Elematec Beneish M-Score Historical Data
The historical data trend for Elematec'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.
Elematec Beneish M-Score Chart
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Elematec Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.44 |
-2.49 |
-2.44 |
-2.35 |
-2.96 |
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Elematec 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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-2.35 |
-2.63 |
-3.10 |
-2.73 |
-2.96 |
Competitive Comparison of Elematec's Beneish M-Score
For the Electronic Components subindustry, Elematec'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.
Elematec's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Elematec's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Elematec's Beneish M-Score falls into.
Elematec 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 Elematec 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 * 1.0403 | + | 0.528 * 0.9214 | + | 0.404 * 1.1312 | + | 0.892 * 0.811 | + | 0.115 * 1.0766 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.215 | + | 4.679 * -0.076758 | - | 0.327 * 0.9283 |
| = | -2.96 |
* 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 円48,856 Mil.
Revenue was 44547 + 47775 + 51378 + 50757 = 円194,457 Mil.
Gross Profit was 5695 + 6067 + 6254 + 6087 = 円24,103 Mil.
Total Current Assets was 円108,096 Mil.
Total Assets was 円115,727 Mil.
Property, Plant and Equipment(Net PPE) was 円3,981 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,193 Mil.
Selling, General, & Admin. Expense(SGA) was 円3,030 Mil.
Total Current Liabilities was 円43,884 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 Mil.
Net Income was 1098 + 1209 + 1801 + 1259 = 円5,367 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 3569 + -50 + 7679 + 3052 = 円14,250 Mil.
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Total Receivables was 円57,906 Mil.
Revenue was 54869 + 61738 + 65538 + 57629 = 円239,774 Mil.
Gross Profit was 6090 + 7314 + 7615 + 6365 = 円27,384 Mil.
Total Current Assets was 円107,306 Mil.
Total Assets was 円113,913 Mil.
Property, Plant and Equipment(Net PPE) was 円3,431 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,133 Mil.
Selling, General, & Admin. Expense(SGA) was 円3,075 Mil.
Total Current Liabilities was 円46,530 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 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) |
| = | (48856 / 194457) | / | (57906 / 239774) |
| = | 0.251243 | / | 0.241502 |
| | = | 1.0403 |
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) |
| = | (27384 / 239774) | / | (24103 / 194457) |
| = | 0.114208 | / | 0.12395 |
| | = | 0.9214 |
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 - (108096 + 3981) / 115727) | / | (1 - (107306 + 3431) / 113913) |
| = | 0.03154 | / | 0.027881 |
| | = | 1.1312 |
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 |
| = | 194457 | / | 239774 |
| | = | 0.811 |
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)) |
| = | (1133 / (1133 + 3431)) | / | (1193 / (1193 + 3981)) |
| = | 0.248247 | / | 0.230576 |
| | = | 1.0766 |
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) |
| = | (3030 / 194457) | / | (3075 / 239774) |
| = | 0.015582 | / | 0.012825 |
| | = | 1.215 |
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) |
| = | ((0 + 43884) / 115727) | / | ((0 + 46530) / 113913) |
| = | 0.379203 | / | 0.40847 |
| | = | 0.9283 |
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 |
| = | (5367 - 0 | - | 14250) | / | 115727 |
| | = | -0.076758 |
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.
Elematec has a M-score of -2.96 suggests that the company is unlikely to be a manipulator.
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