MAHLE-Metal Leve Beneish M-Score Historical Data
The historical data trend for MAHLE-Metal Leve'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.
MAHLE-Metal Leve Beneish M-Score Chart
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MAHLE-Metal Leve Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.76 |
-3.12 |
-1.68 |
-2.42 |
-2.58 |
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MAHLE-Metal Leve Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.42 |
-2.39 |
-2.58 |
-2.76 |
-2.58 |
Competitive Comparison of MAHLE-Metal Leve's Beneish M-Score
For the Auto Parts subindustry, MAHLE-Metal Leve'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.
MAHLE-Metal Leve's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, MAHLE-Metal Leve's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where MAHLE-Metal Leve's Beneish M-Score falls into.
MAHLE-Metal Leve 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 MAHLE-Metal Leve 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 * 1.1527 | + | 0.528 * 0.9154 | + | 0.404 * 1.0121 | + | 0.892 * 1.0272 | + | 0.115 * 0.888 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0236 | + | 4.679 * -0.015038 | - | 0.327 * 1.4293 |
| = | -2.58 |
* 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 R$781 Mil.
Revenue was 1016.501 + 1179.376 + 1120.797 + 1022.151 = R$4,339 Mil.
Gross Profit was 266.253 + 348.05 + 339.267 + 317.992 = R$1,272 Mil.
Total Current Assets was R$1,673 Mil.
Total Assets was R$2,801 Mil.
Property, Plant and Equipment(Net PPE) was R$614 Mil.
Depreciation, Depletion and Amortization(DDA) was R$102 Mil.
Selling, General, & Admin. Expense(SGA) was R$303 Mil.
Total Current Liabilities was R$1,059 Mil.
Long-Term Debt & Capital Lease Obligation was R$566 Mil.
Net Income was 154.103 + 215.102 + 192.962 + 186.078 = R$748 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was 206.704 + 246.286 + 178.157 + 159.219 = R$790 Mil.
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Total Receivables was R$659 Mil.
Revenue was 1115.8 + 1198.822 + 1019.404 + 890.004 = R$4,224 Mil.
Gross Profit was 276.641 + 361.299 + 259.09 + 236.126 = R$1,133 Mil.
Total Current Assets was R$1,920 Mil.
Total Assets was R$3,157 Mil.
Property, Plant and Equipment(Net PPE) was R$665 Mil.
Depreciation, Depletion and Amortization(DDA) was R$96 Mil.
Selling, General, & Admin. Expense(SGA) was R$288 Mil.
Total Current Liabilities was R$1,039 Mil.
Long-Term Debt & Capital Lease Obligation was R$242 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) |
| = | (780.642 / 4338.825) | / | (659.339 / 4224.03) |
| = | 0.17992 | / | 0.156092 |
| | = | 1.1527 |
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) |
| = | (1133.156 / 4224.03) | / | (1271.562 / 4338.825) |
| = | 0.268264 | / | 0.293066 |
| | = | 0.9154 |
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 - (1672.991 + 613.907) / 2800.925) | / | (1 - (1920.049 + 664.66) / 3157.199) |
| = | 0.18352 | / | 0.181328 |
| | = | 1.0121 |
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 |
| = | 4338.825 | / | 4224.03 |
| | = | 1.0272 |
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)) |
| = | (95.88 / (95.88 + 664.66)) | / | (101.581 / (101.581 + 613.907)) |
| = | 0.126068 | / | 0.141974 |
| | = | 0.888 |
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) |
| = | (302.708 / 4338.825) | / | (287.912 / 4224.03) |
| = | 0.069767 | / | 0.068161 |
| | = | 1.0236 |
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) |
| = | ((565.779 + 1059.262) / 2800.925) | / | ((242.419 + 1039.127) / 3157.199) |
| = | 0.58018 | / | 0.405912 |
| | = | 1.4293 |
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 |
| = | (748.245 - 0 | - | 790.366) | / | 2800.925 |
| | = | -0.015038 |
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.
MAHLE-Metal Leve has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.
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