gategroup Holding AG Beneish M-Score Historical Data
The historical data trend for gategroup Holding 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.
gategroup Holding AG Beneish M-Score Chart
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gategroup Holding AG Annual Data
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Trend |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
| Beneish M-Score |
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-2.92 |
-2.63 |
-2.07 |
-2.82 |
-3.02 |
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gategroup Holding AG Semi-Annual Data
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Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
| Beneish M-Score |
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-2.92 |
-2.63 |
-2.07 |
-2.82 |
-3.02 |
Competitive Comparison of gategroup Holding AG's Beneish M-Score
For the Airports & Air Services subindustry, gategroup Holding 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.
gategroup Holding AG's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, gategroup Holding AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where gategroup Holding AG's Beneish M-Score falls into.
gategroup Holding 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 gategroup Holding 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 * 0.9512 | + | 0.528 * 1.0567 | + | 0.404 * 0.8738 | + | 0.892 * 1.014 | + | 0.115 * 1.0104 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1132 | + | 4.679 * -0.086705 | - | 0.327 * 1.193 |
| = | -3.02 |
* 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 (Dec19) TTM: | Last Year (Dec18) TTM: |
Total Receivables was $439 Mil.
Revenue was $5,051 Mil.
Gross Profit was $1,127 Mil.
Total Current Assets was $1,013 Mil.
Total Assets was $3,468 Mil.
Property, Plant and Equipment(Net PPE) was $1,051 Mil.
Depreciation, Depletion and Amortization(DDA) was $218 Mil.
Selling, General, & Admin. Expense(SGA) was $221 Mil.
Total Current Liabilities was $1,543 Mil.
Long-Term Debt & Capital Lease Obligation was $1,067 Mil.
Net Income was $-109 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $191 Mil.
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Total Receivables was $455 Mil.
Revenue was $4,981 Mil.
Gross Profit was $1,175 Mil.
Total Current Assets was $1,102 Mil.
Total Assets was $3,106 Mil.
Property, Plant and Equipment(Net PPE) was $564 Mil.
Depreciation, Depletion and Amortization(DDA) was $119 Mil.
Selling, General, & Admin. Expense(SGA) was $196 Mil.
Total Current Liabilities was $1,312 Mil.
Long-Term Debt & Capital Lease Obligation was $648 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) |
| = | (439.345 / 5050.682) | / | (455.489 / 4980.744) |
| = | 0.086987 | / | 0.09145 |
| | = | 0.9512 |
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) |
| = | (1174.715 / 4980.744) | / | (1127.315 / 5050.682) |
| = | 0.235851 | / | 0.223201 |
| | = | 1.0567 |
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 - (1013.027 + 1050.58) / 3468.451) | / | (1 - (1102.127 + 564.271) / 3106.261) |
| = | 0.405035 | / | 0.463536 |
| | = | 0.8738 |
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 |
| = | 5050.682 | / | 4980.744 |
| | = | 1.014 |
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)) |
| = | (118.56 / (118.56 + 564.271)) | / | (217.993 / (217.993 + 1050.58)) |
| = | 0.17363 | / | 0.171841 |
| | = | 1.0104 |
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) |
| = | (221.352 / 5050.682) | / | (196.088 / 4980.744) |
| = | 0.043826 | / | 0.039369 |
| | = | 1.1132 |
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) |
| = | ((1066.66 + 1542.947) / 3468.451) | / | ((647.545 + 1311.523) / 3106.261) |
| = | 0.752384 | / | 0.630684 |
| | = | 1.193 |
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 |
| = | (-109.302 - 0 | - | 191.431) | / | 3468.451 |
| | = | -0.086705 |
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.
gategroup Holding AG has a M-score of -3.02 suggests that the company is unlikely to be a manipulator.
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