CompuGroup Medical SE KgaA (HAM:COP) Beneish M-Score : -2.78 (As of Jun. 05, 2024)

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What is CompuGroup Medical SE KgaA 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 -2.78 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for CompuGroup Medical SE KgaA's Beneish M-Score or its related term are showing as below:

HAM:COP' s Beneish M-Score Range Over the Past 10 Years
Min: -2.83 Med: -2.57 Max: -2.26
Current: -2.78

During the past 13 years, the highest Beneish M-Score of CompuGroup Medical SE KgaA was -2.26. The lowest was -2.83. And the median was -2.57.

CompuGroup Medical SE KgaA Beneish M-Score Historical Data

The historical data trend for CompuGroup Medical 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.

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CompuGroup Medical SE KgaA Beneish M-Score Chart

CompuGroup Medical SE KgaA Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.83

-2.27

-2.68

-2.44

-2.78

CompuGroup Medical SE KgaA Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-	-	-	-2.78	-

Competitive Comparison of CompuGroup Medical SE KgaA's Beneish M-Score

For the Health Information Services subindustry, CompuGroup Medical 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.

CompuGroup Medical SE KgaA's Beneish M-Score Distribution in the Healthcare Providers & Services Industry

For the Healthcare Providers & Services industry and Healthcare sector, CompuGroup Medical SE KgaA's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where CompuGroup Medical SE KgaA's Beneish M-Score falls into.

CompuGroup Medical 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 CompuGroup Medical SE KgaA 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 * 0.9297

0.528 * 1.0022

0.404 * 1.0247

0.892 * 1.0513

0.115 * 0.9994

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7933

4.679 * -0.070324

0.327 * 1.0043

-2.78

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was €210 Mil.
Revenue was €1,188 Mil.
Gross Profit was €1,005 Mil.
Total Current Assets was €370 Mil.
Total Assets was €1,900 Mil.
Property, Plant and Equipment(Net PPE) was €166 Mil.
Depreciation, Depletion and Amortization(DDA) was €116 Mil.
Selling, General, & Admin. Expense(SGA) was €38 Mil.
Total Current Liabilities was €347 Mil.
Long-Term Debt & Capital Lease Obligation was €741 Mil.
Net Income was €46 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €180 Mil.

Total Receivables was €215 Mil.
Revenue was €1,130 Mil.
Gross Profit was €958 Mil.
Total Current Assets was €421 Mil.
Total Assets was €1,944 Mil.
Property, Plant and Equipment(Net PPE) was €161 Mil.
Depreciation, Depletion and Amortization(DDA) was €112 Mil.
Selling, General, & Admin. Expense(SGA) was €45 Mil.
Total Current Liabilities was €375 Mil.
Long-Term Debt & Capital Lease Obligation was €733 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)
	=	(210.121 / 1187.663)	/	(214.991 / 1129.739)
	=	0.17692	/	0.190301
	=	0.9297

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)
	=	(958.161 / 1129.739)	/	(1005.055 / 1187.663)
	=	0.848126	/	0.846246
	=	1.0022

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 - (369.829 + 165.699) / 1899.943)	/	(1 - (420.807 + 160.889) / 1944.438)
	=	0.718135	/	0.700841
	=	1.0247

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
	=	1187.663	/	1129.739
	=	1.0513

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))
	=	(112.321 / (112.321 + 160.889))	/	(115.798 / (115.798 + 165.699))
	=	0.411116	/	0.411365
	=	0.9994

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)
	=	(37.506 / 1187.663)	/	(44.972 / 1129.739)
	=	0.03158	/	0.039807
	=	0.7933

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)
	=	((741.084 + 346.827) / 1899.943)	/	((733.165 + 375.474) / 1944.438)
	=	0.572602	/	0.570159
	=	1.0043

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
	=	(45.916 - 0	-	179.528)	/	1899.943
	=	-0.070324

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.

CompuGroup Medical SE KgaA has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.

CompuGroup Medical SE KgaA Beneish M-Score Related Terms

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CompuGroup Medical SE KgaA (HAM:COP) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Healthcare Providers & Services » CompuGroup Medical SE & Co KgaA (HAM:COP) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

CMPUY:USA COPd:UK 0MSD:UK COP:Germany COP:Austria

Address

Maria Trost 21, Koblenz, DEU, 56070

Website

https://www.cgm.com

CompuGroup Medical SE & Co KgaA provides electronic health solutions to healthcare providers through four segments: Ambulatory information systems, Pharmacy information systems, Hospital information systems, and Consumer and Health Management Information Systems. The Ambulatory information systems segment contributes to the majority of revenue and provides practice management software and electronic medical record management. Pharmacy information systems provide clinical, administrative, and financial software for retail pharmacies. The Hospital information systems segment sells its solutions to in-patient centers. Consumer and Health Management Information Systems offers networking service connect providers and other market participants.