Athens International Airport Beneish M-Score Historical Data
The historical data trend for Athens International Airport'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.
Athens International Airport Beneish M-Score Chart
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Athens International Airport Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
|
- |
- |
-2.05 |
-2.78 |
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Athens International Airport Quarterly Data
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|
Dec19 |
Dec20 |
Dec21 |
Sep22 |
Dec22 |
Sep23 |
| Beneish M-Score |
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- |
-2.05 |
- |
-2.78 |
- |
Competitive Comparison of Athens International Airport's Beneish M-Score
For the Infrastructure Operations subindustry, Athens International Airport'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.
Athens International Airport's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Athens International Airport's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Athens International Airport's Beneish M-Score falls into.
Athens International Airport 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 Athens International Airport 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 * 0.4373 | + | 0.528 * 0.7715 | + | 0.404 * 0.9295 | + | 0.892 * 1.6913 | + | 0.115 * 1.1631 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8573 | + | 4.679 * -0.052054 | - | 0.327 * 1.1464 |
| = | -2.78 |
* 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 €61.63 Mil.
Revenue was €397.91 Mil.
Gross Profit was €276.79 Mil.
Total Current Assets was €629.29 Mil.
Total Assets was €2,427.92 Mil.
Property, Plant and Equipment(Net PPE) was €65.81 Mil.
Depreciation, Depletion and Amortization(DDA) was €78.22 Mil.
Selling, General, & Admin. Expense(SGA) was €6.08 Mil.
Total Current Liabilities was €226.69 Mil.
Long-Term Debt & Capital Lease Obligation was €889.43 Mil.
Net Income was €168.05 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €294.43 Mil.
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Total Receivables was €83.34 Mil.
Revenue was €235.27 Mil.
Gross Profit was €126.26 Mil.
Total Current Assets was €471.17 Mil.
Total Assets was €2,224.52 Mil.
Property, Plant and Equipment(Net PPE) was €45.35 Mil.
Depreciation, Depletion and Amortization(DDA) was €77.78 Mil.
Selling, General, & Admin. Expense(SGA) was €4.19 Mil.
Total Current Liabilities was €177.66 Mil.
Long-Term Debt & Capital Lease Obligation was €714.35 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) |
| = | (61.631 / 397.908) | / | (83.337 / 235.268) |
| = | 0.154888 | / | 0.354222 |
| | = | 0.4373 |
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) |
| = | (126.257 / 235.268) | / | (276.792 / 397.908) |
| = | 0.536652 | / | 0.695618 |
| | = | 0.7715 |
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 - (629.291 + 65.805) / 2427.923) | / | (1 - (471.173 + 45.349) / 2224.519) |
| = | 0.713708 | / | 0.767805 |
| | = | 0.9295 |
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 |
| = | 397.908 | / | 235.268 |
| | = | 1.6913 |
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)) |
| = | (77.779 / (77.779 + 45.349)) | / | (78.221 / (78.221 + 65.805)) |
| = | 0.631692 | / | 0.543103 |
| | = | 1.1631 |
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) |
| = | (6.077 / 397.908) | / | (4.191 / 235.268) |
| = | 0.015272 | / | 0.017814 |
| | = | 0.8573 |
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) |
| = | ((889.428 + 226.686) / 2427.923) | / | ((714.345 + 177.658) / 2224.519) |
| = | 0.459699 | / | 0.400987 |
| | = | 1.1464 |
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 |
| = | (168.046 - 0 | - | 294.43) | / | 2427.923 |
| | = | -0.052054 |
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.
Athens International Airport has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.
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