Dexelance SpA (MIL:DEX) Beneish M-Score : -1.68 (As of Jun. 11, 2024)

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What is Dexelance SpA 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 -1.68 higher than -1.78, which implies that the company might have manipulated its financial results.

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

MIL:DEX' s Beneish M-Score Range Over the Past 10 Years
Min: -2.9 Med: -2.29 Max: -1.68
Current: -1.68

During the past 4 years, the highest Beneish M-Score of Dexelance SpA was -1.68. The lowest was -2.90. And the median was -2.29.

Dexelance SpA Beneish M-Score Historical Data

The historical data trend for Dexelance SpA'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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Dexelance SpA Beneish M-Score Chart

Dexelance SpA Annual Data

Trend

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

-2.90

-1.68

Dexelance SpA Quarterly Data
	Dec20	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial						-	-	-	-1.68	-

Competitive Comparison of Dexelance SpA's Beneish M-Score

For the Furnishings, Fixtures & Appliances subindustry, Dexelance SpA'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.

Dexelance SpA's Beneish M-Score Distribution in the Furnishings, Fixtures & Appliances Industry

For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, Dexelance SpA's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Dexelance SpA's Beneish M-Score falls into.

Dexelance SpA 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 Dexelance SpA 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 * 1.2739

0.528 * 0.9818

0.404 * 1.0333

0.892 * 1.4405

0.115 * 0.8965

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0316

4.679 * 0.017238

0.327 * 0.7218

-1.68

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was €43.7 Mil.
Revenue was €287.4 Mil.
Gross Profit was €109.9 Mil.
Total Current Assets was €161.7 Mil.
Total Assets was €475.5 Mil.
Property, Plant and Equipment(Net PPE) was €61.5 Mil.
Depreciation, Depletion and Amortization(DDA) was €17.0 Mil.
Selling, General, & Admin. Expense(SGA) was €11.7 Mil.
Total Current Liabilities was €125.2 Mil.
Long-Term Debt & Capital Lease Obligation was €92.0 Mil.
Net Income was €28.0 Mil.
Gross Profit was €0.0 Mil.
Cash Flow from Operations was €19.8 Mil.

Total Receivables was €23.8 Mil.
Revenue was €199.5 Mil.
Gross Profit was €74.9 Mil.
Total Current Assets was €94.9 Mil.
Total Assets was €274.4 Mil.
Property, Plant and Equipment(Net PPE) was €38.6 Mil.
Depreciation, Depletion and Amortization(DDA) was €9.3 Mil.
Selling, General, & Admin. Expense(SGA) was €7.9 Mil.
Total Current Liabilities was €121.3 Mil.
Long-Term Debt & Capital Lease Obligation was €52.3 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)
	=	(43.74 / 287.35)	/	(23.836 / 199.484)
	=	0.152219	/	0.119488
	=	1.2739

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)
	=	(74.885 / 199.484)	/	(109.867 / 287.35)
	=	0.375394	/	0.382346
	=	0.9818

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 - (161.743 + 61.541) / 475.462)	/	(1 - (94.892 + 38.644) / 274.37)
	=	0.530385	/	0.5133
	=	1.0333

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
	=	287.35	/	199.484
	=	1.4405

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))
	=	(9.302 / (9.302 + 38.644))	/	(16.997 / (16.997 + 61.541))
	=	0.19401	/	0.216418
	=	0.8965

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)
	=	(11.678 / 287.35)	/	(7.859 / 199.484)
	=	0.04064	/	0.039397
	=	1.0316

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)
	=	((91.996 + 125.217) / 475.462)	/	((52.323 + 121.325) / 274.37)
	=	0.456846	/	0.632897
	=	0.7218

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
	=	(28.007 - 0	-	19.811)	/	475.462
	=	0.017238

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.

Dexelance SpA has a M-score of -1.68 signals that the company is likely to be a manipulator.

Dexelance SpA Beneish M-Score Related Terms

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