Comet Holding AG (XSWX:COTN) Beneish M-Score : -2.70 (As of May. 12, 2024)

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What is Comet Holding 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 -2.7 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XSWX:COTN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.02 Med: -2.69 Max: -2.21
Current: -2.7

During the past 13 years, the highest Beneish M-Score of Comet Holding AG was -2.21. The lowest was -3.02. And the median was -2.69.

Comet Holding AG Beneish M-Score Historical Data

The historical data trend for Comet Holding 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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Comet Holding AG Beneish M-Score Chart

Comet Holding AG Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.87

-2.71

-2.36

-2.25

-2.70

Comet Holding AG Semi-Annual Data
	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.36	-	-2.25	-	-2.70

Competitive Comparison of Comet Holding AG's Beneish M-Score

For the Scientific & Technical Instruments subindustry, Comet Holding 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.

Comet Holding AG's Beneish M-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Comet Holding AG's Beneish M-Score distribution charts can be found below:

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

Comet Holding 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 Comet Holding 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 * 1.0761

0.528 * 1.0884

0.404 * 1.059

0.892 * 0.6778

0.115 * 0.9898

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2094

4.679 * -0.014504

0.327 * 0.9002

-2.70

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was CHF59.0 Mil.
Revenue was CHF397.5 Mil.
Gross Profit was CHF162.9 Mil.
Total Current Assets was CHF265.0 Mil.
Total Assets was CHF473.6 Mil.
Property, Plant and Equipment(Net PPE) was CHF154.8 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF20.0 Mil.
Selling, General, & Admin. Expense(SGA) was CHF85.1 Mil.
Total Current Liabilities was CHF77.9 Mil.
Long-Term Debt & Capital Lease Obligation was CHF92.0 Mil.
Net Income was CHF15.4 Mil.
Gross Profit was CHF0.0 Mil.
Cash Flow from Operations was CHF22.3 Mil.

Total Receivables was CHF80.9 Mil.
Revenue was CHF586.4 Mil.
Gross Profit was CHF261.6 Mil.
Total Current Assets was CHF344.8 Mil.
Total Assets was CHF556.8 Mil.
Property, Plant and Equipment(Net PPE) was CHF152.4 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF19.5 Mil.
Selling, General, & Admin. Expense(SGA) was CHF103.8 Mil.
Total Current Liabilities was CHF128.0 Mil.
Long-Term Debt & Capital Lease Obligation was CHF93.9 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)
	=	(59.001 / 397.453)	/	(80.897 / 586.395)
	=	0.148448	/	0.137956
	=	1.0761

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)
	=	(261.633 / 586.395)	/	(162.926 / 397.453)
	=	0.446172	/	0.409925
	=	1.0884

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 - (265.035 + 154.797) / 473.578)	/	(1 - (344.761 + 152.369) / 556.801)
	=	0.113489	/	0.107168
	=	1.059

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
	=	397.453	/	586.395
	=	0.6778

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))
	=	(19.477 / (19.477 + 152.369))	/	(20.018 / (20.018 + 154.797))
	=	0.11334	/	0.11451
	=	0.9898

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)
	=	(85.079 / 397.453)	/	(103.792 / 586.395)
	=	0.214061	/	0.177
	=	1.2094

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)
	=	((91.986 + 77.919) / 473.578)	/	((93.911 + 128.002) / 556.801)
	=	0.358769	/	0.39855
	=	0.9002

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
	=	(15.388 - 0	-	22.257)	/	473.578
	=	-0.014504

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.

Comet Holding AG has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.

Comet Holding AG Beneish M-Score Related Terms

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Comet Holding AG (XSWX:COTN) Business Description

Industry

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Traded in Other Exchanges

COTNz:UK

Address

Herrengasse 10, P.O. Box 141, Flamatt, CHE, 3175

Website

http://www.comet-group.com

Comet Holding AG is a vendor of x-ray, radio frequency (RF) power and ebeam technology. It markets its systems and services, under the Comet, Yxlon and ebeam brands. Yxlon x-ray systems for non-destructive testing are supplied to end customers in the automotive, aerospace, electronics and energy sectors. Under the Comet brand, the group builds components and modules such as x-ray sources, vacuum capacitors, RF generators and impedance matching networks, marketed to manufacturers in the automotive, aerospace, semiconductor and solar industries as well as the security sector. Under the ebeam brand, the group develops and markets compact ebeam sets for the treatment of surfaces in the food and printing industries.

Comet Holding AG (XSWX:COTN) Headlines

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