Mauser Group NV Beneish M-Score Historical Data
The historical data trend for Mauser Group NV'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.
Mauser Group NV Beneish M-Score Chart
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Mauser Group NV Annual Data
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Mauser Group NV Quarterly Data
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MSR vs HLYK, PLYM, ATXI: Beneish M-Score Comparison
For the subindustry, Mauser Group NV'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.
Mauser Group NV Beneish M-Score vs Industry
For the industry and sector, Mauser Group NV's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mauser Group NV's Beneish M-Score falls into.
Mauser Group NV 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 Mauser Group NV 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 * 0.527 | + | 0.528 * 0.9384 | + | 0.404 * 0.9979 | + | 0.892 * 1.3667 | + | 0.115 * 0.7948 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.119 | + | 4.679 * -0.112954 | - | 0.327 * 1.0579 |
| = | -3.21 |
* 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 (Sep16) TTM: | Last Year (Sep15) TTM: |
Total Receivables was $146 Mil.
Revenue was 440.741 + 423.371 + 374.833 + 351.634 = $1,591 Mil.
Gross Profit was 83.614 + 80.337 + 70.824 + 58.497 = $293 Mil.
Total Current Assets was $390 Mil.
Total Assets was $2,192 Mil.
Property, Plant and Equipment(Net PPE) was $591 Mil.
Depreciation, Depletion and Amortization(DDA) was $88 Mil.
Selling, General, & Admin. Expense(SGA) was $179 Mil.
Total Current Liabilities was $293 Mil.
Long-Term Debt & Capital Lease Obligation was $1,408 Mil.
Net Income was 2.581 + 4.27 + 7.238 + -19.063 = $-5 Mil.
Non Operating Income was -3.479 + -4.045 + 1.893 + -8.279 = $-14 Mil.
Cash Flow from Operations was 49.158 + 44.719 + 20.379 + 142.266 = $257 Mil.
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Total Receivables was $203 Mil.
Revenue was 398.541 + 401.235 + 364.069 + 0 = $1,164 Mil.
Gross Profit was 71.156 + 70.258 + 59.957 + 0 = $201 Mil.
Total Current Assets was $404 Mil.
Total Assets was $2,148 Mil.
Property, Plant and Equipment(Net PPE) was $555 Mil.
Depreciation, Depletion and Amortization(DDA) was $64 Mil.
Selling, General, & Admin. Expense(SGA) was $117 Mil.
Total Current Liabilities was $276 Mil.
Long-Term Debt & Capital Lease Obligation was $1,300 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) |
| = | (145.903 / 1590.579) | / | (202.581 / 1163.845) |
| = | 0.091729 | / | 0.174062 |
| | = | 0.527 |
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) |
| = | (201.371 / 1163.845) | / | (293.272 / 1590.579) |
| = | 0.173022 | / | 0.184381 |
| | = | 0.9384 |
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 - (390.348 + 591.246) / 2191.919) | / | (1 - (404.265 + 554.994) / 2147.587) |
| = | 0.552176 | / | 0.553332 |
| | = | 0.9979 |
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 |
| = | 1590.579 | / | 1163.845 |
| | = | 1.3667 |
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)) |
| = | (63.545 / (63.545 + 554.994)) | / | (87.773 / (87.773 + 591.246)) |
| = | 0.102734 | / | 0.129264 |
| | = | 0.7948 |
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) |
| = | (179.276 / 1590.579) | / | (117.227 / 1163.845) |
| = | 0.112711 | / | 0.100724 |
| | = | 1.119 |
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) |
| = | ((1407.969 + 293.49) / 2191.919) | / | ((1299.663 + 276.207) / 2147.587) |
| = | 0.776242 | / | 0.733786 |
| | = | 1.0579 |
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 |
| = | (-4.974 - -13.91 | - | 256.522) | / | 2191.919 |
| | = | -0.112954 |
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.
Mauser Group NV has a M-score of -3.21 suggests that the company is unlikely to be a manipulator.
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