ADS-TEC Energy (ADS-TEC Energy) Beneish M-Score : 1.24 (As of May. 03, 2024)

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What is ADS-TEC Energy Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Warning Sign:

Beneish M-Score 1.24 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for ADS-TEC Energy's Beneish M-Score or its related term are showing as below:

ADSE' s Beneish M-Score Range Over the Past 10 Years
Min: -3.56 Med: -1.53 Max: 1.24
Current: 1.24

During the past 6 years, the highest Beneish M-Score of ADS-TEC Energy was 1.24. The lowest was -3.56. And the median was -1.53.

ADS-TEC Energy Beneish M-Score Historical Data

The historical data trend for ADS-TEC Energy'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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ADS-TEC Energy Beneish M-Score Chart

ADS-TEC Energy Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.56

-1.01

-1.46

1.24

ADS-TEC Energy Semi-Annual Data
	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial				-1.01	-	-1.46	-	1.24

Competitive Comparison of ADS-TEC Energy's Beneish M-Score

For the Electrical Equipment & Parts subindustry, ADS-TEC Energy'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.

ADS-TEC Energy's Beneish M-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, ADS-TEC Energy's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where ADS-TEC Energy's Beneish M-Score falls into.

ADS-TEC Energy 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 ADS-TEC Energy for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.2956

0.528 * 6.2984

0.404 * 1.1114

0.892 * 4.1825

0.115 * 0.992

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.219

4.679 * -0.26999

0.327 * 1.5671

1.24

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $23.15 Mil.
Revenue was $117.10 Mil.
Gross Profit was $-3.15 Mil.
Total Current Assets was $97.61 Mil.
Total Assets was $135.67 Mil.
Property, Plant and Equipment(Net PPE) was $10.55 Mil.
Depreciation, Depletion and Amortization(DDA) was $5.29 Mil.
Selling, General, & Admin. Expense(SGA) was $29.77 Mil.
Total Current Liabilities was $65.81 Mil.
Long-Term Debt & Capital Lease Obligation was $2.81 Mil.
Net Income was $-60.07 Mil.
Gross Profit was $-0.91 Mil.
Cash Flow from Operations was $-22.53 Mil.

Total Receivables was $18.72 Mil.
Revenue was $28.00 Mil.
Gross Profit was $-4.74 Mil.
Total Current Assets was $111.49 Mil.
Total Assets was $147.71 Mil.
Property, Plant and Equipment(Net PPE) was $9.28 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.59 Mil.
Selling, General, & Admin. Expense(SGA) was $32.51 Mil.
Total Current Liabilities was $44.89 Mil.
Long-Term Debt & Capital Lease Obligation was $2.79 Mil.

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)
	=	(23.148 / 117.103)	/	(18.72 / 27.998)
	=	0.197672	/	0.668619
	=	0.2956

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)
	=	(-4.739 / 27.998)	/	(-3.147 / 117.103)
	=	-0.169262	/	-0.026874
	=	6.2984

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 - (97.611 + 10.553) / 135.668)	/	(1 - (111.494 + 9.275) / 147.714)
	=	0.20273	/	0.182413
	=	1.1114

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
	=	117.103	/	27.998
	=	4.1825

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))
	=	(4.593 / (4.593 + 9.275))	/	(5.289 / (5.289 + 10.553))
	=	0.331194	/	0.333859
	=	0.992

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)
	=	(29.772 / 117.103)	/	(32.507 / 27.998)
	=	0.254238	/	1.161047
	=	0.219

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)
	=	((2.814 + 65.809) / 135.668)	/	((2.791 + 44.887) / 147.714)
	=	0.505816	/	0.322772
	=	1.5671

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
	=	(-60.067 - -0.909	-	-22.529)	/	135.668
	=	-0.26999

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.

ADS-TEC Energy has a M-score of 1.24 signals that the company is likely to be a manipulator.

ADS-TEC Energy Beneish M-Score Related Terms

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ADS-TEC Energy (ADS-TEC Energy) Business Description

Industry

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Comparable Companies

Traded in Other Exchanges

X3C:Germany X3C:Germany

Address

10 Earlsfort Terrace, Dublin, IRL, D02 T380

Website

https://www.ads-tec-energy.com

ADS-TEC Energy PLC produces, develops, and markets battery-buffered EV charging systems infrastructure, battery storage systems, and cloud-based services which enable the customer to control and manage the system. Geographically, it derives a majority of its revenue from Europe.