HELLA GmbH KGaA Beneish M-Score Historical Data
The historical data trend for HELLA GmbH KGaA'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.
HELLA GmbH KGaA Beneish M-Score Chart
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HELLA GmbH KGaA Annual Data
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Trend |
May14 |
May15 |
May16 |
May17 |
May18 |
May19 |
May20 |
May21 |
May22 |
Dec23 |
| Beneish M-Score |
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-2.93 |
-3.89 |
-2.11 |
-2.37 |
-3.06 |
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HELLA GmbH KGaA Quarterly Data
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Nov19 |
Feb20 |
May20 |
Aug20 |
Nov20 |
Feb21 |
May21 |
Aug21 |
Nov21 |
Feb22 |
May22 |
Aug22 |
Nov22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.82 |
-3.06 |
-2.95 |
-2.67 |
-2.80 |
Competitive Comparison of HELLA GmbH KGaA's Beneish M-Score
For the Auto Parts subindustry, HELLA GmbH KGaA'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.
HELLA GmbH KGaA's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, HELLA GmbH KGaA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where HELLA GmbH KGaA's Beneish M-Score falls into.
HELLA GmbH KGaA 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 HELLA GmbH KGaA 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 * 1.0138 | + | 0.528 * 1.0174 | + | 0.404 * 0.9906 | + | 0.892 * 0.9999 | + | 0.115 * 0.8822 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0895 | + | 4.679 * -0.071733 | - | 0.327 * 0.9117 |
| = | -2.80 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was €1,427 Mil.
Revenue was 1904.633 + 2027.822 + 2002.432 + 2022.027 = €7,957 Mil.
Gross Profit was 435.124 + 473.259 + 504.765 + 519.596 = €1,933 Mil.
Total Current Assets was €3,929 Mil.
Total Assets was €7,305 Mil.
Property, Plant and Equipment(Net PPE) was €2,248 Mil.
Depreciation, Depletion and Amortization(DDA) was €596 Mil.
Selling, General, & Admin. Expense(SGA) was €727 Mil.
Total Current Liabilities was €2,567 Mil.
Long-Term Debt & Capital Lease Obligation was €0 Mil.
Net Income was 67.712 + 162.597 + 63.286 + 35.736 = €329 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 82.625 + 282.303 + 143.842 + 344.564 = €853 Mil.
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Total Receivables was €1,407 Mil.
Revenue was 1937.169 + 2005.27 + 1989.675 + 2025.976 = €7,958 Mil.
Gross Profit was 497.738 + 508.834 + 486.701 + 473.412 = €1,967 Mil.
Total Current Assets was €3,732 Mil.
Total Assets was €7,046 Mil.
Property, Plant and Equipment(Net PPE) was €2,217 Mil.
Depreciation, Depletion and Amortization(DDA) was €503 Mil.
Selling, General, & Admin. Expense(SGA) was €667 Mil.
Total Current Liabilities was €2,715 Mil.
Long-Term Debt & Capital Lease Obligation was €0 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) |
| = | (1426.679 / 7956.914) | / | (1407.494 / 7958.09) |
| = | 0.179301 | / | 0.176863 |
| | = | 1.0138 |
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) |
| = | (1966.685 / 7958.09) | / | (1932.744 / 7956.914) |
| = | 0.24713 | / | 0.242901 |
| | = | 1.0174 |
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 - (3928.938 + 2248.41) / 7304.894) | / | (1 - (3731.551 + 2216.788) / 7046.3) |
| = | 0.154355 | / | 0.155821 |
| | = | 0.9906 |
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 |
| = | 7956.914 | / | 7958.09 |
| | = | 0.9999 |
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)) |
| = | (502.96 / (502.96 + 2216.788)) | / | (596.285 / (596.285 + 2248.41)) |
| = | 0.184929 | / | 0.209613 |
| | = | 0.8822 |
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) |
| = | (726.526 / 7956.914) | / | (666.953 / 7958.09) |
| = | 0.091308 | / | 0.083808 |
| | = | 1.0895 |
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 + 2566.593) / 7304.894) | / | ((0 + 2715.381) / 7046.3) |
| = | 0.351353 | / | 0.385363 |
| | = | 0.9117 |
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 |
| = | (329.331 - 0 | - | 853.334) | / | 7304.894 |
| | = | -0.071733 |
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.
HELLA GmbH KGaA has a M-score of -2.80 suggests that the company is unlikely to be a manipulator.
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