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DocMorris AG (XSWX:DOCM) Beneish M-Score : -2.02 (As of Dec. 16, 2024)


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What is DocMorris 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 -2.02 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XSWX:DOCM' s Beneish M-Score Range Over the Past 10 Years
Min: -2.82   Med: -2.38   Max: -2.02
Current: -2.02

During the past 13 years, the highest Beneish M-Score of DocMorris AG was -2.02. The lowest was -2.82. And the median was -2.38.


DocMorris AG Beneish M-Score Historical Data

The historical data trend for DocMorris 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.

DocMorris AG Beneish M-Score Chart

DocMorris AG Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.31 -2.79 -2.76 -2.35 -2.02

DocMorris AG Semi-Annual Data
Dec13 Dec14 Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 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 - -2.35 - -2.02 -

Competitive Comparison of DocMorris AG's Beneish M-Score

For the Pharmaceutical Retailers subindustry, DocMorris 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.


DocMorris AG's Beneish M-Score Distribution in the Healthcare Providers & Services Industry

For the Healthcare Providers & Services industry and Healthcare sector, DocMorris AG's Beneish M-Score distribution charts can be found below:

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



DocMorris 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 DocMorris 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 * 0.4478+0.528 * 0.8201+0.404 * 1.0681+0.892 * 1.0413+0.115 * 0.7056
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8411+4.679 * 0.195857-0.327 * 0.7197
=-2.02

* 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 CHF69 Mil.
Revenue was CHF969 Mil.
Gross Profit was CHF203 Mil.
Total Current Assets was CHF294 Mil.
Total Assets was CHF866 Mil.
Property, Plant and Equipment(Net PPE) was CHF62 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF43 Mil.
Selling, General, & Admin. Expense(SGA) was CHF122 Mil.
Total Current Liabilities was CHF180 Mil.
Long-Term Debt & Capital Lease Obligation was CHF236 Mil.
Net Income was CHF82 Mil.
Gross Profit was CHF0 Mil.
Cash Flow from Operations was CHF-87 Mil.
Total Receivables was CHF148 Mil.
Revenue was CHF931 Mil.
Gross Profit was CHF160 Mil.
Total Current Assets was CHF396 Mil.
Total Assets was CHF1,099 Mil.
Property, Plant and Equipment(Net PPE) was CHF97 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF40 Mil.
Selling, General, & Admin. Expense(SGA) was CHF139 Mil.
Total Current Liabilities was CHF241 Mil.
Long-Term Debt & Capital Lease Obligation was CHF493 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)
=(68.942 / 969.462) / (147.842 / 930.969)
=0.071114 / 0.158804
=0.4478

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)
=(160.151 / 930.969) / (203.348 / 969.462)
=0.172026 / 0.209753
=0.8201

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 - (293.674 + 62.054) / 866.423) / (1 - (395.884 + 96.808) / 1099.445)
=0.589429 / 0.551872
=1.0681

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
=969.462 / 930.969
=1.0413

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))
=(39.641 / (39.641 + 96.808)) / (43.436 / (43.436 + 62.054))
=0.290519 / 0.411755
=0.7056

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)
=(122.1 / 969.462) / (139.398 / 930.969)
=0.125946 / 0.149734
=0.8411

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)
=((236.272 + 180.319) / 866.423) / ((493.129 + 241.349) / 1099.445)
=0.480817 / 0.668044
=0.7197

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
=(82.28 - 0 - -87.415) / 866.423
=0.195857

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.

DocMorris AG has a M-score of -2.02 suggests that the company is unlikely to be a manipulator.


DocMorris AG Beneish M-Score Related Terms

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DocMorris AG Business Description

Traded in Other Exchanges
Address
Walzmuhlestrasse 60, Frauenfeld, CHE, 8500
DocMorris AG is an online pharmacy company and wholesale supplier to medical practitioners in Switzerland. The Group's reportable segments are Germany, and Europe. The Germany segment comprises the mail-order business in drugs and health products, as well as services for mail-order pharmacies. The operating segment Europe comprises the marketplace business of PromoFarma and Doctipharma. Majority of revenue is generated from Germany segment.

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