Hellenic Exchanges - Athens Stock Exchange (MEX:HEE) Beneish M-Score : -2.33 (As of Dec. 14, 2024)

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What is Hellenic Exchanges - Athens Stock Exchange 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 -2.33 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Hellenic Exchanges - Athens Stock Exchange's Beneish M-Score or its related term are showing as below:

MEX:HEE' s Beneish M-Score Range Over the Past 10 Years
Min: -3.72 Med: -2.5 Max: -1.84
Current: -2.33

During the past 13 years, the highest Beneish M-Score of Hellenic Exchanges - Athens Stock Exchange was -1.84. The lowest was -3.72. And the median was -2.50.

Hellenic Exchanges - Athens Stock Exchange Beneish M-Score Historical Data

The historical data trend for Hellenic Exchanges - Athens Stock Exchange'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.

* Premium members only.

Hellenic Exchanges - Athens Stock Exchange Beneish M-Score Chart

Hellenic Exchanges - Athens Stock Exchange Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.34

-2.57

-2.50

-2.44

-2.10

Hellenic Exchanges - Athens Stock Exchange 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															-2.40	-2.10	-1.84	-2.40	-2.33

Competitive Comparison of Hellenic Exchanges - Athens Stock Exchange's Beneish M-Score

For the Financial Data & Stock Exchanges subindustry, Hellenic Exchanges - Athens Stock Exchange'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.

Hellenic Exchanges - Athens Stock Exchange's Beneish M-Score Distribution in the Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Hellenic Exchanges - Athens Stock Exchange's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Hellenic Exchanges - Athens Stock Exchange's Beneish M-Score falls into.

Hellenic Exchanges - Athens Stock Exchange 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 Hellenic Exchanges - Athens Stock Exchange 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 * 1.1947

0.528 * 0.9258

0.404 * 0.9609

0.892 * 1.2446

0.115 * 0.9492

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.6421

4.679 * -0.011201

0.327 * 1.0258

-2.14

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was MXN158 Mil.
Revenue was 282.876 + 259.242 + 241.71 + 234.178 = MXN1,018 Mil.
Gross Profit was 184.534 + 179.533 + 160.298 + 158.692 = MXN683 Mil.
Total Current Assets was MXN8,776 Mil.
Total Assets was MXN9,936 Mil.
Property, Plant and Equipment(Net PPE) was MXN484 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN80 Mil.
Selling, General, & Admin. Expense(SGA) was MXN37 Mil.
Total Current Liabilities was MXN7,455 Mil.
Long-Term Debt & Capital Lease Obligation was MXN8 Mil.
Net Income was 84.684 + 99.074 + 78.471 + 62.251 = MXN324 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = MXN0 Mil.
Cash Flow from Operations was 65.955 + 139.56 + 97.268 + 132.999 = MXN436 Mil.

Total Receivables was MXN107 Mil.
Revenue was 212.447 + 206.581 + 223.402 + 175.505 = MXN818 Mil.
Gross Profit was 137.901 + 126.508 + 153.598 + 90.066 = MXN508 Mil.
Total Current Assets was MXN6,575 Mil.
Total Assets was MXN7,480 Mil.
Property, Plant and Equipment(Net PPE) was MXN375 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN58 Mil.
Selling, General, & Admin. Expense(SGA) was MXN46 Mil.
Total Current Liabilities was MXN5,474 Mil.
Long-Term Debt & Capital Lease Obligation was MXN3 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)
	=	(158.44 / 1018.006)	/	(106.558 / 817.935)
	=	0.155638	/	0.130277
	=	1.1947

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)
	=	(508.073 / 817.935)	/	(683.057 / 1018.006)
	=	0.621165	/	0.670975
	=	0.9258

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 - (8776.279 + 483.516) / 9936.39)	/	(1 - (6574.844 + 375.445) / 7480.403)
	=	0.068093	/	0.070867
	=	0.9609

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
	=	1018.006	/	817.935
	=	1.2446

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))
	=	(58.384 / (58.384 + 375.445))	/	(79.878 / (79.878 + 483.516))
	=	0.134578	/	0.14178
	=	0.9492

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)
	=	(36.629 / 1018.006)	/	(45.835 / 817.935)
	=	0.035981	/	0.056037
	=	0.6421

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)
	=	((8.326 + 7454.844) / 9936.39)	/	((3.346 + 5473.809) / 7480.403)
	=	0.751095	/	0.732201
	=	1.0258

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
	=	(324.48 - 0	-	435.782)	/	9936.39
	=	-0.011201

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.

Hellenic Exchanges - Athens Stock Exchange has a M-score of -2.14 suggests that the company is unlikely to be a manipulator.

Hellenic Exchanges - Athens Stock Exchange Beneish M-Score Related Terms

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Hellenic Exchanges - Athens Stock Exchange Business Description

Industry

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Comparable Companies

Traded in Other Exchanges

HEHSF:USA EXAE:Greece HEE:Germany

Address

110 Athinon Avenue, Athens, GRC, 10442

Website

http://www.helex.gr

Hellenic Exchanges - Athens Stock Exchange SA or Athex Group consists of the Athens Stock Exchange as the parent company, and the Athens Exchange Clearing House and the Hellenic Central Securities Depository SA as its subsidiaries. The Athens Stock Exchange is the only stock exchange in Greece. The parent company and its subsidiaries operate the organized cash and derivatives markets, provide comprehensive informational technology solutions to the Greek capital market, and promote the development of capital markets in Greece. The group's revenue derives from its operational functions including listing, trading, clearing and settling, as well as depository services.

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