Resbud SE Beneish M-Score Historical Data
The historical data trend for Resbud SE'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.
Resbud SE Beneish M-Score Chart
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Resbud SE Annual Data
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Trend |
Dec14 |
Dec15 |
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Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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0.89 |
- |
- |
4.77 |
-2.21 |
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Resbud SE Quarterly Data
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Mar18 |
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Dec18 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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4.77 |
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5.96 |
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-2.21 |
Competitive Comparison of Resbud SE's Beneish M-Score
For the Engineering & Construction subindustry, Resbud SE'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.
Resbud SE's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Resbud SE's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Resbud SE's Beneish M-Score falls into.
Resbud SE 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 Resbud SE 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 * 0.7463 | + | 0.528 * 0.3113 | + | 0.404 * 0.1204 | + | 0.892 * 0.1467 | + | 0.115 * 28.1607 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1469 | + | 4.679 * -0.291455 | - | 0.327 * 0.2253 |
| = | -2.21 |
* 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 zł63.9 Mil.
Revenue was 164.747 + 9.597 + -33.56 + 38.143 = zł178.9 Mil.
Gross Profit was 74.737 + 3.799 + -0.424 + 1.904 = zł80.0 Mil.
Total Current Assets was zł196.8 Mil.
Total Assets was zł1,929.4 Mil.
Property, Plant and Equipment(Net PPE) was zł1,635.9 Mil.
Depreciation, Depletion and Amortization(DDA) was zł13.0 Mil.
Selling, General, & Admin. Expense(SGA) was zł1.4 Mil.
Total Current Liabilities was zł209.2 Mil.
Long-Term Debt & Capital Lease Obligation was zł20.5 Mil.
Net Income was 135.94 + -1.94 + -34.827 + -1.113 = zł98.1 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.0 Mil.
Cash Flow from Operations was 649.773 + 6.101 + -12.559 + 17.086 = zł660.4 Mil.
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Total Receivables was zł583.4 Mil.
Revenue was 1040.462 + 90.501 + 50.394 + 38.178 = zł1,219.5 Mil.
Gross Profit was 138.468 + 15.213 + 10.061 + 6.018 = zł169.8 Mil.
Total Current Assets was zł814.0 Mil.
Total Assets was zł1,469.9 Mil.
Property, Plant and Equipment(Net PPE) was zł44.0 Mil.
Depreciation, Depletion and Amortization(DDA) was zł12.5 Mil.
Selling, General, & Admin. Expense(SGA) was zł8.4 Mil.
Total Current Liabilities was zł745.0 Mil.
Long-Term Debt & Capital Lease Obligation was zł31.9 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) |
| = | (63.879 / 178.927) | / | (583.4 / 1219.535) |
| = | 0.357012 | / | 0.478379 |
| | = | 0.7463 |
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) |
| = | (169.76 / 1219.535) | / | (80.016 / 178.927) |
| = | 0.139201 | / | 0.447199 |
| | = | 0.3113 |
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 - (196.773 + 1635.931) / 1929.427) | / | (1 - (814.013 + 43.963) / 1469.891) |
| = | 0.05013 | / | 0.4163 |
| | = | 0.1204 |
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 |
| = | 178.927 | / | 1219.535 |
| | = | 0.1467 |
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)) |
| = | (12.495 / (12.495 + 43.963)) | / | (12.959 / (12.959 + 1635.931)) |
| = | 0.221315 | / | 0.007859 |
| | = | 28.1607 |
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) |
| = | (1.414 / 178.927) | / | (8.404 / 1219.535) |
| = | 0.007903 | / | 0.006891 |
| | = | 1.1469 |
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) |
| = | ((20.5 + 209.229) / 1929.427) | / | ((31.867 + 745.014) / 1469.891) |
| = | 0.119066 | / | 0.52853 |
| | = | 0.2253 |
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 |
| = | (98.06 - 0 | - | 660.401) | / | 1929.427 |
| | = | -0.291455 |
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.
Resbud SE has a M-score of -2.21 suggests that the company is unlikely to be a manipulator.
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