SCI AG (HAM:SCI) Beneish M-Score : -1.71 (As of Apr. 06, 2025)

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What is SCI AG 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.

Warning Sign:

Beneish M-Score -1.71 higher than -1.78, which implies that the company might have manipulated its financial results.

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

HAM:SCI' s Beneish M-Score Range Over the Past 10 Years
Min: -1.71 Med: -1.6 Max: -1.26
Current: -1.71

During the past 13 years, the highest Beneish M-Score of SCI AG was -1.26. The lowest was -1.71. And the median was -1.60.

SCI AG Beneish M-Score Historical Data

The historical data trend for SCI AG'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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SCI AG Beneish M-Score Chart

SCI AG Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.26

-1.71

SCI AG Semi-Annual Data
	Dec09	Dec10	Dec11	Dec12	Dec13	Dec14	Dec15	Dec16	Dec17	Dec18	Dec19	Dec20	Dec21	Dec22	Dec23
Beneish M-Score	Get a 7-Day Free Trial										-	-1.26	-	-	-1.71

Competitive Comparison of SCI AG's Beneish M-Score

For the Capital Markets subindustry, SCI AG'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.

SCI AG's Beneish M-Score Distribution in the Capital Markets Industry

For the Capital Markets industry and Financial Services sector, SCI AG's Beneish M-Score distribution charts can be found below:

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

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SCI AG 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 SCI AG 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 * 1

0.528 * 0.5859

0.404 * 0.7737

0.892 * 1.7578

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * 0.049169

0.327 * 0.4749

-1.71

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was €0.00 Mil.
Revenue was €4.12 Mil.
Gross Profit was €0.17 Mil.
Total Current Assets was €5.30 Mil.
Total Assets was €8.36 Mil.
Property, Plant and Equipment(Net PPE) was €0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.00 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €0.01 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 Mil.
Net Income was €0.41 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €0.00 Mil.

Total Receivables was €0.00 Mil.
Revenue was €2.35 Mil.
Gross Profit was €0.06 Mil.
Total Current Assets was €4.18 Mil.
Total Assets was €7.94 Mil.
Property, Plant and Equipment(Net PPE) was €0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.00 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €0.01 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 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)
	=	(0 / 4.122)	/	(0 / 2.345)
	=	0	/	0
	=	1

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)
	=	(0.056 / 2.345)	/	(0.168 / 4.122)
	=	0.023881	/	0.040757
	=	0.5859

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 - (5.296 + 0) / 8.359)	/	(1 - (4.178 + 0) / 7.937)
	=	0.366431	/	0.473605
	=	0.7737

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
	=	4.122	/	2.345
	=	1.7578

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))
	=	(0.001 / (0.001 + 0))	/	(0.001 / (0.001 + 0))
	=	1	/	1
	=	1

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 / 4.122)	/	(0 / 2.345)
	=	0	/	0
	=	1

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)
	=	((0 + 0.006) / 8.359)	/	((0 + 0.012) / 7.937)
	=	0.000718	/	0.001512
	=	0.4749

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
	=	(0.411 - 0	-	0)	/	8.359
	=	0.049169

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.

SCI AG has a M-score of -1.71 signals that the company is likely to be a manipulator.

SCI AG Beneish M-Score Related Terms

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SCI AG Business Description

Industry

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Address

Bartholomaus-Arnoldi-Str. 82, Usingen, DEU, 61250

Website

https://www.sci-ag.de

SCI AG is a holding company focused on special situations in the German stock market through takeovers and squeeze-outs. It seeks investment opportunities in temporal relation to corporate restructuring and turnaround situations.