Iveco Group NV Beneish M-Score Historical Data
The historical data trend for Iveco Group NV'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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Iveco Group NV Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
- |
- |
- |
-3.05 |
-2.63 |
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Iveco Group NV Quarterly Data
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Dec18 |
Dec19 |
Jun20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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|
|
|
|
|
|
|
|
|
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-3.05 |
-2.57 |
-2.56 |
-2.56 |
-2.63 |
Competitive Comparison
For the Farm & Heavy Construction Machinery subindustry, Iveco Group NV'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.
Iveco Group NV Beneish M-Score Distribution
For the Farm & Heavy Construction Machinery industry and Industrials sector, Iveco Group NV's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Iveco Group NV's Beneish M-Score falls into.
Iveco Group NV 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 Iveco Group NV 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 * 1.1435 | + | 0.528 * 0.8361 | + | 0.404 * 0.9638 | + | 0.892 * 1.1234 | + | 0.115 * 0.9683 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9757 | + | 4.679 * -0.06081 | - | 0.327 * 1.0311 |
| = | -2.63 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was €6,391 Mil.
Revenue was 4877 + 3671 + 4108 + 3328 = €15,984 Mil.
Gross Profit was 746 + 593 + 655 + 477 = €2,471 Mil.
Total Current Assets was €12,415 Mil.
Total Assets was €18,385 Mil.
Property, Plant and Equipment(Net PPE) was €3,261 Mil.
Depreciation, Depletion and Amortization(DDA) was €599 Mil.
Selling, General, & Admin. Expense(SGA) was €1,026 Mil.
Total Current Liabilities was €11,388 Mil.
Long-Term Debt & Capital Lease Obligation was €2,158 Mil.
Net Income was -25 + 86 + 151 + 6 = €218 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 1641 + -203 + 402 + -504 = €1,336 Mil.
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Total Receivables was €4,975 Mil.
Revenue was 4418 + 3471 + 3329 + 3010 = €14,228 Mil.
Gross Profit was 614 + 433 + 433 + 359 = €1,839 Mil.
Total Current Assets was €10,398 Mil.
Total Assets was €16,013 Mil.
Property, Plant and Equipment(Net PPE) was €3,167 Mil.
Depreciation, Depletion and Amortization(DDA) was €560 Mil.
Selling, General, & Admin. Expense(SGA) was €936 Mil.
Total Current Liabilities was €10,553 Mil.
Long-Term Debt & Capital Lease Obligation was €890 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) |
| = | (6391 / 15984) | / | (4975 / 14228) |
| = | 0.399837 | / | 0.349663 |
| | = | 1.1435 |
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) |
| = | (1839 / 14228) | / | (2471 / 15984) |
| = | 0.129252 | / | 0.154592 |
| | = | 0.8361 |
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 - (12415 + 3261) / 18385) | / | (1 - (10398 + 3167) / 16013) |
| = | 0.147348 | / | 0.152876 |
| | = | 0.9638 |
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 |
| = | 15984 | / | 14228 |
| | = | 1.1234 |
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)) |
| = | (560 / (560 + 3167)) | / | (599 / (599 + 3261)) |
| = | 0.150255 | / | 0.155181 |
| | = | 0.9683 |
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) |
| = | (1026 / 15984) | / | (936 / 14228) |
| = | 0.064189 | / | 0.065786 |
| | = | 0.9757 |
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) |
| = | ((2158 + 11388) / 18385) | / | ((890 + 10553) / 16013) |
| = | 0.736796 | / | 0.714607 |
| | = | 1.0311 |
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 |
| = | (218 - 0 | - | 1336) | / | 18385 |
| | = | -0.06081 |
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.
Iveco Group NV has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
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