Allegro.EU Beneish M-Score Historical Data
The historical data trend for Allegro.EU'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.
Allegro.EU Beneish M-Score Chart
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Allegro.EU Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-1.98 |
-2.89 |
-3.16 |
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Allegro.EU Quarterly Data
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Dec17 |
Dec18 |
Jun19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.89 |
-2.70 |
-3.27 |
-2.62 |
-3.16 |
Competitive Comparison of Allegro.EU's Beneish M-Score
For the Internet Retail subindustry, Allegro.EU'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.
Allegro.EU's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Allegro.EU's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Allegro.EU's Beneish M-Score falls into.
Allegro.EU 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 Allegro.EU 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 * 0.7955 | + | 0.528 * 0.9489 | + | 0.404 * 0.9369 | + | 0.892 * 1.1311 | + | 0.115 * 1.221 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1215 | + | 4.679 * -0.121737 | - | 0.327 * 0.9777 |
| = | -3.16 |
* 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 €335 Mil.
Revenue was 708.06 + 567.369 + 559.414 + 541.518 = €2,376 Mil.
Gross Profit was 536.218 + 458.295 + 436.775 + 403.303 = €1,835 Mil.
Total Current Assets was €937 Mil.
Total Assets was €4,325 Mil.
Property, Plant and Equipment(Net PPE) was €254 Mil.
Depreciation, Depletion and Amortization(DDA) was €379 Mil.
Selling, General, & Admin. Expense(SGA) was €287 Mil.
Total Current Liabilities was €529 Mil.
Long-Term Debt & Capital Lease Obligation was €1,526 Mil.
Net Income was -54.512 + 56.392 + 27.753 + 36.63 = €66 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 209.084 + 190.056 + 133.599 + 60.078 = €593 Mil.
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Total Receivables was €372 Mil.
Revenue was 719.282 + 541.144 + 515.633 + 324.934 = €2,101 Mil.
Gross Profit was 477.19 + 381.699 + 375.027 + 305.266 = €1,539 Mil.
Total Current Assets was €742 Mil.
Total Assets was €4,481 Mil.
Property, Plant and Equipment(Net PPE) was €273 Mil.
Depreciation, Depletion and Amortization(DDA) was €743 Mil.
Selling, General, & Admin. Expense(SGA) was €227 Mil.
Total Current Liabilities was €540 Mil.
Long-Term Debt & Capital Lease Obligation was €1,638 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) |
| = | (334.677 / 2376.361) | / | (371.953 / 2100.993) |
| = | 0.140836 | / | 0.177037 |
| | = | 0.7955 |
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) |
| = | (1539.182 / 2100.993) | / | (1834.591 / 2376.361) |
| = | 0.732597 | / | 0.772017 |
| | = | 0.9489 |
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 - (936.507 + 253.647) / 4325.328) | / | (1 - (741.673 + 272.713) / 4480.946) |
| = | 0.724841 | / | 0.773622 |
| | = | 0.9369 |
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 |
| = | 2376.361 | / | 2100.993 |
| | = | 1.1311 |
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)) |
| = | (742.568 / (742.568 + 272.713)) | / | (378.891 / (378.891 + 253.647)) |
| = | 0.731392 | / | 0.599001 |
| | = | 1.221 |
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) |
| = | (287.397 / 2376.361) | / | (226.573 / 2100.993) |
| = | 0.12094 | / | 0.107841 |
| | = | 1.1215 |
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) |
| = | ((1525.694 + 529.173) / 4325.328) | / | ((1637.739 + 539.558) / 4480.946) |
| = | 0.475078 | / | 0.485901 |
| | = | 0.9777 |
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 |
| = | (66.263 - 0 | - | 592.817) | / | 4325.328 |
| | = | -0.121737 |
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.
Allegro.EU has a M-score of -3.16 suggests that the company is unlikely to be a manipulator.
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