Leoni AG Beneish M-Score Historical Data
The historical data trend for Leoni 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.
Leoni AG Beneish M-Score Chart
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Leoni AG Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-2.50 |
-2.59 |
-3.23 |
-3.08 |
3.02 |
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Leoni AG Quarterly Data
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Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
| Beneish M-Score |
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-3.08 |
-2.92 |
-2.79 |
-2.75 |
3.02 |
Competitive Comparison of Leoni AG's Beneish M-Score
For the Electrical Equipment & Parts subindustry, Leoni 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.
Leoni AG's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Leoni AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Leoni AG's Beneish M-Score falls into.
Leoni 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 Leoni AG 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 * 1.059 | + | 0.528 * 13.619 | + | 0.404 * 1.1243 | + | 0.892 * 1.0013 | + | 0.115 * 0.7052 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9217 | + | 4.679 * -0.250861 | - | 0.327 * 1.225 |
| = | 3.02 |
* 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 (Dec22) TTM: | Last Year (Dec21) TTM: |
Total Receivables was €550 Mil.
Revenue was 2251.989 + 955.133 + 933.429 + 1261.661 = €5,402 Mil.
Gross Profit was -227.167 + 70.724 + 100.359 + 114.319 = €58 Mil.
Total Current Assets was €1,528 Mil.
Total Assets was €2,662 Mil.
Property, Plant and Equipment(Net PPE) was €801 Mil.
Depreciation, Depletion and Amortization(DDA) was €203 Mil.
Selling, General, & Admin. Expense(SGA) was €562 Mil.
Total Current Liabilities was €2,368 Mil.
Long-Term Debt & Capital Lease Obligation was €436 Mil.
Net Income was -516.584 + -88.031 + -47.41 + 47.121 = €-605 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 255.709 + 14.76 + -78.072 + -129.601 = €63 Mil.
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Total Receivables was €518 Mil.
Revenue was 2129.328 + 893.185 + 1019.793 + 1353.063 = €5,395 Mil.
Gross Profit was 319.625 + 131.686 + 140.216 + 200.585 = €792 Mil.
Total Current Assets was €1,794 Mil.
Total Assets was €3,449 Mil.
Property, Plant and Equipment(Net PPE) was €1,271 Mil.
Depreciation, Depletion and Amortization(DDA) was €211 Mil.
Selling, General, & Admin. Expense(SGA) was €609 Mil.
Total Current Liabilities was €1,948 Mil.
Long-Term Debt & Capital Lease Obligation was €1,019 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) |
| = | (549.636 / 5402.212) | / | (518.35 / 5395.369) |
| = | 0.101743 | / | 0.096073 |
| | = | 1.059 |
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) |
| = | (792.112 / 5395.369) | / | (58.235 / 5402.212) |
| = | 0.146813 | / | 0.01078 |
| | = | 13.619 |
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 - (1527.786 + 801.254) / 2661.635) | / | (1 - (1794.335 + 1271.416) / 3449.11) |
| = | 0.124959 | / | 0.111147 |
| | = | 1.1243 |
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 |
| = | 5402.212 | / | 5395.369 |
| | = | 1.0013 |
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)) |
| = | (211.208 / (211.208 + 1271.416)) | / | (202.822 / (202.822 + 801.254)) |
| = | 0.142456 | / | 0.201999 |
| | = | 0.7052 |
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) |
| = | (561.627 / 5402.212) | / | (608.587 / 5395.369) |
| = | 0.103962 | / | 0.112798 |
| | = | 0.9217 |
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) |
| = | ((436.392 + 2368.093) / 2661.635) | / | ((1018.837 + 1947.808) / 3449.11) |
| = | 1.05367 | / | 0.860119 |
| | = | 1.225 |
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 |
| = | (-604.904 - 0 | - | 62.796) | / | 2661.635 |
| | = | -0.250861 |
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.
Leoni AG has a M-score of 3.02 signals that the company is likely to be a manipulator.
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