Relo Group Beneish M-Score Historical Data
The historical data trend for Relo Group'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.
Relo Group Beneish M-Score Chart
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Relo Group Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-0.96 |
-1.14 |
-2.28 |
-2.23 |
-3.36 |
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Relo Group Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.23 |
-1.73 |
-2.31 |
-2.49 |
-3.36 |
Competitive Comparison of Relo Group's Beneish M-Score
For the Specialty Business Services subindustry, Relo Group'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.
Relo Group's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Relo Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Relo Group's Beneish M-Score falls into.
Relo Group 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 Relo Group 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 * 0.8775 | + | 0.528 * 0.9797 | + | 0.404 * 0.8133 | + | 0.892 * 0.9666 | + | 0.115 * 1.0188 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9538 | + | 4.679 * -0.160567 | - | 0.327 * 1.0915 |
| = | -3.48 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was €504.9 Mil.
Revenue was 234.276 + 198.964 + 206.058 + 200.293 = €839.6 Mil.
Gross Profit was 107.04 + 90.616 + 93.868 + 91.87 = €383.4 Mil.
Total Current Assets was €907.0 Mil.
Total Assets was €1,781.8 Mil.
Property, Plant and Equipment(Net PPE) was €284.2 Mil.
Depreciation, Depletion and Amortization(DDA) was €35.9 Mil.
Selling, General, & Admin. Expense(SGA) was €228.1 Mil.
Total Current Liabilities was €904.0 Mil.
Long-Term Debt & Capital Lease Obligation was €390.3 Mil.
Net Income was -248.381 + 24.291 + 30.611 + 26.098 = €-167.4 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0.0 Mil.
Cash Flow from Operations was 19.024 + 23.323 + 46.804 + 29.572 = €118.7 Mil.
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Total Receivables was €595.3 Mil.
Revenue was 241.885 + 209.959 + 216.557 + 200.214 = €868.6 Mil.
Gross Profit was 112.858 + 92.298 + 95.217 + 88.236 = €388.6 Mil.
Total Current Assets was €1,029.3 Mil.
Total Assets was €2,254.9 Mil.
Property, Plant and Equipment(Net PPE) was €306.6 Mil.
Depreciation, Depletion and Amortization(DDA) was €39.6 Mil.
Selling, General, & Admin. Expense(SGA) was €247.5 Mil.
Total Current Liabilities was €983.1 Mil.
Long-Term Debt & Capital Lease Obligation was €517.4 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) |
| = | (504.949 / 839.591) | / | (595.327 / 868.615) |
| = | 0.601423 | / | 0.685375 |
| | = | 0.8775 |
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) |
| = | (388.609 / 868.615) | / | (383.394 / 839.591) |
| = | 0.447389 | / | 0.456644 |
| | = | 0.9797 |
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 - (906.996 + 284.164) / 1781.833) | / | (1 - (1029.268 + 306.562) / 2254.853) |
| = | 0.331497 | / | 0.407576 |
| | = | 0.8133 |
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 |
| = | 839.591 | / | 868.615 |
| | = | 0.9666 |
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)) |
| = | (39.552 / (39.552 + 306.562)) | / | (35.901 / (35.901 + 284.164)) |
| = | 0.114274 | / | 0.112168 |
| | = | 1.0188 |
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) |
| = | (228.14 / 839.591) | / | (247.464 / 868.615) |
| = | 0.271728 | / | 0.284895 |
| | = | 0.9538 |
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) |
| = | ((390.344 + 903.969) / 1781.833) | / | ((517.436 + 983.135) / 2254.853) |
| = | 0.726394 | / | 0.665485 |
| | = | 1.0915 |
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 |
| = | (-167.381 - 0 | - | 118.723) | / | 1781.833 |
| | = | -0.160567 |
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.
Relo Group has a M-score of -3.48 suggests that the company is unlikely to be a manipulator.
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