TUI AG Beneish M-Score Historical Data
The historical data trend for TUI 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.
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TUI AG Annual Data
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Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-2.36 |
-4.14 |
-3.13 |
-4.28 |
-2.22 |
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TUI AG 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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-3.60 |
-3.29 |
-2.91 |
-2.22 |
1.13 |
Competitive Comparison
For the Travel Services subindustry, TUI 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.
TUI AG Beneish M-Score Distribution
For the Travel & Leisure industry and Consumer Cyclical sector, TUI AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TUI AG's Beneish M-Score falls into.
TUI 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 TUI 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 * 0.9613 | + | 0.528 * 0.743 | + | 0.404 * 1.0465 | + | 0.892 * 1.2319 | + | 0.115 * 1.0414 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 3.5105 | + | 4.679 * -0.078821 | - | 0.327 * 0.6995 |
| = | -3.12 |
* 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 $1,899 Mil.
Revenue was 4691.93 + 9046.425 + 5726.977 + 3375.696 = $22,841 Mil.
Gross Profit was 213.85 + 1421.345 + 289.816 + -80.942 = $1,844 Mil.
Total Current Assets was $4,177 Mil.
Total Assets was $16,923 Mil.
Property, Plant and Equipment(Net PPE) was $6,747 Mil.
Depreciation, Depletion and Amortization(DDA) was $917 Mil.
Selling, General, & Admin. Expense(SGA) was $142 Mil.
Total Current Liabilities was $7,998 Mil.
Long-Term Debt & Capital Lease Obligation was $2,338 Mil.
Net Income was -133.697 + 964.354 + 24.485 + -390.043 = $465 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was -1758.451 + 595.197 + 1477.79 + 1484.475 = $1,799 Mil.
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Total Receivables was $1,603 Mil.
Revenue was 3972.987 + 7538.713 + 4686.258 + 2344.053 = $18,542 Mil.
Gross Profit was 94.492 + 1038.317 + 126.638 + -147.137 = $1,112 Mil.
Total Current Assets was $3,688 Mil.
Total Assets was $15,438 Mil.
Property, Plant and Equipment(Net PPE) was $6,521 Mil.
Depreciation, Depletion and Amortization(DDA) was $928 Mil.
Selling, General, & Admin. Expense(SGA) was $33 Mil.
Total Current Liabilities was $7,197 Mil.
Long-Term Debt & Capital Lease Obligation was $6,283 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) |
| = | (1898.909 / 22841.028) | / | (1603.496 / 18542.011) |
| = | 0.083136 | / | 0.086479 |
| | = | 0.9613 |
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) |
| = | (1112.31 / 18542.011) | / | (1844.069 / 22841.028) |
| = | 0.059989 | / | 0.080735 |
| | = | 0.743 |
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 - (4177.426 + 6747.437) / 16923.337) | / | (1 - (3688.347 + 6521.081) / 15438.242) |
| = | 0.35445 | / | 0.338692 |
| | = | 1.0465 |
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 |
| = | 22841.028 | / | 18542.011 |
| | = | 1.2319 |
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)) |
| = | (928.457 / (928.457 + 6521.081)) | / | (917.283 / (917.283 + 6747.437)) |
| = | 0.124633 | / | 0.119676 |
| | = | 1.0414 |
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) |
| = | (141.684 / 22841.028) | / | (32.771 / 18542.011) |
| = | 0.006203 | / | 0.001767 |
| | = | 3.5105 |
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) |
| = | ((2338.059 + 7998.364) / 16923.337) | / | ((6282.521 + 7197.458) / 15438.242) |
| = | 0.610779 | / | 0.873155 |
| | = | 0.6995 |
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 |
| = | (465.099 - 0 | - | 1799.011) | / | 16923.337 |
| | = | -0.078821 |
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.
TUI AG has a M-score of -3.12 suggests that the company is unlikely to be a manipulator.
TUI AG (TUI AG) Business Description
Traded in Other Exchanges
Address
Karl-Wiechert-Allee 4, Hannover, SN, DEU, 30625
TUI AG is a leisure and tourism company that operates airlines, cruises, tours, hotels, and resorts globally. The company organizes itself into six segments: Northern region, Central region, Western region, hotels and resorts, TUI Musement and cruises. Northern region principally comprises TUI's tour operators, airlines, and cruise business in the U.K., Ireland, and the Nordics. Central region includes the company's tour operators in Germany, Australia, Switzerland, and Poland, and the TUI fly airline. Western region includes TUI tour operators and airlines in Belgium and the Netherlands, and tour operators in France. The Northern, Central, and Western regions are the segments by revenue, in that order, and collectively constitute the vast majority of revenue.
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