Sogefi SpA Beneish M-Score Historical Data
The historical data trend for Sogefi SpA'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.
Sogefi SpA Beneish M-Score Chart
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Sogefi SpA Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.14 |
-2.82 |
-3.50 |
-2.68 |
-2.34 |
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Sogefi SpA Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-3.54 |
-2.34 |
-3.03 |
-1.75 |
-2.61 |
Competitive Comparison of Sogefi SpA's Beneish M-Score
For the Auto Parts subindustry, Sogefi SpA'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.
Sogefi SpA's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Sogefi SpA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sogefi SpA's Beneish M-Score falls into.
Sogefi SpA 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 Sogefi SpA 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 * 0.3842 | + | 0.528 * 0.7966 | + | 0.404 * 0.8615 | + | 0.892 * 1.3384 | + | 0.115 * 0.6493 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * -0.2405 | + | 4.679 * 0.009436 | - | 0.327 * 0.7429 |
| = | -2.61 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was €108 Mil.
Revenue was 242.6 + 260.915 + 263.2 + 823.98 = €1,591 Mil.
Gross Profit was 50.8 + 54.05 + 51.1 + 206.561 = €363 Mil.
Total Current Assets was €301 Mil.
Total Assets was €767 Mil.
Property, Plant and Equipment(Net PPE) was €315 Mil.
Depreciation, Depletion and Amortization(DDA) was €112 Mil.
Selling, General, & Admin. Expense(SGA) was €7 Mil.
Total Current Liabilities was €277 Mil.
Long-Term Debt & Capital Lease Obligation was €106 Mil.
Net Income was 3.7 + 130.786 + 15 + 11.966 = €161 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 27.762 + -6.762 + 50.9 + 82.318 = €154 Mil.
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Total Receivables was €211 Mil.
Revenue was 265 + 264.875 + 274 + 384.664 = €1,189 Mil.
Gross Profit was 49.9 + 46.429 + 45.8 + 73.634 = €216 Mil.
Total Current Assets was €519 Mil.
Total Assets was €1,231 Mil.
Property, Plant and Equipment(Net PPE) was €431 Mil.
Depreciation, Depletion and Amortization(DDA) was €88 Mil.
Selling, General, & Admin. Expense(SGA) was €-20 Mil.
Total Current Liabilities was €524 Mil.
Long-Term Debt & Capital Lease Obligation was €303 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) |
| = | (108.3 / 1590.695) | / | (210.6 / 1188.539) |
| = | 0.068083 | / | 0.177192 |
| | = | 0.3842 |
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) |
| = | (215.763 / 1188.539) | / | (362.511 / 1590.695) |
| = | 0.181536 | / | 0.227895 |
| | = | 0.7966 |
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 - (300.8 + 315) / 766.6) | / | (1 - (518.9 + 431) / 1231) |
| = | 0.196713 | / | 0.228351 |
| | = | 0.8615 |
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 |
| = | 1590.695 | / | 1188.539 |
| | = | 1.3384 |
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)) |
| = | (88.158 / (88.158 + 431)) | / | (111.558 / (111.558 + 315)) |
| = | 0.16981 | / | 0.261531 |
| | = | 0.6493 |
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) |
| = | (6.58 / 1590.695) | / | (-20.443 / 1188.539) |
| = | 0.004137 | / | -0.0172 |
| | = | -0.2405 |
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) |
| = | ((105.7 + 277) / 766.6) | / | ((302.8 + 524.4) / 1231) |
| = | 0.499217 | / | 0.671974 |
| | = | 0.7429 |
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 |
| = | (161.452 - 0 | - | 154.218) | / | 766.6 |
| | = | 0.009436 |
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.
Sogefi SpA has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.
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