Jenoptik AG Beneish M-Score Historical Data
The historical data trend for Jenoptik 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.
Jenoptik AG Beneish M-Score Chart
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Jenoptik AG Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.45 |
-2.29 |
-2.92 |
-2.67 |
-2.71 |
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Jenoptik AG 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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-2.67 |
-2.83 |
-2.82 |
-2.78 |
-2.71 |
Competitive Comparison of Jenoptik AG's Beneish M-Score
For the Electronic Components subindustry, Jenoptik 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.
Jenoptik AG's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Jenoptik AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Jenoptik AG's Beneish M-Score falls into.
Jenoptik 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 Jenoptik AG 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 * 0.9403 | + | 0.528 * 1.0118 | + | 0.404 * 0.921 | + | 0.892 * 1.1166 | + | 0.115 * 1.0642 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8971 | + | 4.679 * -0.056244 | - | 0.327 * 0.9426 |
| = | -2.68 |
* 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 $241 Mil.
Revenue was 324.246 + 281.546 + 293.436 + 250.604 = $1,150 Mil.
Gross Profit was 113.071 + 97.912 + 105.427 + 83.279 = $400 Mil.
Total Current Assets was $618 Mil.
Total Assets was $1,818 Mil.
Property, Plant and Equipment(Net PPE) was $394 Mil.
Depreciation, Depletion and Amortization(DDA) was $76 Mil.
Selling, General, & Admin. Expense(SGA) was $182 Mil.
Total Current Liabilities was $298 Mil.
Long-Term Debt & Capital Lease Obligation was $509 Mil.
Net Income was 20.272 + 23.408 + 21.868 + 12.59 = $78 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 89.261 + 36.875 + 6.668 + 47.573 = $180 Mil.
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Total Receivables was $229 Mil.
Revenue was 299.469 + 248.266 + 252.319 + 229.672 = $1,030 Mil.
Gross Profit was 114.032 + 91.034 + 91.137 + 65.965 = $362 Mil.
Total Current Assets was $576 Mil.
Total Assets was $1,771 Mil.
Property, Plant and Equipment(Net PPE) was $344 Mil.
Depreciation, Depletion and Amortization(DDA) was $72 Mil.
Selling, General, & Admin. Expense(SGA) was $182 Mil.
Total Current Liabilities was $328 Mil.
Long-Term Debt & Capital Lease Obligation was $506 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) |
| = | (240.629 / 1149.832) | / | (229.181 / 1029.726) |
| = | 0.209273 | / | 0.222565 |
| | = | 0.9403 |
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) |
| = | (362.168 / 1029.726) | / | (399.689 / 1149.832) |
| = | 0.351713 | / | 0.347606 |
| | = | 1.0118 |
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 - (618.415 + 394.388) / 1817.788) | / | (1 - (575.539 + 343.862) / 1770.938) |
| = | 0.442838 | / | 0.48084 |
| | = | 0.921 |
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 |
| = | 1149.832 | / | 1029.726 |
| | = | 1.1166 |
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)) |
| = | (71.806 / (71.806 + 343.862)) | / | (76.429 / (76.429 + 394.388)) |
| = | 0.172748 | / | 0.162333 |
| | = | 1.0642 |
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) |
| = | (182.165 / 1149.832) | / | (181.84 / 1029.726) |
| = | 0.158427 | / | 0.176591 |
| | = | 0.8971 |
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) |
| = | ((508.71 + 298.148) / 1817.788) | / | ((506.069 + 327.859) / 1770.938) |
| = | 0.443868 | / | 0.470896 |
| | = | 0.9426 |
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 |
| = | (78.138 - 0 | - | 180.377) | / | 1817.788 |
| | = | -0.056244 |
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.
Jenoptik AG has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.
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