LEG Immobilien SE Beneish M-Score Historical Data
The historical data trend for LEG Immobilien 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.
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LEG Immobilien 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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-3.04 |
-2.01 |
-3.34 |
-2.36 |
-1.87 |
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LEG Immobilien 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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-2.36 |
-2.19 |
-3.15 |
-3.66 |
-1.87 |
Competitive Comparison
For the Real Estate Services subindustry, LEG Immobilien 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.
LEG Immobilien SE Beneish M-Score Distribution
For the Real Estate industry and Real Estate sector, LEG Immobilien SE's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where LEG Immobilien SE's Beneish M-Score falls into.
LEG Immobilien 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 LEG Immobilien 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 * 1.5434 | + | 0.528 * 0.7678 | + | 0.404 * 0.9932 | + | 0.892 * 1.0791 | + | 0.115 * 6.2117 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.5165 | + | 4.679 * -0.104468 | - | 0.327 * 1.0975 |
| = | -1.87 |
* 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 €273 Mil.
Revenue was 303 + 311.3 + 314.2 + 312 = €1,241 Mil.
Gross Profit was 130.5 + 163 + 151.2 + 134.6 = €579 Mil.
Total Current Assets was €643 Mil.
Total Assets was €19,304 Mil.
Property, Plant and Equipment(Net PPE) was €140 Mil.
Depreciation, Depletion and Amortization(DDA) was €17 Mil.
Selling, General, & Admin. Expense(SGA) was €61 Mil.
Total Current Liabilities was €775 Mil.
Long-Term Debt & Capital Lease Obligation was €8,930 Mil.
Net Income was -595.9 + 57.3 + -1125.3 + 95.2 = €-1,569 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 141.2 + 42.5 + 139.1 + 125.1 = €448 Mil.
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Total Receivables was €164 Mil.
Revenue was 286.2 + 301.2 + 279.1 + 283.1 = €1,150 Mil.
Gross Profit was 12.7 + 157.8 + 91.1 + 150.6 = €412 Mil.
Total Current Assets was €577 Mil.
Total Assets was €21,361 Mil.
Property, Plant and Equipment(Net PPE) was €148 Mil.
Depreciation, Depletion and Amortization(DDA) was €314 Mil.
Selling, General, & Admin. Expense(SGA) was €109 Mil.
Total Current Liabilities was €577 Mil.
Long-Term Debt & Capital Lease Obligation was €9,209 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) |
| = | (272.8 / 1240.5) | / | (163.8 / 1149.6) |
| = | 0.219911 | / | 0.142484 |
| | = | 1.5434 |
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) |
| = | (412.2 / 1149.6) | / | (579.3 / 1240.5) |
| = | 0.358559 | / | 0.466989 |
| | = | 0.7678 |
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 - (642.8 + 139.8) / 19303.6) | / | (1 - (577.3 + 147.6) / 21360.7) |
| = | 0.959458 | / | 0.966064 |
| | = | 0.9932 |
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 |
| = | 1240.5 | / | 1149.6 |
| | = | 1.0791 |
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)) |
| = | (314.4 / (314.4 + 147.6)) | / | (17.2 / (17.2 + 139.8)) |
| = | 0.680519 | / | 0.109554 |
| | = | 6.2117 |
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) |
| = | (60.7 / 1240.5) | / | (108.9 / 1149.6) |
| = | 0.048932 | / | 0.094729 |
| | = | 0.5165 |
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) |
| = | ((8930.1 + 775.1) / 19303.6) | / | ((9208.5 + 577.3) / 21360.7) |
| = | 0.502766 | / | 0.458122 |
| | = | 1.0975 |
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 |
| = | (-1568.7 - 0 | - | 447.9) | / | 19303.6 |
| | = | -0.104468 |
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.
LEG Immobilien SE has a M-score of -1.87 suggests that the company is unlikely to be a manipulator.
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