Azimut Holding SPA Beneish M-Score Historical Data
The historical data trend for Azimut Holding 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.
Azimut Holding SPA Beneish M-Score Chart
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Azimut Holding SPA Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.97 |
-2.40 |
-2.15 |
-2.55 |
-3.20 |
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Azimut Holding SPA Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.55 |
-3.09 |
-2.05 |
-2.29 |
-3.20 |
Competitive Comparison of Azimut Holding SPA's Beneish M-Score
For the Asset Management subindustry, Azimut Holding 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.
Azimut Holding SPA's Beneish M-Score Distribution in the Asset Management Industry
For the Asset Management industry and Financial Services sector, Azimut Holding SPA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Azimut Holding SPA's Beneish M-Score falls into.
Azimut Holding 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 Azimut Holding 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 * 0.0108 | + | 0.528 * 0.6583 | + | 0.404 * 1.0552 | + | 0.892 * 1.1628 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1187 | + | 4.679 * -0.00336 | - | 0.327 * 0.1796 |
| = | -3.17 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $6 Mil.
Revenue was 370.086 + 346.094 + 357.393 + 351.337 = $1,425 Mil.
Gross Profit was 212.093 + 209.129 + 192.569 + 262.357 = $876 Mil.
Total Current Assets was $587 Mil.
Total Assets was $10,886 Mil.
Property, Plant and Equipment(Net PPE) was $50 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $195 Mil.
Total Current Liabilities was $218 Mil.
Long-Term Debt & Capital Lease Obligation was $0 Mil.
Net Income was 102.505 + 125.657 + 132.325 + 107.808 = $468 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 75.866 + 140.742 + 166.908 + 121.355 = $505 Mil.
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Total Receivables was $491 Mil.
Revenue was 185.102 + 293.684 + 383.248 + 363.422 = $1,225 Mil.
Gross Profit was -127.123 + 171.022 + 210.591 + 241.508 = $496 Mil.
Total Current Assets was $1,034 Mil.
Total Assets was $10,071 Mil.
Property, Plant and Equipment(Net PPE) was $51 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $150 Mil.
Total Current Liabilities was $550 Mil.
Long-Term Debt & Capital Lease Obligation was $572 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) |
| = | (6.144 / 1424.91) | / | (491.18 / 1225.456) |
| = | 0.004312 | / | 0.400814 |
| | = | 0.0108 |
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) |
| = | (495.998 / 1225.456) | / | (876.148 / 1424.91) |
| = | 0.404746 | / | 0.61488 |
| | = | 0.6583 |
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 - (586.874 + 50.033) / 10885.7) | / | (1 - (1034.088 + 51.435) / 10070.599) |
| = | 0.941491 | / | 0.892209 |
| | = | 1.0552 |
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 |
| = | 1424.91 | / | 1225.456 |
| | = | 1.1628 |
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 + 51.435)) | / | (0 / (0 + 50.033)) |
| = | 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) |
| = | (194.928 / 1424.91) | / | (149.857 / 1225.456) |
| = | 0.1368 | / | 0.122287 |
| | = | 1.1187 |
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) |
| = | ((0 + 217.721) / 10885.7) | / | ((571.681 + 550.09) / 10070.599) |
| = | 0.020001 | / | 0.111391 |
| | = | 0.1796 |
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 |
| = | (468.295 - 0 | - | 504.871) | / | 10885.7 |
| | = | -0.00336 |
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.
Azimut Holding SPA has a M-score of -3.17 suggests that the company is unlikely to be a manipulator.
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