SFHLF (SAF Holland SE) Beneish M-Score : -2.98 (As of Mar. 23, 2025)

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What is SAF Holland SE 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 -2.98 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

SFHLF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.41 Med: -2.5 Max: -1.73
Current: -2.98

During the past 13 years, the highest Beneish M-Score of SAF Holland SE was -1.73. The lowest was -3.41. And the median was -2.50.

SAF Holland SE Beneish M-Score Historical Data

The historical data trend for SAF Holland SE'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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SAF Holland SE Beneish M-Score Chart

SAF Holland SE Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.01

-3.41

-2.12

-2.48

-2.60

SAF Holland SE Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.77	-2.60	-2.90	-3.02	-2.98

Competitive Comparison of SAF Holland SE's Beneish M-Score

For the Auto Parts subindustry, SAF Holland SE'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.

SAF Holland SE's Beneish M-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, SAF Holland SE's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where SAF Holland SE's Beneish M-Score falls into.

SAF Holland SE 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 SAF Holland SE for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.9061

0.528 * 0.8487

0.404 * 0.9972

0.892 * 1.0134

0.115 * 0.8454

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8833

4.679 * -0.064989

0.327 * 0.9887

-2.93

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was $248 Mil.
Revenue was 488.273 + 545.846 + 549.382 + 563.999 = $2,148 Mil.
Gross Profit was 110.204 + 123.467 + 118.342 + 118.172 = $470 Mil.
Total Current Assets was $972 Mil.
Total Assets was $1,863 Mil.
Property, Plant and Equipment(Net PPE) was $357 Mil.
Depreciation, Depletion and Amortization(DDA) was $93 Mil.
Selling, General, & Admin. Expense(SGA) was $91 Mil.
Total Current Liabilities was $422 Mil.
Long-Term Debt & Capital Lease Obligation was $756 Mil.
Net Income was 10.334 + 25.872 + 28.505 + 19.285 = $84 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 56.31 + 74.846 + -7.49 + 81.422 = $205 Mil.

Total Receivables was $270 Mil.
Revenue was 590.061 + 602.029 + 514.372 + 412.551 = $2,119 Mil.
Gross Profit was 118.129 + 116.392 + 92.375 + 66.865 = $394 Mil.
Total Current Assets was $958 Mil.
Total Assets was $1,821 Mil.
Property, Plant and Equipment(Net PPE) was $340 Mil.
Depreciation, Depletion and Amortization(DDA) was $72 Mil.
Selling, General, & Admin. Expense(SGA) was $102 Mil.
Total Current Liabilities was $417 Mil.
Long-Term Debt & Capital Lease Obligation was $748 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)
	=	(248.165 / 2147.5)	/	(270.252 / 2119.013)
	=	0.11556	/	0.127537
	=	0.9061

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)
	=	(393.761 / 2119.013)	/	(470.185 / 2147.5)
	=	0.185823	/	0.218945
	=	0.8487

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 - (971.963 + 357.215) / 1863.271)	/	(1 - (957.803 + 339.939) / 1821.251)
	=	0.286643	/	0.287445
	=	0.9972

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
	=	2147.5	/	2119.013
	=	1.0134

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))
	=	(72.029 / (72.029 + 339.939))	/	(93.136 / (93.136 + 357.215))
	=	0.174841	/	0.206808
	=	0.8454

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)
	=	(91.406 / 2147.5)	/	(102.107 / 2119.013)
	=	0.042564	/	0.048186
	=	0.8833

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)
	=	((755.655 + 422.471) / 1863.271)	/	((747.63 + 417.138) / 1821.251)
	=	0.632289	/	0.639543
	=	0.9887

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
	=	(83.996 - 0	-	205.088)	/	1863.271
	=	-0.064989

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.

SAF Holland SE has a M-score of -2.93 suggests that the company is unlikely to be a manipulator.

SAF Holland SE Beneish M-Score Related Terms

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SAF Holland SE Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Vehicles & Parts » SAF Holland SE (OTCPK:SFHLF) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

0O4N:UK SFQ:Germany SFQ:Germany SFQ:Germany SFQ:Austria

Address

Hauptstrasse 26, Bessenbach, BY, DEU, D-63856

Website

https://www.safholland.com

SAF Holland SE is a manufacturer of chassis-related systems and components for trailers, trucks, and buses. The product range comprises axle and suspension systems, fifth wheels, kingpins and landing gear and is marketed under the brands SAF, Holland, V.Orlandi, Neway, KLL, V.ORLANDI, and York. It operates through EMEA, Americas and APAC segments. The company generates the majority of its revenue from the EMEA region.