voestalpine AG (voestalpine AG) Beneish M-Score : -2.88 (As of May. 01, 2024)

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What is voestalpine 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 -2.88 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

VLPNY' s Beneish M-Score Range Over the Past 10 Years
Min: -3.4 Med: -2.66 Max: -1.92
Current: -2.88

During the past 13 years, the highest Beneish M-Score of voestalpine AG was -1.92. The lowest was -3.40. And the median was -2.66.

voestalpine AG Beneish M-Score Historical Data

The historical data trend for voestalpine 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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voestalpine AG Beneish M-Score Chart

voestalpine AG Annual Data

Trend

Mar14

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Beneish M-Score

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-2.37

-3.40

-2.96

-2.27

-2.38

voestalpine AG Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.11	-2.38	-2.66	-2.80	-2.88

Competitive Comparison of voestalpine AG's Beneish M-Score

For the Steel subindustry, voestalpine 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.

voestalpine AG's Beneish M-Score Distribution in the Steel Industry

For the Steel industry and Basic Materials sector, voestalpine AG's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where voestalpine AG's Beneish M-Score falls into.

voestalpine 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 voestalpine 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 * 0.9552

0.528 * 1.2888

0.404 * 0.9507

0.892 * 0.9696

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0942

4.679 * -0.080429

0.327 * 1.1094

-2.84

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $2,045 Mil.
Revenue was 4225.518 + 4340.555 + 4816.576 + 4967.773 = $18,350 Mil.
Gross Profit was 644.711 + 738.847 + 884.29 + 839.615 = $3,107 Mil.
Total Current Assets was $9,443 Mil.
Total Assets was $18,110 Mil.
Property, Plant and Equipment(Net PPE) was $6,304 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $2,324 Mil.
Total Current Liabilities was $6,691 Mil.
Long-Term Debt & Capital Lease Obligation was $0 Mil.
Net Income was 82.77 + 101.281 + 191.549 + 297.859 = $673 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 307.961 + 406.83 + 10.401 + 1404.818 = $2,130 Mil.

Total Receivables was $2,208 Mil.
Revenue was 4544.492 + 4603.762 + 4910.571 + 4867.511 = $18,926 Mil.
Gross Profit was 798.835 + 852.277 + 1307.188 + 1172.247 = $4,131 Mil.
Total Current Assets was $9,199 Mil.
Total Assets was $17,373 Mil.
Property, Plant and Equipment(Net PPE) was $5,791 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $2,190 Mil.
Total Current Liabilities was $5,786 Mil.
Long-Term Debt & Capital Lease Obligation was $0 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)
	=	(2045.256 / 18350.422)	/	(2208.475 / 18926.336)
	=	0.111456	/	0.116688
	=	0.9552

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)
	=	(4130.547 / 18926.336)	/	(3107.463 / 18350.422)
	=	0.218243	/	0.16934
	=	1.2888

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 - (9443.402 + 6304.471) / 18109.815)	/	(1 - (9199.258 + 5790.784) / 17373.411)
	=	0.130423	/	0.137185
	=	0.9507

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
	=	18350.422	/	18926.336
	=	0.9696

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))
	=	(0 / (0 + 5790.784))	/	(0 / (0 + 6304.471))
	=	0	/	0
	=	1

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)
	=	(2323.646 / 18350.422)	/	(2190.216 / 18926.336)
	=	0.126626	/	0.115723
	=	1.0942

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)
	=	((0 + 6690.84) / 18109.815)	/	((0 + 5785.593) / 17373.411)
	=	0.369459	/	0.333014
	=	1.1094

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
	=	(673.459 - 0	-	2130.01)	/	18109.815
	=	-0.080429

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.

voestalpine AG has a M-score of -2.84 suggests that the company is unlikely to be a manipulator.

voestalpine AG Beneish M-Score Related Terms

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voestalpine AG (voestalpine AG) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Steel » voestalpine AG (OTCPK:VLPNY) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

VLPNF:USA 0MKX:UK VAS:Germany VOE:Czech Republic VOE:Austria

Address

Voestalpine-Strasse 1, Linz, AUT, 4020

Website

https://www.voestalpine.com

voestalpine AG is an Austria-based holding company engaged in the manufacturing, processing and development of steel products. The company is divided into four divisions. The Steel Division is involved in the production of steel products and the casting of large turbines. The High-Performance metals Division provides metals for the automotive, consumer goods, power generation, energy and aviation sectors. The Metal Engineering division produces rails, turnout systems, track-based monitoring systems, specially treated wire and others. The Metal Forming Division provides customized special and precision sections, as well as solutions for systems in the construction, cab construction for commercial vehicles, and aviation sectors. The company generates its revenue from the European Union.