LEGIF (LEG Immobilien SE) Beneish M-Score : -1.11 (As of Dec. 11, 2024)

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What is LEG Immobilien SE 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 -1.11 higher than -1.78, which implies that the company might have manipulated its financial results.

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

LEGIF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.64 Med: -2.11 Max: 0.31
Current: -1.11

During the past 13 years, the highest Beneish M-Score of LEG Immobilien SE was 0.31. The lowest was -3.64. And the median was -2.11.

LEG Immobilien SE Beneish M-Score Historical Data

The historical data trend for LEG Immobilien SE'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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LEG Immobilien SE Beneish M-Score Chart

LEG Immobilien SE Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.04

-2.01

-3.34

-2.36

-1.85

LEG Immobilien SE Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-3.64	-1.85	-1.85	-2.15	-1.11

Competitive Comparison of LEG Immobilien SE's Beneish M-Score

For the Real Estate Services subindustry, LEG Immobilien SE'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.

LEG Immobilien SE's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, LEG Immobilien SE's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where LEG Immobilien SE's Beneish M-Score falls into.

LEG Immobilien SE 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 LEG Immobilien SE 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 * 2.4705

0.528 * 0.8127

0.404 * 0.96

0.892 * 1.0541

0.115 * 6.216

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8667

4.679 * -0.050332

0.327 * 1.6986

-1.04

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was $692 Mil.
Revenue was 358.713 + 338.967 + 353.043 + 330.425 = $1,381 Mil.
Gross Profit was 174.584 + 173.412 + 152.717 + 142.312 = $643 Mil.
Total Current Assets was $1,513 Mil.
Total Assets was $21,881 Mil.
Property, Plant and Equipment(Net PPE) was $155 Mil.
Depreciation, Depletion and Amortization(DDA) was $16 Mil.
Selling, General, & Admin. Expense(SGA) was $52 Mil.
Total Current Liabilities was $2,568 Mil.
Long-Term Debt & Capital Lease Obligation was $0 Mil.
Net Income was 105.549 + -154.898 + 62.065 + -649.836 = $-637 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 9.545 + 154.575 + 146.087 + 153.98 = $464 Mil.

Total Receivables was $266 Mil.
Revenue was 332.231 + 340.412 + 334.475 + 303.178 = $1,310 Mil.
Gross Profit was 173.959 + 163.814 + 144.54 + 13.453 = $496 Mil.
Total Current Assets was $651 Mil.
Total Assets was $21,411 Mil.
Property, Plant and Equipment(Net PPE) was $156 Mil.
Depreciation, Depletion and Amortization(DDA) was $230 Mil.
Selling, General, & Admin. Expense(SGA) was $57 Mil.
Total Current Liabilities was $1,480 Mil.
Long-Term Debt & Capital Lease Obligation was $0 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)
	=	(692.009 / 1381.148)	/	(265.742 / 1310.296)
	=	0.501039	/	0.202811
	=	2.4705

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)
	=	(495.766 / 1310.296)	/	(643.025 / 1381.148)
	=	0.378362	/	0.465573
	=	0.8127

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 - (1512.653 + 155.383) / 21881.021)	/	(1 - (650.907 + 156.137) / 21410.566)
	=	0.923768	/	0.962306
	=	0.96

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
	=	1381.148	/	1310.296
	=	1.0541

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))
	=	(230.209 / (230.209 + 156.137))	/	(16.474 / (16.474 + 155.383))
	=	0.595862	/	0.095859
	=	6.216

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)
	=	(51.799 / 1381.148)	/	(56.7 / 1310.296)
	=	0.037504	/	0.043273
	=	0.8667

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 + 2568.257) / 21881.021)	/	((0 + 1479.509) / 21410.566)
	=	0.117374	/	0.069102
	=	1.6986

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
	=	(-637.12 - 0	-	464.187)	/	21881.021
	=	-0.050332

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.

LEG Immobilien SE has a M-score of -1.04 signals that the company is likely to be a manipulator.

LEG Immobilien SE Beneish M-Score Related Terms

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LEG Immobilien SE Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » LEG Immobilien SE (OTCPK:LEGIF) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

1LEG:Italy LEGd:UK 0QC9:UK LEG:Germany

Address

Flughafenstrasse 99, Dusseldorf, NW, DEU, D-40474

Website

https://ir.leg-se.com/en/investor-relations

LEG Immobilien SE is a general real estate company. The company's portfolio consists mainly of residential units, followed by garages, parking spaces, and commercial units. The business model is supplemented by the targeted development of value-added services. LEG is mainly focused on the German market of the North Rhine-Westphalia region. The company divides its portfolio into three groups: high-growth markets, stable markets, and higher-yielding markets.