MLP SE Beneish M-Score Historical Data
The historical data trend for MLP 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.
MLP SE Beneish M-Score Chart
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MLP 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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-2.65 |
-3.05 |
-3.31 |
-1.11 |
-2.65 |
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MLP SE Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.45 |
-2.65 |
-2.87 |
-2.77 |
-2.64 |
Competitive Comparison of MLP SE's Beneish M-Score
For the Asset Management subindustry, MLP 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.
MLP SE's Beneish M-Score Distribution in the Asset Management Industry
For the Asset Management industry and Financial Services sector, MLP SE's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where MLP SE's Beneish M-Score falls into.
MLP 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 MLP 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 * 0.9254 | + | 0.528 * 1.0004 | + | 0.404 * 0.9586 | + | 0.892 * 1.1106 | + | 0.115 * 1.159 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9559 | + | 4.679 * -0.043178 | - | 0.327 * 1.0002 |
| = | -2.64 |
* 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 €2,262 Mil.
Revenue was 249.028 + 230.168 + 284.113 + 282.533 = €1,046 Mil.
Gross Profit was 80.071 + 69.112 + 94.57 + 96.586 = €340 Mil.
Total Current Assets was €3,410 Mil.
Total Assets was €3,987 Mil.
Property, Plant and Equipment(Net PPE) was €154 Mil.
Depreciation, Depletion and Amortization(DDA) was €30 Mil.
Selling, General, & Admin. Expense(SGA) was €16 Mil.
Total Current Liabilities was €15 Mil.
Long-Term Debt & Capital Lease Obligation was €2,978 Mil.
Net Income was 10.288 + 10.311 + 27.762 + 16.099 = €64 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was -31.177 + 27.305 + 126.385 + 114.096 = €237 Mil.
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Total Receivables was €2,201 Mil.
Revenue was 209.665 + 212.212 + 262.758 + 257.022 = €942 Mil.
Gross Profit was 62.46 + 59.519 + 87.853 + 96.722 = €307 Mil.
Total Current Assets was €3,221 Mil.
Total Assets was €3,776 Mil.
Property, Plant and Equipment(Net PPE) was €138 Mil.
Depreciation, Depletion and Amortization(DDA) was €32 Mil.
Selling, General, & Admin. Expense(SGA) was €15 Mil.
Total Current Liabilities was €18 Mil.
Long-Term Debt & Capital Lease Obligation was €2,816 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) |
| = | (2262.041 / 1045.842) | / | (2200.853 / 941.657) |
| = | 2.16289 | / | 2.337213 |
| | = | 0.9254 |
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) |
| = | (306.554 / 941.657) | / | (340.339 / 1045.842) |
| = | 0.325547 | / | 0.325421 |
| | = | 1.0004 |
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 - (3409.996 + 154.084) / 3986.953) | / | (1 - (3220.62 + 137.69) / 3776.104) |
| = | 0.106064 | / | 0.110642 |
| | = | 0.9586 |
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 |
| = | 1045.842 | / | 941.657 |
| | = | 1.1106 |
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)) |
| = | (32.144 / (32.144 + 137.69)) | / | (30.072 / (30.072 + 154.084)) |
| = | 0.189267 | / | 0.163296 |
| | = | 1.159 |
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) |
| = | (15.623 / 1045.842) | / | (14.715 / 941.657) |
| = | 0.014938 | / | 0.015627 |
| | = | 0.9559 |
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) |
| = | ((2978.446 + 14.639) / 3986.953) | / | ((2815.692 + 18.498) / 3776.104) |
| = | 0.75072 | / | 0.750559 |
| | = | 1.0002 |
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 |
| = | (64.46 - 0 | - | 236.609) | / | 3986.953 |
| | = | -0.043178 |
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.
MLP SE has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.
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