JOST Werke SE Beneish M-Score Historical Data
The historical data trend for JOST Werke SE'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.
JOST Werke SE Beneish M-Score Chart
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JOST Werke SE Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.95 |
-2.76 |
-2.30 |
-2.39 |
-2.92 |
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JOST Werke SE Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.39 |
-2.56 |
-2.58 |
-2.62 |
-2.92 |
Competitive Comparison of JOST Werke SE's Beneish M-Score
For the Auto Parts subindustry, JOST Werke SE'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.
JOST Werke SE's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, JOST Werke SE's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where JOST Werke SE's Beneish M-Score falls into.
JOST Werke SE 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 JOST Werke SE 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 * 0.9047 | + | 0.528 * 1.025 | + | 0.404 * 1.0092 | + | 0.892 * 0.9882 | + | 0.115 * 1.1211 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8315 | + | 4.679 * -0.090343 | - | 0.327 * 0.9501 |
| = | -2.92 |
* 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 €149 Mil.
Revenue was 285.655 + 292.024 + 330.409 + 341.616 = €1,250 Mil.
Gross Profit was 80.463 + 75.64 + 82.85 + 85.987 = €325 Mil.
Total Current Assets was €459 Mil.
Total Assets was €1,005 Mil.
Property, Plant and Equipment(Net PPE) was €180 Mil.
Depreciation, Depletion and Amortization(DDA) was €58 Mil.
Selling, General, & Admin. Expense(SGA) was €89 Mil.
Total Current Liabilities was €347 Mil.
Long-Term Debt & Capital Lease Obligation was €149 Mil.
Net Income was -6.134 + 13.585 + 20.856 + 23.984 = €52 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 65.629 + 29.012 + 27.779 + 20.681 = €143 Mil.
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Total Receivables was €167 Mil.
Revenue was 303.68 + 327.126 + 322.026 + 311.774 = €1,265 Mil.
Gross Profit was 78.978 + 84.37 + 89.51 + 84.162 = €337 Mil.
Total Current Assets was €488 Mil.
Total Assets was €1,005 Mil.
Property, Plant and Equipment(Net PPE) was €154 Mil.
Depreciation, Depletion and Amortization(DDA) was €58 Mil.
Selling, General, & Admin. Expense(SGA) was €108 Mil.
Total Current Liabilities was €303 Mil.
Long-Term Debt & Capital Lease Obligation was €220 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) |
| = | (149.078 / 1249.704) | / | (166.742 / 1264.606) |
| = | 0.119291 | / | 0.131853 |
| | = | 0.9047 |
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) |
| = | (337.02 / 1264.606) | / | (324.94 / 1249.704) |
| = | 0.266502 | / | 0.260014 |
| | = | 1.025 |
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 - (459.441 + 180.303) / 1005.165) | / | (1 - (488.326 + 154.391) / 1004.58) |
| = | 0.363543 | / | 0.360213 |
| | = | 1.0092 |
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 |
| = | 1249.704 | / | 1264.606 |
| | = | 0.9882 |
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)) |
| = | (57.929 / (57.929 + 154.391)) | / | (57.996 / (57.996 + 180.303)) |
| = | 0.272838 | / | 0.243375 |
| | = | 1.1211 |
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) |
| = | (88.876 / 1249.704) | / | (108.159 / 1264.606) |
| = | 0.071118 | / | 0.085528 |
| | = | 0.8315 |
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) |
| = | ((149.434 + 347.221) / 1005.165) | / | ((219.704 + 302.728) / 1004.58) |
| = | 0.494103 | / | 0.52005 |
| | = | 0.9501 |
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 |
| = | (52.291 - 0 | - | 143.101) | / | 1005.165 |
| | = | -0.090343 |
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.
JOST Werke SE has a M-score of -2.92 suggests that the company is unlikely to be a manipulator.
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