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Aurubis AG (WBO:NDA) Beneish M-Score : -2.65 (As of Dec. 15, 2024)


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What is Aurubis 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 -2.65 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

WBO:NDA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.11   Med: -2.49   Max: -1.82
Current: -2.65

During the past 13 years, the highest Beneish M-Score of Aurubis AG was -1.82. The lowest was -3.11. And the median was -2.49.


Aurubis AG Beneish M-Score Historical Data

The historical data trend for Aurubis 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.

* Premium members only.

Aurubis AG Beneish M-Score Chart

Aurubis AG Annual Data
Trend Sep14 Sep15 Sep16 Sep17 Sep18 Sep19 Sep20 Sep21 Sep22 Sep23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.12 -2.55 -2.50 -1.89 -2.65

Aurubis 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - -2.65 - - -

Competitive Comparison of Aurubis AG's Beneish M-Score

For the Metal Fabrication subindustry, Aurubis 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.


Aurubis AG's Beneish M-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, Aurubis AG's Beneish M-Score distribution charts can be found below:

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



Aurubis 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 Aurubis 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 * 0.9882+0.528 * 1.531+0.404 * 0.7359+0.892 * 0.9213+0.115 * 1.2003
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1678+4.679 * -0.059476-0.327 * 0.9335
=-2.65

* 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 (Sep23) TTM:Last Year (Sep22) TTM:
Total Receivables was €570 Mil.
Revenue was €17,064 Mil.
Gross Profit was €1,087 Mil.
Total Current Assets was €4,731 Mil.
Total Assets was €7,260 Mil.
Property, Plant and Equipment(Net PPE) was €2,209 Mil.
Depreciation, Depletion and Amortization(DDA) was €219 Mil.
Selling, General, & Admin. Expense(SGA) was €277 Mil.
Total Current Liabilities was €1,992 Mil.
Long-Term Debt & Capital Lease Obligation was €204 Mil.
Net Income was €141 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €573 Mil.
Total Receivables was €626 Mil.
Revenue was €18,521 Mil.
Gross Profit was €1,806 Mil.
Total Current Assets was €5,188 Mil.
Total Assets was €7,447 Mil.
Property, Plant and Equipment(Net PPE) was €1,814 Mil.
Depreciation, Depletion and Amortization(DDA) was €220 Mil.
Selling, General, & Admin. Expense(SGA) was €258 Mil.
Total Current Liabilities was €2,204 Mil.
Long-Term Debt & Capital Lease Obligation was €209 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)
=(570.151 / 17063.708) / (626.189 / 18520.522)
=0.033413 / 0.033811
=0.9882

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)
=(1805.522 / 18520.522) / (1086.564 / 17063.708)
=0.097488 / 0.063677
=1.531

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 - (4731.458 + 2208.585) / 7259.631) / (1 - (5188.213 + 1813.612) / 7447.33)
=0.044023 / 0.059821
=0.7359

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
=17063.708 / 18520.522
=0.9213

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))
=(220.212 / (220.212 + 1813.612)) / (218.972 / (218.972 + 2208.585))
=0.108275 / 0.090203
=1.2003

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)
=(277.138 / 17063.708) / (257.564 / 18520.522)
=0.016241 / 0.013907
=1.1678

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)
=((204.391 + 1991.751) / 7259.631) / ((209.107 + 2204.393) / 7447.33)
=0.302514 / 0.324076
=0.9335

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
=(140.934 - 0 - 572.705) / 7259.631
=-0.059476

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.

Aurubis AG has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.


Aurubis AG Beneish M-Score Related Terms

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Aurubis AG Business Description

Traded in Other Exchanges
Address
Hovestrasse 50, Hamburg, BY, DEU, 20539
Aurubis AG produces copper, using raw materials which include copper concentrates and recycling materials. The company also produces precious metals such as gold and silver and a range of other products, including sulfuric acid and iron silicate, as byproducts of copper production. Revenue is predominantly generated through the sale of continuous cast wire rods, copper cathodes, precious metals and continuous cast shapes, used in the manufacture of cables and wires which are used in electrical applications. It has two segments Multimetal Recycling and Custom Smelting & Products which is the key revenue generating segment. The company is based in Germany and has production sites across Europe and the United States.

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