Stroeer SE KGaA Beneish M-Score Historical Data
The historical data trend for Stroeer SE 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.
Stroeer SE KGaA Beneish M-Score Chart
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Stroeer SE 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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-3.79 |
-3.14 |
-2.97 |
-2.90 |
-3.04 |
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Stroeer SE 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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-2.90 |
-2.87 |
-2.82 |
-2.83 |
-3.04 |
Competitive Comparison of Stroeer SE KGaA's Beneish M-Score
For the Advertising Agencies subindustry, Stroeer SE 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.
Stroeer SE KGaA's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Stroeer SE KGaA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Stroeer SE KGaA's Beneish M-Score falls into.
Stroeer SE 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 Stroeer SE 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 * 0.8835 | + | 0.528 * 1.0257 | + | 0.404 * 0.998 | + | 0.892 * 1.0804 | + | 0.115 * 0.945 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0001 | + | 4.679 * -0.112476 | - | 0.327 * 1.0122 |
| = | -3.04 |
* 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 €208 Mil.
Revenue was 566.049 + 483.575 + 454.779 + 409.927 = €1,914 Mil.
Gross Profit was 243.676 + 204.547 + 189.268 + 159.269 = €797 Mil.
Total Current Assets was €399 Mil.
Total Assets was €2,741 Mil.
Property, Plant and Equipment(Net PPE) was €1,211 Mil.
Depreciation, Depletion and Amortization(DDA) was €323 Mil.
Selling, General, & Admin. Expense(SGA) was €192 Mil.
Total Current Liabilities was €842 Mil.
Long-Term Debt & Capital Lease Obligation was €1,323 Mil.
Net Income was 46.946 + 27.187 + 19.381 + -0.687 = €93 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 175.817 + 85.224 + 87.495 + 52.595 = €401 Mil.
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Total Receivables was €218 Mil.
Revenue was 525.671 + 436.274 + 424.982 + 385.015 = €1,772 Mil.
Gross Profit was 234.63 + 186.047 + 181.367 + 154.439 = €756 Mil.
Total Current Assets was €396 Mil.
Total Assets was €2,756 Mil.
Property, Plant and Equipment(Net PPE) was €1,220 Mil.
Depreciation, Depletion and Amortization(DDA) was €304 Mil.
Selling, General, & Admin. Expense(SGA) was €177 Mil.
Total Current Liabilities was €699 Mil.
Long-Term Debt & Capital Lease Obligation was €1,451 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) |
| = | (207.97 / 1914.33) | / | (217.891 / 1771.942) |
| = | 0.108639 | / | 0.122967 |
| | = | 0.8835 |
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) |
| = | (756.483 / 1771.942) | / | (796.76 / 1914.33) |
| = | 0.426923 | / | 0.416208 |
| | = | 1.0257 |
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 - (398.955 + 1210.786) / 2741.066) | / | (1 - (396.229 + 1220.081) / 2756.169) |
| = | 0.412732 | / | 0.413566 |
| | = | 0.998 |
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 |
| = | 1914.33 | / | 1771.942 |
| | = | 1.0804 |
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)) |
| = | (303.507 / (303.507 + 1220.081)) | / | (323.402 / (323.402 + 1210.786)) |
| = | 0.199205 | / | 0.210797 |
| | = | 0.945 |
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) |
| = | (191.662 / 1914.33) | / | (177.38 / 1771.942) |
| = | 0.10012 | / | 0.100105 |
| | = | 1.0001 |
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) |
| = | ((1322.79 + 842.355) / 2741.066) | / | ((1451.454 + 699.332) / 2756.169) |
| = | 0.789892 | / | 0.780353 |
| | = | 1.0122 |
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 |
| = | (92.827 - 0 | - | 401.131) | / | 2741.066 |
| | = | -0.112476 |
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.
Stroeer SE KGaA has a M-score of -3.04 suggests that the company is unlikely to be a manipulator.
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