UBM Development AG Beneish M-Score Historical Data
The historical data trend for UBM Development 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.
UBM Development AG Beneish M-Score Chart
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UBM Development AG Annual Data
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Dec14 |
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Dec23 |
| Beneish M-Score |
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-2.05 |
-1.86 |
-4.75 |
-2.46 |
-1.92 |
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UBM Development AG Quarterly Data
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| Beneish M-Score |
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-1.92 |
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Competitive Comparison of UBM Development AG's Beneish M-Score
For the Real Estate - Development subindustry, UBM Development 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.
UBM Development AG's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, UBM Development AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where UBM Development AG's Beneish M-Score falls into.
UBM Development 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 UBM Development 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 * 1.1837 | + | 0.528 * 0.665 | + | 0.404 * 1.0921 | + | 0.892 * 0.6369 | + | 0.115 * 8.7535 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2819 | + | 4.679 * 0.006305 | - | 0.327 * 1.0574 |
| = | -1.92 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was €37.32 Mil.
Revenue was €85.32 Mil.
Gross Profit was €47.94 Mil.
Total Current Assets was €508.48 Mil.
Total Assets was €1,253.78 Mil.
Property, Plant and Equipment(Net PPE) was €11.13 Mil.
Depreciation, Depletion and Amortization(DDA) was €43.23 Mil.
Selling, General, & Admin. Expense(SGA) was €10.59 Mil.
Total Current Liabilities was €187.23 Mil.
Long-Term Debt & Capital Lease Obligation was €663.88 Mil.
Net Income was €-46.58 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €-54.48 Mil.
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Total Receivables was €49.49 Mil.
Revenue was €133.94 Mil.
Gross Profit was €50.05 Mil.
Total Current Assets was €661.24 Mil.
Total Assets was €1,451.83 Mil.
Property, Plant and Equipment(Net PPE) was €12.16 Mil.
Depreciation, Depletion and Amortization(DDA) was €-14.19 Mil.
Selling, General, & Admin. Expense(SGA) was €12.98 Mil.
Total Current Liabilities was €336.46 Mil.
Long-Term Debt & Capital Lease Obligation was €595.64 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) |
| = | (37.315 / 85.315) | / | (49.494 / 133.944) |
| = | 0.437379 | / | 0.369513 |
| | = | 1.1837 |
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) |
| = | (50.051 / 133.944) | / | (47.937 / 85.315) |
| = | 0.373671 | / | 0.561882 |
| | = | 0.665 |
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 - (508.482 + 11.129) / 1253.777) | / | (1 - (661.235 + 12.155) / 1451.831) |
| = | 0.585563 | / | 0.536179 |
| | = | 1.0921 |
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 |
| = | 85.315 | / | 133.944 |
| | = | 0.6369 |
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)) |
| = | (-14.194 / (-14.194 + 12.155)) | / | (43.227 / (43.227 + 11.129)) |
| = | 6.961256 | / | 0.795257 |
| | = | 8.7535 |
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) |
| = | (10.594 / 85.315) | / | (12.975 / 133.944) |
| = | 0.124175 | / | 0.096869 |
| | = | 1.2819 |
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) |
| = | ((663.882 + 187.226) / 1253.777) | / | ((595.635 + 336.456) / 1451.831) |
| = | 0.678835 | / | 0.642011 |
| | = | 1.0574 |
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 |
| = | (-46.577 - 0 | - | -54.482) | / | 1253.777 |
| | = | 0.006305 |
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.
UBM Development AG has a M-score of -1.92 suggests that the company is unlikely to be a manipulator.
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