Elaris AG (XTER:ELS) Beneish M-Score : 0.00 (As of Dec. 15, 2024)

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What is Elaris 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.

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

During the past 3 years, the highest Beneish M-Score of Elaris AG was 0.00. The lowest was 0.00. And the median was 0.00.

Elaris AG Beneish M-Score Historical Data

The historical data trend for Elaris 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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Elaris AG Beneish M-Score Chart

Elaris AG Annual Data

Trend

Dec20

Dec21

Dec22

Beneish M-Score

-3.04

Elaris AG Semi-Annual Data
	Dec20	Dec21	Dec22
Beneish M-Score	-	-	-3.04

Competitive Comparison of Elaris AG's Beneish M-Score

For the Auto Manufacturers subindustry, Elaris 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.

Elaris AG's Beneish M-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Elaris AG's Beneish M-Score distribution charts can be found below:

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

Elaris 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 Elaris 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 * 0.9511

0.528 * 0.4291

0.404 * 1.7267

0.892 * 3.4063

0.115 * 0.7538

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.205735

0.327 * 6.0955

-3.04

This Year (Dec22) TTM:

Last Year (Dec21) TTM:

Total Receivables was €0.62 Mil.
Revenue was €3.04 Mil.
Gross Profit was €0.52 Mil.
Total Current Assets was €16.44 Mil.
Total Assets was €16.92 Mil.
Property, Plant and Equipment(Net PPE) was €0.18 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.11 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €11.87 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 Mil.
Net Income was €-3.48 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €0.00 Mil.

Total Receivables was €0.19 Mil.
Revenue was €0.89 Mil.
Gross Profit was €0.07 Mil.
Total Current Assets was €7.77 Mil.
Total Assets was €8.02 Mil.
Property, Plant and Equipment(Net PPE) was €0.17 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.07 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €0.92 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)
	=	(0.622 / 3.035)	/	(0.192 / 0.891)
	=	0.204942	/	0.215488
	=	0.9511

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)
	=	(0.065 / 0.891)	/	(0.516 / 3.035)
	=	0.072952	/	0.170016
	=	0.4291

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 - (16.439 + 0.181) / 16.915)	/	(1 - (7.767 + 0.172) / 8.02)
	=	0.01744	/	0.0101
	=	1.7267

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
	=	3.035	/	0.891
	=	3.4063

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))
	=	(0.068 / (0.068 + 0.172))	/	(0.109 / (0.109 + 0.181))
	=	0.283333	/	0.375862
	=	0.7538

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)
	=	(0 / 3.035)	/	(0 / 0.891)
	=	0	/	0
	=	1

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 + 11.866) / 16.915)	/	((0 + 0.923) / 8.02)
	=	0.701508	/	0.115087
	=	6.0955

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
	=	(-3.48 - 0	-	0)	/	16.915
	=	-0.205735

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.

Elaris AG has a M-score of -3.04 suggests that the company is unlikely to be a manipulator.

Elaris AG Beneish M-Score Related Terms

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