Immsi SpA Beneish M-Score Historical Data
The historical data trend for Immsi SpA'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.
Immsi SpA Beneish M-Score Chart
|
Immsi SpA Annual Data
|
|
Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.82 |
-2.74 |
-2.94 |
-2.55 |
-2.74 |
|
Immsi SpA Quarterly Data
|
|
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.89 |
-2.42 |
-3.67 |
-2.74 |
- |
Competitive Comparison of Immsi SpA's Beneish M-Score
For the Auto Manufacturers subindustry, Immsi SpA'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.
Immsi SpA's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Immsi SpA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Immsi SpA's Beneish M-Score falls into.
Immsi SpA 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 Immsi SpA 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 * 1.0994 | + | 0.528 * 0.9623 | + | 0.404 * 1.0239 | + | 0.892 * 0.8691 | + | 0.115 * 1.1034 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0834 | + | 4.679 * -0.04669 | - | 0.327 * 1.007 |
| = | -2.74 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was €126 Mil.
Revenue was €1,748 Mil.
Gross Profit was €667 Mil.
Total Current Assets was €747 Mil.
Total Assets was €2,310 Mil.
Property, Plant and Equipment(Net PPE) was €418 Mil.
Depreciation, Depletion and Amortization(DDA) was €142 Mil.
Selling, General, & Admin. Expense(SGA) was €99 Mil.
Total Current Liabilities was €1,221 Mil.
Long-Term Debt & Capital Lease Obligation was €633 Mil.
Net Income was €6 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €114 Mil.
|
Total Receivables was €132 Mil.
Revenue was €2,012 Mil.
Gross Profit was €739 Mil.
Total Current Assets was €797 Mil.
Total Assets was €2,275 Mil.
Property, Plant and Equipment(Net PPE) was €376 Mil.
Depreciation, Depletion and Amortization(DDA) was €146 Mil.
Selling, General, & Admin. Expense(SGA) was €105 Mil.
Total Current Liabilities was €1,222 Mil.
Long-Term Debt & Capital Lease Obligation was €590 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) |
| = | (126.273 / 1748.351) | / | (132.15 / 2011.603) |
| = | 0.072224 | / | 0.065694 |
| | = | 1.0994 |
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) |
| = | (738.858 / 2011.603) | / | (667.333 / 1748.351) |
| = | 0.367298 | / | 0.381693 |
| | = | 0.9623 |
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 - (747.371 + 417.604) / 2310.351) | / | (1 - (797.497 + 376.055) / 2275.136) |
| = | 0.495758 | / | 0.484184 |
| | = | 1.0239 |
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 |
| = | 1748.351 | / | 2011.603 |
| | = | 0.8691 |
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)) |
| = | (146.012 / (146.012 + 376.055)) | / | (141.788 / (141.788 + 417.604)) |
| = | 0.279681 | / | 0.253468 |
| | = | 1.1034 |
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) |
| = | (99.138 / 1748.351) | / | (105.284 / 2011.603) |
| = | 0.056704 | / | 0.052338 |
| | = | 1.0834 |
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) |
| = | ((632.934 + 1220.598) / 2310.351) | / | ((590.285 + 1222.248) / 2275.136) |
| = | 0.802273 | / | 0.79667 |
| | = | 1.007 |
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 |
| = | (6.038 - 0 | - | 113.908) | / | 2310.351 |
| | = | -0.04669 |
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.
Immsi SpA has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
MIL:IMS has been successfully added to your