Lanxess AG Beneish M-Score Historical Data
The historical data trend for Lanxess 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.
|
Lanxess AG Annual Data
|
|
Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
|
|
|
|
|
|
-2.84 |
-2.79 |
-2.39 |
-2.09 |
-2.46 |
|
Lanxess AG Quarterly Data
|
|
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.53 |
-2.46 |
-2.98 |
-1.69 |
-2.24 |
Competitive Comparison
For the Specialty Chemicals subindustry, Lanxess 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.
Lanxess AG Beneish M-Score Distribution
For the Chemicals industry and Basic Materials sector, Lanxess AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lanxess AG's Beneish M-Score falls into.
Lanxess 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 Lanxess 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 * 0.7074 | + | 0.528 * 1.1663 | + | 0.404 * 1.4096 | + | 0.892 * 0.9303 | + | 0.115 * 0.8835 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0912 | + | 4.679 * 0.036876 | - | 0.327 * 0.4716 |
| = | -2.24 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was €695 Mil.
Revenue was 1601 + 1778 + 1899 + 1973 = €7,251 Mil.
Gross Profit was 289 + 311 + 436 + 454 = €1,490 Mil.
Total Current Assets was €3,079 Mil.
Total Assets was €10,576 Mil.
Property, Plant and Equipment(Net PPE) was €2,663 Mil.
Depreciation, Depletion and Amortization(DDA) was €571 Mil.
Selling, General, & Admin. Expense(SGA) was €1,335 Mil.
Total Current Liabilities was €1,155 Mil.
Long-Term Debt & Capital Lease Obligation was €0 Mil.
Net Income was -131 + 1371 + -44 + -21 = €1,175 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 390 + 66 + 161 + 168 = €785 Mil.
|
Total Receivables was €1,056 Mil.
Revenue was 2185 + 1999 + 1931 + 1679 = €7,794 Mil.
Gross Profit was 527 + 484 + 472 + 385 = €1,868 Mil.
Total Current Assets was €5,453 Mil.
Total Assets was €12,265 Mil.
Property, Plant and Equipment(Net PPE) was €2,835 Mil.
Depreciation, Depletion and Amortization(DDA) was €524 Mil.
Selling, General, & Admin. Expense(SGA) was €1,315 Mil.
Total Current Liabilities was €2,840 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) |
| = | (695 / 7251) | / | (1056 / 7794) |
| = | 0.095849 | / | 0.135489 |
| | = | 0.7074 |
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) |
| = | (1868 / 7794) | / | (1490 / 7251) |
| = | 0.239672 | / | 0.205489 |
| | = | 1.1663 |
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 - (3079 + 2663) / 10576) | / | (1 - (5453 + 2835) / 12265) |
| = | 0.457073 | / | 0.324256 |
| | = | 1.4096 |
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 |
| = | 7251 | / | 7794 |
| | = | 0.9303 |
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)) |
| = | (524 / (524 + 2835)) | / | (571 / (571 + 2663)) |
| = | 0.155999 | / | 0.176562 |
| | = | 0.8835 |
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) |
| = | (1335 / 7251) | / | (1315 / 7794) |
| = | 0.184113 | / | 0.16872 |
| | = | 1.0912 |
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 + 1155) / 10576) | / | ((0 + 2840) / 12265) |
| = | 0.10921 | / | 0.231553 |
| | = | 0.4716 |
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 |
| = | (1175 - 0 | - | 785) | / | 10576 |
| | = | 0.036876 |
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.
Lanxess AG has a M-score of -2.24 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
LTS:0H7I has been successfully added to your