Deutsche Boerse AG Beneish M-Score Historical Data
The historical data trend for Deutsche Boerse AG'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.
Deutsche Boerse AG Beneish M-Score Chart
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Deutsche Boerse AG Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.78 |
-2.29 |
-2.04 |
-2.03 |
-2.46 |
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Deutsche Boerse AG Quarterly Data
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Jun19 |
Sep19 |
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Mar21 |
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Dec23 |
Mar24 |
| Beneish M-Score |
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-2.46 |
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Competitive Comparison of Deutsche Boerse AG's Beneish M-Score
For the Financial Data & Stock Exchanges subindustry, Deutsche Boerse AG'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.
Deutsche Boerse AG's Beneish M-Score Distribution in the Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Deutsche Boerse AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Deutsche Boerse AG's Beneish M-Score falls into.
Deutsche Boerse AG 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 Deutsche Boerse AG 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 * 0.7754 | + | 0.528 * 0.9688 | + | 0.404 * 1.282 | + | 0.892 * 1.1667 | + | 0.115 * 0.8819 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9664 | + | 4.679 * -0.00347 | - | 0.327 * 0.9897 |
| = | -2.46 |
* 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 €19,821 Mil.
Revenue was €6,096 Mil.
Gross Profit was €3,607 Mil.
Total Current Assets was €214,310 Mil.
Total Assets was €237,727 Mil.
Property, Plant and Equipment(Net PPE) was €606 Mil.
Depreciation, Depletion and Amortization(DDA) was €418 Mil.
Selling, General, & Admin. Expense(SGA) was €59 Mil.
Total Current Liabilities was €211,420 Mil.
Long-Term Debt & Capital Lease Obligation was €7,481 Mil.
Net Income was €1,724 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €2,549 Mil.
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Total Receivables was €21,911 Mil.
Revenue was €5,225 Mil.
Gross Profit was €2,995 Mil.
Total Current Assets was €248,145 Mil.
Total Assets was €268,904 Mil.
Property, Plant and Equipment(Net PPE) was €631 Mil.
Depreciation, Depletion and Amortization(DDA) was €356 Mil.
Selling, General, & Admin. Expense(SGA) was €53 Mil.
Total Current Liabilities was €245,659 Mil.
Long-Term Debt & Capital Lease Obligation was €4,534 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) |
| = | (19820.8 / 6096.1) | / | (21911.3 / 5225.3) |
| = | 3.25139 | / | 4.193309 |
| | = | 0.7754 |
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) |
| = | (2995.3 / 5225.3) | / | (3607.1 / 6096.1) |
| = | 0.57323 | / | 0.591706 |
| | = | 0.9688 |
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 - (214310.2 + 605.6) / 237726.9) | / | (1 - (248145.2 + 631.2) / 268903.5) |
| = | 0.095955 | / | 0.074849 |
| | = | 1.282 |
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 |
| = | 6096.1 | / | 5225.3 |
| | = | 1.1667 |
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)) |
| = | (355.6 / (355.6 + 631.2)) | / | (418.4 / (418.4 + 605.6)) |
| = | 0.360357 | / | 0.408594 |
| | = | 0.8819 |
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) |
| = | (59.3 / 6096.1) | / | (52.6 / 5225.3) |
| = | 0.009728 | / | 0.010066 |
| | = | 0.9664 |
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) |
| = | ((7480.5 + 211420) / 237726.9) | / | ((4534.1 + 245658.8) / 268903.5) |
| = | 0.920807 | / | 0.930419 |
| | = | 0.9897 |
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 |
| = | (1724 - 0 | - | 2549) | / | 237726.9 |
| | = | -0.00347 |
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.
Deutsche Boerse AG has a M-score of -2.46 suggests that the company is unlikely to be a manipulator.
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