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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 48.11 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for 4SC AG's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of 4SC AG was 48.11. The lowest was -4.31. And the median was -2.34.
The historical data trend for 4SC 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.
4SC AG Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | 1.73 | -0.12 | 1.74 | -2.65 | 48.11 |
4SC AG Semi-Annual Data | ||||||||||||||||||||
Dec14 | Jun15 | Dec15 | Jun16 | Dec16 | Jun17 | Dec17 | Jun18 | Dec18 | Jun19 | Dec19 | Jun20 | Dec20 | Jun21 | Dec21 | Jun22 | Dec22 | Jun23 | Dec23 | Jun24 | |
Beneish M-Score | Get a 7-Day Free Trial | - | -2.65 | - | 48.11 | - |
For the Biotechnology subindustry, 4SC 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.
For the Biotechnology industry and Healthcare sector, 4SC AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where 4SC AG's Beneish M-Score falls into.
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 4SC 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 * 57.7289 | + | 0.528 * 0.9374 | + | 0.404 * 0.9694 | + | 0.892 * 0.6972 | + | 0.115 * 0.9161 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1 | + | 4.679 * 0.139424 | - | 0.327 * 6.8984 | |||||||
= | 48.11 |
* 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 €0.16 Mil. Revenue was €0.30 Mil. Gross Profit was €0.21 Mil. Total Current Assets was €8.75 Mil. Total Assets was €9.40 Mil. Property, Plant and Equipment(Net PPE) was €0.02 Mil. Depreciation, Depletion and Amortization(DDA) was €0.53 Mil. Selling, General, & Admin. Expense(SGA) was €0.00 Mil. Total Current Liabilities was €3.69 Mil. Long-Term Debt & Capital Lease Obligation was €0.00 Mil. Net Income was €-8.24 Mil. Gross Profit was €0.00 Mil. Cash Flow from Operations was €-9.55 Mil. |
Total Receivables was €0.00 Mil. Revenue was €0.44 Mil. Gross Profit was €0.28 Mil. Total Current Assets was €15.04 Mil. Total Assets was €16.40 Mil. Property, Plant and Equipment(Net PPE) was €0.22 Mil. Depreciation, Depletion and Amortization(DDA) was €1.77 Mil. Selling, General, & Admin. Expense(SGA) was €0.00 Mil. Total Current Liabilities was €0.93 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) |
= | (0.161 / 0.304) | / | (0.004 / 0.436) | |
= | 0.529605 | / | 0.009174 | |
= | 57.7289 |
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) | |
= | (0.281 / 0.436) | / | (0.209 / 0.304) | |
= | 0.644495 | / | 0.6875 | |
= | 0.9374 |
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 - (8.754 + 0.016) / 9.403) | / | (1 - (15.042 + 0.22) / 16.401) | |
= | 0.067319 | / | 0.069447 | |
= | 0.9694 |
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 | |
= | 0.304 | / | 0.436 | |
= | 0.6972 |
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)) |
= | (1.768 / (1.768 + 0.22)) | / | (0.531 / (0.531 + 0.016)) | |
= | 0.889336 | / | 0.97075 | |
= | 0.9161 |
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 / 0.304) | / | (0 / 0.436) | |
= | 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 + 3.69) / 9.403) | / | ((0 + 0.933) / 16.401) | |
= | 0.392428 | / | 0.056887 | |
= | 6.8984 |
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 | |
= | (-8.237 - 0 | - | -9.548) | / | 9.403 | |
= | 0.139424 |
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.
4SC AG has a M-score of 48.11 signals that the company is likely to be a manipulator.
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