 + 107.784 + 94.823 + 117.917 = €436 Mil.
Total Current Assets was €421 Mil.
Total Assets was €886 Mil.
Property, Plant and Equipment(Net PPE) was €422 Mil.
Depreciation, Depletion and Amortization(DDA) was €42 Mil.
Selling, General, & Admin. Expense(SGA) was €22 Mil.
Total Current Liabilities was €345 Mil.
Long-Term Debt & Capital Lease Obligation was €134 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) |
| = | (199.031 / 1196.786) | / | (199.658 / 1302.558) |
| = | 0.166305 | / | 0.153281 |
| | = | 1.085 |
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) |
| = | (436.412 / 1302.558) | / | (481.705 / 1196.786) |
| = | 0.335042 | / | 0.402499 |
| | = | 0.8324 |
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 - (404.788 + 459.307) / 917.115) | / | (1 - (420.879 + 422.031) / 886.268) |
| = | 0.057812 | / | 0.048922 |
| | = | 1.1817 |
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 |
| = | 1196.786 | / | 1302.558 |
| | = | 0.9188 |
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)) |
| = | (41.601 / (41.601 + 422.031)) | / | (45.207 / (45.207 + 459.307)) |
| = | 0.089728 | / | 0.089605 |
| | = | 1.0014 |
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) |
| = | (0 / 1196.786) | / | (22.146 / 1302.558) |
| = | 0 | / | 0.017002 |
| | = | 0 |
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) |
| = | ((142.989 + 349.81) / 917.115) | / | ((134.483 + 344.704) / 886.268) |
| = | 0.537336 | / | 0.54068 |
| | = | 0.9938 |
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 |
| = | (134.904 - 0 | - | 242.466) | / | 917.115 |
| | = | -0.117283 |
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.
Grupa Kety has a M-score of -2.86 suggests that the company is unlikely to be a manipulator.
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