TUIFF (TUI AG) Beneish M-Score : -2.75 (As of Dec. 15, 2024)

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What is TUI AG 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 -2.75 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TUIFF' s Beneish M-Score Range Over the Past 10 Years
Min: -9.53 Med: -2.66 Max: 76.32
Current: -2.75

During the past 13 years, the highest Beneish M-Score of TUI AG was 76.32. The lowest was -9.53. And the median was -2.66.

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 Beneish M-Score Chart

TUI AG Annual Data

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

TUI AG Quarterly Data
	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24
Beneish M-Score	Get a 7-Day Free Trial															-2.91	-2.22	1.13	-2.93	-2.75

Competitive Comparison of TUI AG's Beneish M-Score

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's Beneish M-Score Distribution in the Travel & Leisure Industry

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:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.9365

0.528 * 0.7651

0.404 * 1.0131

0.892 * 1.1611

0.115 * 1.116

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7297

4.679 * -0.064768

0.327 * 0.9315

-2.73

This Year (Jun24) TTM:

Last Year (Jun23) TTM:

Total Receivables was $3,243 Mil.
Revenue was 6229.279 + 3967.391 + 4691.93 + 9046.425 = $23,935 Mil.
Gross Profit was 402.368 + -1.413 + 213.85 + 1421.345 = $2,036 Mil.
Total Current Assets was $6,422 Mil.
Total Assets was $19,398 Mil.
Property, Plant and Equipment(Net PPE) was $6,821 Mil.
Depreciation, Depletion and Amortization(DDA) was $872 Mil.
Selling, General, & Admin. Expense(SGA) was $154 Mil.
Total Current Liabilities was $11,823 Mil.
Long-Term Debt & Capital Lease Obligation was $2,311 Mil.
Net Income was 56.405 + -319.783 + -133.697 + 964.354 = $567 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 1526.05 + 1460.87 + -1758.451 + 595.197 = $1,824 Mil.

Total Receivables was $2,982 Mil.
Revenue was 5726.977 + 3375.696 + 3972.987 + 7538.713 = $20,614 Mil.
Gross Profit was 289.816 + -80.942 + 94.492 + 1038.317 = $1,342 Mil.
Total Current Assets was $5,703 Mil.
Total Assets was $18,160 Mil.
Property, Plant and Equipment(Net PPE) was $6,768 Mil.
Depreciation, Depletion and Amortization(DDA) was $980 Mil.
Selling, General, & Admin. Expense(SGA) was $182 Mil.
Total Current Liabilities was $11,799 Mil.
Long-Term Debt & Capital Lease Obligation was $2,407 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)
	=	(3242.519 / 23935.025)	/	(2982.124 / 20614.373)
	=	0.135472	/	0.144662
	=	0.9365

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)
	=	(1341.683 / 20614.373)	/	(2036.15 / 23935.025)
	=	0.065085	/	0.08507
	=	0.7651

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 - (6421.959 + 6820.667) / 19398.278)	/	(1 - (5703.142 + 6768.472) / 18160.022)
	=	0.31733	/	0.313238
	=	1.0131

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
	=	23935.025	/	20614.373
	=	1.1611

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))
	=	(980.318 / (980.318 + 6768.472))	/	(872.062 / (872.062 + 6820.667))
	=	0.126512	/	0.113362
	=	1.116

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)
	=	(154.135 / 23935.025)	/	(181.916 / 20614.373)
	=	0.00644	/	0.008825
	=	0.7297

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)
	=	((2310.872 + 11823.358) / 19398.278)	/	((2406.826 + 11798.7) / 18160.022)
	=	0.728633	/	0.782242
	=	0.9315

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
	=	(567.279 - 0	-	1823.666)	/	19398.278
	=	-0.064768

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 -2.73 suggests that the company is unlikely to be a manipulator.

TUI AG Beneish M-Score Related Terms

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TUI AG Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Travel & Leisure » TUI AG (OTCPK:TUIFF) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

1TUI1U:Italy TUI1d:UK 0ACY:UK TUI1:Germany TUI1:Austria

Address

Karl-Wiechert-Allee 4, Hannover, SN, DEU, 30625

Website

https://www.tuigroup.com

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.