Immofinanz AG Beneish M-Score Historical Data
The historical data trend for Immofinanz 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.
Immofinanz AG Beneish M-Score Chart
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Immofinanz AG Annual Data
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Trend |
Apr14 |
Apr15 |
Apr16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.53 |
-2.79 |
-2.03 |
-2.03 |
-1.87 |
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Immofinanz AG 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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-1.63 |
-1.87 |
-4.39 |
-3.21 |
-1.15 |
Competitive Comparison of Immofinanz AG's Beneish M-Score
For the Real Estate - Diversified subindustry, Immofinanz 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.
Immofinanz AG's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Immofinanz AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Immofinanz AG's Beneish M-Score falls into.
Immofinanz 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 Immofinanz AG 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 * 3.6146 | + | 0.528 * 0.4146 | + | 0.404 * 1.0071 | + | 0.892 * 0.5624 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.8984 | + | 4.679 * -0.039136 | - | 0.327 * 1.1128 |
| = | -1.15 |
* 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 €322.4 Mil.
Revenue was 208.266 + 225.429 + 267.748 + -71.346 = €630.1 Mil.
Gross Profit was 175.08 + 196.011 + 176.653 + 142.286 = €690.0 Mil.
Total Current Assets was €1,225.3 Mil.
Total Assets was €9,404.0 Mil.
Property, Plant and Equipment(Net PPE) was €9.7 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.0 Mil.
Selling, General, & Admin. Expense(SGA) was €28.2 Mil.
Total Current Liabilities was €948.8 Mil.
Long-Term Debt & Capital Lease Obligation was €3,441.8 Mil.
Net Income was 7.506 + -9.773 + 54.923 + -101.106 = €-48.5 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0.0 Mil.
Cash Flow from Operations was -24.589 + 100.181 + 85.653 + 158.341 = €319.6 Mil.
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Total Receivables was €158.6 Mil.
Revenue was 190.464 + 147.882 + 668.324 + 113.766 = €1,120.4 Mil.
Gross Profit was 159.829 + 118.34 + 161.679 + 68.873 = €508.7 Mil.
Total Current Assets was €1,279.4 Mil.
Total Assets was €9,390.7 Mil.
Property, Plant and Equipment(Net PPE) was €11.6 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.0 Mil.
Selling, General, & Admin. Expense(SGA) was €26.4 Mil.
Total Current Liabilities was €556.4 Mil.
Long-Term Debt & Capital Lease Obligation was €3,383.7 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) |
| = | (322.435 / 630.097) | / | (158.621 / 1120.436) |
| = | 0.511723 | / | 0.141571 |
| | = | 3.6146 |
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) |
| = | (508.721 / 1120.436) | / | (690.03 / 630.097) |
| = | 0.454038 | / | 1.095117 |
| | = | 0.4146 |
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 - (1225.293 + 9.722) / 9403.993) | / | (1 - (1279.386 + 11.568) / 9390.663) |
| = | 0.868671 | / | 0.862528 |
| | = | 1.0071 |
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 |
| = | 630.097 | / | 1120.436 |
| | = | 0.5624 |
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 + 11.568)) | / | (0 / (0 + 9.722)) |
| = | 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) |
| = | (28.17 / 630.097) | / | (26.386 / 1120.436) |
| = | 0.044707 | / | 0.02355 |
| | = | 1.8984 |
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) |
| = | ((3441.807 + 948.842) / 9403.993) | / | ((3383.672 + 556.419) / 9390.663) |
| = | 0.466892 | / | 0.419575 |
| | = | 1.1128 |
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 |
| = | (-48.45 - 0 | - | 319.586) | / | 9403.993 |
| | = | -0.039136 |
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.
Immofinanz AG has a M-score of -1.15 signals that the company is likely to be a manipulator.
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