CT Automotive Group (LSE:CTA) Beneish M-Score : -2.60 (As of Jul. 14, 2025)

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What is CT Automotive Group 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 -2.6 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LSE:CTA' s Beneish M-Score Range Over the Past 10 Years
Min: -4.48 Med: -2.6 Max: -1.5
Current: -2.6

During the past 7 years, the highest Beneish M-Score of CT Automotive Group was -1.50. The lowest was -4.48. And the median was -2.60.

CT Automotive Group Beneish M-Score Historical Data

The historical data trend for CT Automotive Group'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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CT Automotive Group Beneish M-Score Chart

CT Automotive Group Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-1.50

-3.00

-4.48

-2.38

-2.60

CT Automotive Group Semi-Annual Data
	Dec18	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24
Beneish M-Score	Get a 7-Day Free Trial							-4.48	-	-2.38	-	-2.60

Competitive Comparison of CT Automotive Group's Beneish M-Score

For the Auto Parts subindustry, CT Automotive Group'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.

CT Automotive Group's Beneish M-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, CT Automotive Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where CT Automotive Group's Beneish M-Score falls into.

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CT Automotive Group 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 CT Automotive Group 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 * 0.966

0.528 * 0.7807

0.404 * 1.1119

0.892 * 0.8386

0.115 * 0.965

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2493

4.679 * 0.023378

0.327 * 0.8129

-2.60

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was £18.41 Mil.
Revenue was £94.72 Mil.
Gross Profit was £26.19 Mil.
Total Current Assets was £45.24 Mil.
Total Assets was £59.07 Mil.
Property, Plant and Equipment(Net PPE) was £11.39 Mil.
Depreciation, Depletion and Amortization(DDA) was £4.18 Mil.
Selling, General, & Admin. Expense(SGA) was £19.19 Mil.
Total Current Liabilities was £34.24 Mil.
Long-Term Debt & Capital Lease Obligation was £4.13 Mil.
Net Income was £6.84 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £5.46 Mil.

Total Receivables was £22.72 Mil.
Revenue was £112.95 Mil.
Gross Profit was £24.38 Mil.
Total Current Assets was £52.36 Mil.
Total Assets was £66.68 Mil.
Property, Plant and Equipment(Net PPE) was £11.84 Mil.
Depreciation, Depletion and Amortization(DDA) was £4.14 Mil.
Selling, General, & Admin. Expense(SGA) was £18.32 Mil.
Total Current Liabilities was £48.96 Mil.
Long-Term Debt & Capital Lease Obligation was £4.31 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)
	=	(18.408 / 94.721)	/	(22.724 / 112.949)
	=	0.194339	/	0.201188
	=	0.966

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)
	=	(24.376 / 112.949)	/	(26.185 / 94.721)
	=	0.215814	/	0.276443
	=	0.7807

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 - (45.24 + 11.386) / 59.073)	/	(1 - (52.358 + 11.837) / 66.679)
	=	0.041423	/	0.037253
	=	1.1119

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
	=	94.721	/	112.949
	=	0.8386

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))
	=	(4.143 / (4.143 + 11.837))	/	(4.183 / (4.183 + 11.386))
	=	0.259262	/	0.268675
	=	0.965

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)
	=	(19.194 / 94.721)	/	(18.321 / 112.949)
	=	0.202637	/	0.162206
	=	1.2493

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)
	=	((4.131 + 34.235) / 59.073)	/	((4.312 + 48.963) / 66.679)
	=	0.649468	/	0.798977
	=	0.8129

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
	=	(6.842 - 0	-	5.461)	/	59.073
	=	0.023378

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.

CT Automotive Group has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.

CT Automotive Group Beneish M-Score Related Terms

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CT Automotive Group Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Vehicles & Parts » CT Automotive Group PLC (LSE:CTA) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

1000 Lakeside North Harbour, Western Road, Portsmouth, Hampshire, GBR, PO6 3EN

Website

https://www.ct-automotive.net

CT Automotive Group PLC designs develops and supplies interior components for the automotive industry. Customers include a few original equipment manufacturers and Tier One suppliers to OEMs. It has three segments: Tooling consists of design, development and sale of tooling for the automotive industry; Production includes manufacturing and distributing serial production kinematic interior parts for the automotive industry; and Head office manages Group financing and capital management.