Duerr AG Beneish M-Score Historical Data
The historical data trend for Duerr 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.
Duerr AG Beneish M-Score Chart
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Duerr AG Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.53 |
-2.86 |
-2.62 |
-2.46 |
-2.48 |
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Duerr AG Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.24 |
-2.48 |
-2.47 |
-2.49 |
-2.79 |
Competitive Comparison of Duerr AG's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Duerr 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.
Duerr AG's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Duerr AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Duerr AG's Beneish M-Score falls into.
Duerr 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 Duerr 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 * 0.889 | + | 0.528 * 1.0957 | + | 0.404 * 1.013 | + | 0.892 * 1.0518 | + | 0.115 * 0.8387 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9684 | + | 4.679 * -0.064092 | - | 0.327 * 0.9861 |
| = | -2.79 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was €1,309 Mil.
Revenue was 1160.455 + 1182.862 + 1098.445 + 1328.167 = €4,770 Mil.
Gross Profit was 240.681 + 247.868 + 242.351 + 246.576 = €977 Mil.
Total Current Assets was €3,146 Mil.
Total Assets was €5,044 Mil.
Property, Plant and Equipment(Net PPE) was €662 Mil.
Depreciation, Depletion and Amortization(DDA) was €161 Mil.
Selling, General, & Admin. Expense(SGA) was €175 Mil.
Total Current Liabilities was €2,459 Mil.
Long-Term Debt & Capital Lease Obligation was €1,137 Mil.
Net Income was 40.755 + 19.085 + 20.034 + 4.924 = €85 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 76.514 + 85.234 + 78.673 + 167.67 = €408 Mil.
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Total Receivables was €1,400 Mil.
Revenue was 1164.273 + 1120.203 + 1014.691 + 1235.968 = €4,535 Mil.
Gross Profit was 262.687 + 264.233 + 231.61 + 259.753 = €1,018 Mil.
Total Current Assets was €3,414 Mil.
Total Assets was €5,356 Mil.
Property, Plant and Equipment(Net PPE) was €646 Mil.
Depreciation, Depletion and Amortization(DDA) was €127 Mil.
Selling, General, & Admin. Expense(SGA) was €172 Mil.
Total Current Liabilities was €2,920 Mil.
Long-Term Debt & Capital Lease Obligation was €952 Mil.
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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) |
| = | (1309.162 / 4769.929) | / | (1400.186 / 4535.135) |
| = | 0.274462 | / | 0.308742 |
| | = | 0.889 |
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) |
| = | (1018.283 / 4535.135) | / | (977.476 / 4769.929) |
| = | 0.224532 | / | 0.204925 |
| | = | 1.0957 |
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 - (3145.735 + 662.149) / 5044.176) | / | (1 - (3413.752 + 646.293) / 5355.842) |
| = | 0.245093 | / | 0.241941 |
| | = | 1.013 |
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 |
| = | 4769.929 | / | 4535.135 |
| | = | 1.0518 |
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)) |
| = | (126.989 / (126.989 + 646.293)) | / | (161.215 / (161.215 + 662.149)) |
| = | 0.164221 | / | 0.1958 |
| | = | 0.8387 |
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) |
| = | (174.88 / 4769.929) | / | (171.705 / 4535.135) |
| = | 0.036663 | / | 0.037861 |
| | = | 0.9684 |
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) |
| = | ((1137.342 + 2458.741) / 5044.176) | / | ((952.462 + 2919.743) / 5355.842) |
| = | 0.712918 | / | 0.722987 |
| | = | 0.9861 |
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 |
| = | (84.798 - 0 | - | 408.091) | / | 5044.176 |
| | = | -0.064092 |
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.
Duerr AG has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.
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