Adler Group Beneish M-Score Historical Data
The historical data trend for Adler Group'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.
Adler Group Beneish M-Score Chart
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Adler Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.80 |
11.84 |
19.99 |
-4.74 |
-38.91 |
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Adler Group Quarterly Data
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Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
| Beneish M-Score |
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-3.94 |
-3.70 |
-38.91 |
-50.52 |
-6.78 |
Competitive Comparison of Adler Group's Beneish M-Score
For the Real Estate Services subindustry, Adler Group'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.
Adler Group's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Adler Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Adler Group's Beneish M-Score falls into.
Adler Group 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 Adler Group 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 * 0.8591 | + | 0.528 * -4.5784 | + | 0.404 * 1 | + | 0.892 * 0.6023 | + | 0.115 * 1.1066 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.7934 | + | 4.679 * -0.150691 | - | 0.327 * 1.1402 |
| = | -6.78 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was €129.8 Mil.
Revenue was 78.14 + 88.846 + 155.734 + 96.569 = €419.3 Mil.
Gross Profit was -29.808 + 41.116 + -11.777 + 36.287 = €35.8 Mil.
Total Current Assets was €1,014.1 Mil.
Total Assets was €7,347.9 Mil.
Property, Plant and Equipment(Net PPE) was €43.4 Mil.
Depreciation, Depletion and Amortization(DDA) was €14.9 Mil.
Selling, General, & Admin. Expense(SGA) was €91.0 Mil.
Total Current Liabilities was €1,987.7 Mil.
Long-Term Debt & Capital Lease Obligation was €4,572.9 Mil.
Net Income was -413.601 + -78.633 + -506.661 + -215.344 = €-1,214.2 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0.0 Mil.
Cash Flow from Operations was -28.122 + -23.648 + -12.256 + -42.945 = €-107.0 Mil.
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Total Receivables was €250.9 Mil.
Revenue was 73.79 + 118.986 + 110.527 + 392.896 = €696.2 Mil.
Gross Profit was -64.053 + 41.736 + -308.88 + 58.901 = €-272.3 Mil.
Total Current Assets was €1,230.9 Mil.
Total Assets was €8,791.6 Mil.
Property, Plant and Equipment(Net PPE) was €34.1 Mil.
Depreciation, Depletion and Amortization(DDA) was €13.4 Mil.
Selling, General, & Admin. Expense(SGA) was €84.3 Mil.
Total Current Liabilities was €1,217.7 Mil.
Long-Term Debt & Capital Lease Obligation was €5,666.8 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) |
| = | (129.814 / 419.289) | / | (250.884 / 696.199) |
| = | 0.309605 | / | 0.360362 |
| | = | 0.8591 |
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) |
| = | (-272.296 / 696.199) | / | (35.818 / 419.289) |
| = | -0.391118 | / | 0.085426 |
| | = | -4.5784 |
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 - (1014.116 + 43.372) / 7347.935) | / | (1 - (1230.883 + 34.149) / 8791.616) |
| = | 0.856084 | / | 0.856109 |
| | = | 1 |
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 |
| = | 419.289 | / | 696.199 |
| | = | 0.6023 |
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)) |
| = | (13.435 / (13.435 + 34.149)) | / | (14.857 / (14.857 + 43.372)) |
| = | 0.282343 | / | 0.255148 |
| | = | 1.1066 |
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) |
| = | (91.029 / 419.289) | / | (84.281 / 696.199) |
| = | 0.217103 | / | 0.121059 |
| | = | 1.7934 |
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) |
| = | ((4572.87 + 1987.664) / 7347.935) | / | ((5666.827 + 1217.677) / 8791.616) |
| = | 0.892841 | / | 0.783076 |
| | = | 1.1402 |
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 |
| = | (-1214.239 - 0 | - | -106.971) | / | 7347.935 |
| | = | -0.150691 |
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.
Adler Group has a M-score of -6.78 suggests that the company is unlikely to be a manipulator.
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