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Fraport AG (Fraport AG) Beneish M-Score : -1.89 (As of Apr. 25, 2024)


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What is Fraport AG Beneish M-Score?

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 -1.89 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Fraport AG's Beneish M-Score or its related term are showing as below:

FPRUY' s Beneish M-Score Range Over the Past 10 Years
Min: -4.09   Med: -2.6   Max: -1.89
Current: -1.89

During the past 13 years, the highest Beneish M-Score of Fraport AG was -1.89. The lowest was -4.09. And the median was -2.60.


Fraport AG Beneish M-Score Historical Data

The historical data trend for Fraport 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.

* Premium members only.

Fraport AG Beneish M-Score Chart

Fraport AG Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.61 -3.76 -4.09 -2.77 -1.89

Fraport AG Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.77 - - - -1.89

Competitive Comparison of Fraport AG's Beneish M-Score

For the Airports & Air Services subindustry, Fraport 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.


Fraport AG's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, Fraport AG's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Fraport AG's Beneish M-Score falls into.



Fraport 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 Fraport 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 * 1.5461+0.528 * 1.0014+0.404 * 0.947+0.892 * 1.2892+0.115 * 0.993
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8791+4.679 * -0.02488-0.327 * 1.0504
=-1.85

* 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 $447 Mil.
Revenue was $4,363 Mil.
Gross Profit was $1,125 Mil.
Total Current Assets was $4,185 Mil.
Total Assets was $20,601 Mil.
Property, Plant and Equipment(Net PPE) was $9,762 Mil.
Depreciation, Depletion and Amortization(DDA) was $547 Mil.
Selling, General, & Admin. Expense(SGA) was $88 Mil.
Total Current Liabilities was $2,814 Mil.
Long-Term Debt & Capital Lease Obligation was $145 Mil.
Net Income was $429 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $941 Mil.
Total Receivables was $224 Mil.
Revenue was $3,384 Mil.
Gross Profit was $874 Mil.
Total Current Assets was $3,422 Mil.
Total Assets was $18,652 Mil.
Property, Plant and Equipment(Net PPE) was $8,868 Mil.
Depreciation, Depletion and Amortization(DDA) was $493 Mil.
Selling, General, & Admin. Expense(SGA) was $78 Mil.
Total Current Liabilities was $2,376 Mil.
Long-Term Debt & Capital Lease Obligation was $174 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)
=(447.219 / 4362.595) / (224.364 / 3383.898)
=0.102512 / 0.066303
=1.5461

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)
=(873.623 / 3383.898) / (1124.755 / 4362.595)
=0.258171 / 0.257818
=1.0014

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 - (4185.06 + 9761.723) / 20600.763) / (1 - (3421.716 + 8868.432) / 18652.119)
=0.322997 / 0.341086
=0.947

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
=4362.595 / 3383.898
=1.2892

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))
=(492.903 / (492.903 + 8868.432)) / (546.565 / (546.565 + 9761.723))
=0.052653 / 0.053022
=0.993

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)
=(88.004 / 4362.595) / (77.648 / 3383.898)
=0.020172 / 0.022946
=0.8791

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)
=((144.929 + 2813.85) / 20600.763) / ((174.258 + 2376.165) / 18652.119)
=0.143625 / 0.136736
=1.0504

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
=(428.79 - 0 - 941.33) / 20600.763
=-0.02488

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.

Fraport AG has a M-score of -1.85 suggests that the company is unlikely to be a manipulator.


Fraport AG Beneish M-Score Related Terms

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Fraport AG (Fraport AG) Business Description

Address
Frankfurt Airport Services Worldwide, Frankfurt am Main, HE, DEU, 60547
Fraport AG is a German airport operator. The company derives the majority of income domestically, principally through the operation of the Frankfurt airport. Fraport is organized into four segments: aviation, retail and real estate, ground handling, and International activities and services. Aviation, the largest contributor to revenue, includes terminal management, corporate safety, and airport security management. The retail and real estate segment involves retailing, parking lot operations, and renting areas at its airport sites. The ground handling segment provides ground infrastructure services to Fraport's airports. The International activities and services segment includes IT and telecommunication services, and facility and infrastructure management.