Panamax Aktiengesellschaft (FRA:ICP) Beneish M-Score : 217.26 (As of May. 27, 2024)

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What is Panamax Aktiengesellschaft Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Warning Sign:

Beneish M-Score 217.26 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Panamax Aktiengesellschaft's Beneish M-Score or its related term are showing as below:

FRA:ICP' s Beneish M-Score Range Over the Past 10 Years
Min: 3.84 Med: 29.52 Max: 217.26
Current: 217.26

During the past 13 years, the highest Beneish M-Score of Panamax Aktiengesellschaft was 217.26. The lowest was 3.84. And the median was 29.52.

Panamax Aktiengesellschaft Beneish M-Score Historical Data

The historical data trend for Panamax Aktiengesellschaft'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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Panamax Aktiengesellschaft Beneish M-Score Chart

Panamax Aktiengesellschaft Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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3.84

29.52

217.26

Panamax Aktiengesellschaft Semi-Annual Data
	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															3.84	-	29.52	-	217.26

Competitive Comparison of Panamax Aktiengesellschaft's Beneish M-Score

For the Asset Management subindustry, Panamax Aktiengesellschaft'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.

Panamax Aktiengesellschaft's Beneish M-Score Distribution in the Asset Management Industry

For the Asset Management industry and Financial Services sector, Panamax Aktiengesellschaft's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Panamax Aktiengesellschaft's Beneish M-Score falls into.

Panamax Aktiengesellschaft 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 Panamax Aktiengesellschaft for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.0363

0.528 * 1.4335

0.404 * 0.834

0.892 * 248

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * 0.024775

0.327 * 0.9357

217.26

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was €0.11 Mil.
Revenue was €0.25 Mil.
Gross Profit was €0.17 Mil.
Total Current Assets was €0.20 Mil.
Total Assets was €0.44 Mil.
Property, Plant and Equipment(Net PPE) was €0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.00 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €0.33 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 Mil.
Net Income was €0.02 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €0.00 Mil.

Total Receivables was €0.01 Mil.
Revenue was €0.00 Mil.
Gross Profit was €0.00 Mil.
Total Current Assets was €0.14 Mil.
Total Assets was €0.40 Mil.
Property, Plant and Equipment(Net PPE) was €0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.00 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €0.31 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 Mil.

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)
	=	(0.108 / 0.248)	/	(0.012 / 0.001)
	=	0.435484	/	12
	=	0.0363

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)
	=	(0.001 / 0.001)	/	(0.173 / 0.248)
	=	1	/	0.697581
	=	1.4335

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 - (0.204 + 0) / 0.444)	/	(1 - (0.139 + 0) / 0.395)
	=	0.540541	/	0.648101
	=	0.834

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
	=	0.248	/	0.001
	=	248

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))
	=	(0 / (0 + 0))	/	(0 / (0 + 0))
	=		/
	=	1

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)
	=	(0 / 0.248)	/	(0 / 0.001)
	=	0	/	0
	=	1

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 + 0.325) / 0.444)	/	((0 + 0.309) / 0.395)
	=	0.731982	/	0.782278
	=	0.9357

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
	=	(0.015 - 0	-	0.004)	/	0.444
	=	0.024775

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.

Panamax Aktiengesellschaft has a M-score of 217.26 signals that the company is likely to be a manipulator.

Panamax Aktiengesellschaft Beneish M-Score Related Terms

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Panamax Aktiengesellschaft (FRA:ICP) Business Description

Industry

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ICP:Germany

Address

Strasse 10, Muenchener, Frankfurt am Main, Frankfurt, HE, DEU, 60329

Website

https://www.panamax.ag

Panamax Aktiengesellschaft is a Germany-based investment company. It focuses on investing in various sectors, such as environmental technology, financial services, IT, e-business, health products, as well as services and products for small children and babies. The corporate purpose of Panamax Aktiengesellschaft is the formation of corporations and partnerships as well as the acquisition, management, and sale of investments in corporations and partnerships, exclusively in its own name and with its own assets and the provision of management services, in particular accounting, controlling, non-regulatory financing services and marketing.