Apontis Pharma AG (XTER:APPH) Beneish M-Score : -3.41 (As of Jun. 23, 2024)

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What is Apontis Pharma 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 -3.41 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XTER:APPH' s Beneish M-Score Range Over the Past 10 Years
Min: -3.48 Med: -3.08 Max: -1.7
Current: -3.41

During the past 6 years, the highest Beneish M-Score of Apontis Pharma AG was -1.70. The lowest was -3.48. And the median was -3.08.

Apontis Pharma AG Beneish M-Score Historical Data

The historical data trend for Apontis Pharma 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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Apontis Pharma AG Beneish M-Score Chart

Apontis Pharma AG Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.74

-1.70

-3.48

-3.41

Apontis Pharma AG Semi-Annual Data
	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial				-1.70	-	-3.48	-	-3.41

Competitive Comparison of Apontis Pharma AG's Beneish M-Score

For the Drug Manufacturers - Specialty & Generic subindustry, Apontis Pharma 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.

Apontis Pharma AG's Beneish M-Score Distribution in the Drug Manufacturers Industry

For the Drug Manufacturers industry and Healthcare sector, Apontis Pharma AG's Beneish M-Score distribution charts can be found below:

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

Apontis Pharma 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 Apontis Pharma 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 * 0.5429

0.528 * 1.0017

0.404 * 1.3401

0.892 * 0.6633

0.115 * 0.9911

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.4026

4.679 * 0.022503

0.327 * 2.1595

-3.41

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was €0.85 Mil.
Revenue was €36.96 Mil.
Gross Profit was €23.17 Mil.
Total Current Assets was €35.63 Mil.
Total Assets was €57.46 Mil.
Property, Plant and Equipment(Net PPE) was €0.03 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.88 Mil.
Selling, General, & Admin. Expense(SGA) was €6.41 Mil.
Total Current Liabilities was €11.11 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 Mil.
Net Income was €-11.30 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €-12.60 Mil.

Total Receivables was €2.35 Mil.
Revenue was €55.73 Mil.
Gross Profit was €34.99 Mil.
Total Current Assets was €42.86 Mil.
Total Assets was €59.85 Mil.
Property, Plant and Equipment(Net PPE) was €0.05 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.80 Mil.
Selling, General, & Admin. Expense(SGA) was €6.89 Mil.
Total Current Liabilities was €5.36 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 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)
	=	(0.847 / 36.964)	/	(2.352 / 55.727)
	=	0.022914	/	0.042206
	=	0.5429

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)
	=	(34.992 / 55.727)	/	(23.171 / 36.964)
	=	0.627918	/	0.626853
	=	1.0017

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 - (35.627 + 0.03) / 57.46)	/	(1 - (42.861 + 0.045) / 59.853)
	=	0.379447	/	0.283144
	=	1.3401

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
	=	36.964	/	55.727
	=	0.6633

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))
	=	(1.795 / (1.795 + 0.045))	/	(1.884 / (1.884 + 0.03))
	=	0.975543	/	0.984326
	=	0.9911

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)
	=	(6.412 / 36.964)	/	(6.892 / 55.727)
	=	0.173466	/	0.123674
	=	1.4026

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)
	=	((0 + 11.11) / 57.46)	/	((0 + 5.359) / 59.853)
	=	0.193352	/	0.089536
	=	2.1595

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
	=	(-11.303 - 0	-	-12.596)	/	57.46
	=	0.022503

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.

Apontis Pharma AG has a M-score of -3.41 suggests that the company is unlikely to be a manipulator.

Apontis Pharma AG Beneish M-Score Related Terms

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Apontis Pharma AG (XTER:APPH) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Drug Manufacturers » Apontis Pharma AG (XTER:APPH) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Alfred-Nobel-Strabe 10, Monheim, BY, DEU, 40789

Website

https://www.apontis-pharma.de

Apontis Pharma AG is a pharmaceutical company specializing in single pills in Germany. single pills combine two to three generic active ingredients in a single dosage form. The company develops, promotes, and sells a broad portfolio of single pills and other pharmaceutical products, with a special focus on cardiovascular diseases.

Executives

Karlheinz Gast	Board of Directors
Thomas Milz	Board of Directors

Apontis Pharma AG (XTER:APPH) Headlines

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