Market Cap : 19.82 B | Enterprise Value : | PE Ratio : 9.55 | PB Ratio : 0.29 |
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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.
Good Sign:
Beneish M-Score -2.41 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Deutsche Bank AG's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Deutsche Bank AG was 41.72. The lowest was -3.77. And the median was -2.50.
The historical data trend for Deutsche Bank 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.
For the Banks - Regional subindustry, Deutsche Bank 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 Banks industry and Financial Services sector, Deutsche Bank AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Deutsche Bank 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 Deutsche Bank 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 * 1 | + | 0.528 * 1 | + | 0.404 * 1.026 | + | 0.892 * 1.003 | + | 0.115 * 1 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.9839 | + | 4.679 * 0.002 | - | 0.327 * 0.9415 | |||||||
= | -2.44 |
* 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 (Mar22) TTM: | Last Year (Mar21) TTM: |
Accounts Receivable was $0 Mil. Revenue was 8030.8370044053 + 6620.3389830508 + 7116.4705882353 + 7426.5060240964 = $29,194 Mil. Gross Profit was 8030.8370044053 + 6620.3389830508 + 7116.4705882353 + 7426.5060240964 = $29,194 Mil. Total Current Assets was $231,738 Mil. Total Assets was $1,479,148 Mil. Property, Plant and Equipment(Net PPE) was $6,127 Mil. Depreciation, Depletion and Amortization(DDA) was $0 Mil. Selling, General, & Admin. Expense(SGA) was $19,604 Mil. Total Current Liabilities was $5,687 Mil. Long-Term Debt & Capital Lease Obligation was $157,945 Mil. Net Income was 1307.268722467 + 297.17514124294 + 360 + 957.8313253012 = $2,922 Mil. Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil. Cash Flow from Operations was 0 + 0 + 0 + 0 = $0 Mil. |
Accounts Receivable was $0 Mil. Revenue was 8551.1904761905 + 6587.5912408759 + 6969.3757361602 + 6998.8738738739 = $29,107 Mil. Gross Profit was 8551.1904761905 + 6587.5912408759 + 6969.3757361602 + 6998.8738738739 = $29,107 Mil. Total Current Assets was $279,056 Mil. Total Assets was $1,568,324 Mil. Property, Plant and Equipment(Net PPE) was $6,496 Mil. Depreciation, Depletion and Amortization(DDA) was $0 Mil. Selling, General, & Admin. Expense(SGA) was $19,866 Mil. Total Current Liabilities was $6,552 Mil. Long-Term Debt & Capital Lease Obligation was $177,733 Mil. |
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Accounts Receivable 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 / 29194.152599788) | / | (0 / 29107.0313271) | |
= | 0 | / | 0 | |
= | 1 |
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) | |
= | (29107.0313271 / 29107.0313271) | / | (29194.152599788 / 29194.152599788) | |
= | 1 | / | 1 | |
= | 1 |
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 - (231737.88546256 + 6126.6519823789) / 1479147.5770925) | / | (1 - (279055.95238095 + 6496.4285714286) / 1568323.8095238) | |
= | 0.8391881 | / | 0.81792511 | |
= | 1.026 |
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 | |
= | 29194.152599788 | / | 29107.0313271 | |
= | 1.003 |
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)) |
= | (0 / (0 + 6496.4285714286)) | / | (0 / (0 + 6126.6519823789)) | |
= | 0 | / | 0 | |
= | 1 |
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) |
= | (19604.002677141 / 29194.152599788) | / | (19866.006449878 / 29107.0313271) | |
= | 0.67150443 | / | 0.68251572 | |
= | 0.9839 |
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) |
= | ((157944.9339207 + 5687.2246696035) / 1479147.5770925) | / | ((177733.33333333 + 6552.380952381) / 1568323.8095238) | |
= | 0.11062599 | / | 0.11750489 | |
= | 0.9415 |
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 | |
= | (2922.2751890111 - 0 | - | 0) | / | 1479147.5770925 | |
= | 0.002 |
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.
Deutsche Bank AG has a M-score of -2.44 suggests that the company is unlikely to be a manipulator.
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