Rockwood Holdings Beneish M-Score Historical Data
The historical data trend for Rockwood Holdings'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.
Rockwood Holdings Beneish M-Score Chart
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Rockwood Holdings Annual Data
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Trend |
Dec04 |
Dec05 |
Dec06 |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
| Beneish M-Score |
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-2.87 |
-2.73 |
-2.45 |
-3.40 |
-0.82 |
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Rockwood Holdings Quarterly Data
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Dec09 |
Mar10 |
Jun10 |
Sep10 |
Dec10 |
Mar11 |
Jun11 |
Sep11 |
Dec11 |
Mar12 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
| Beneish M-Score |
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-2.42 |
-0.82 |
-2.14 |
-1.63 |
-2.08 |
Competitive Comparison of Rockwood Holdings's Beneish M-Score
For the Specialty Chemicals subindustry, Rockwood Holdings'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.
Rockwood Holdings's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Rockwood Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Rockwood Holdings's Beneish M-Score falls into.
Rockwood Holdings 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 Rockwood Holdings 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 * 1.013 | + | 0.528 * 0.987 | + | 0.404 * 1.3748 | + | 0.892 * 1.0241 | + | 0.115 * 1.0388 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0763 | + | 4.679 * 0.049959 | - | 0.327 * 0.964 |
| = | -2.07 |
* 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 (Sep14) TTM: | Last Year (Sep13) TTM: |
Total Receivables was €183 Mil.
Revenue was 276.489 + 266.653 + 256.303 + 253.31 = €1,053 Mil.
Gross Profit was 126.41 + 119.968 + 117.054 + 112.931 = €476 Mil.
Total Current Assets was €2,157 Mil.
Total Assets was €3,944 Mil.
Property, Plant and Equipment(Net PPE) was €676 Mil.
Depreciation, Depletion and Amortization(DDA) was €75 Mil.
Selling, General, & Admin. Expense(SGA) was €319 Mil.
Total Current Liabilities was €587 Mil.
Long-Term Debt & Capital Lease Obligation was €992 Mil.
Net Income was 66.658 + 34.371 + -15.038 + 364.854 = €451 Mil.
Non Operating Income was 42.602 + 4.637 + -0.361 + -18.761 = €28 Mil.
Cash Flow from Operations was 94.129 + 57.85 + 14.821 + 58.911 = €226 Mil.
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Total Receivables was €177 Mil.
Revenue was 258.658 + 263.708 + 260.241 + 245.364 = €1,028 Mil.
Gross Profit was 114.22 + 119.385 + 118.193 + 107.29 = €459 Mil.
Total Current Assets was €2,386 Mil.
Total Assets was €3,754 Mil.
Property, Plant and Equipment(Net PPE) was €599 Mil.
Depreciation, Depletion and Amortization(DDA) was €69 Mil.
Selling, General, & Admin. Expense(SGA) was €289 Mil.
Total Current Liabilities was €596 Mil.
Long-Term Debt & Capital Lease Obligation was €963 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) |
| = | (183.446 / 1052.755) | / | (176.827 / 1027.971) |
| = | 0.174253 | / | 0.172016 |
| | = | 1.013 |
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) |
| = | (459.088 / 1027.971) | / | (476.363 / 1052.755) |
| = | 0.446596 | / | 0.452492 |
| | = | 0.987 |
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 - (2156.504 + 675.974) / 3943.554) | / | (1 - (2385.596 + 598.849) / 3753.688) |
| = | 0.281745 | / | 0.20493 |
| | = | 1.3748 |
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 |
| = | 1052.755 | / | 1027.971 |
| | = | 1.0241 |
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)) |
| = | (69.307 / (69.307 + 598.849)) | / | (74.987 / (74.987 + 675.974)) |
| = | 0.103729 | / | 0.099855 |
| | = | 1.0388 |
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) |
| = | (318.807 / 1052.755) | / | (289.232 / 1027.971) |
| = | 0.302831 | / | 0.281362 |
| | = | 1.0763 |
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) |
| = | ((992.349 + 586.811) / 3943.554) | / | ((962.9 + 596.38) / 3753.688) |
| = | 0.400441 | / | 0.415399 |
| | = | 0.964 |
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 |
| = | (450.845 - 28.117 | - | 225.711) | / | 3943.554 |
| | = | 0.049959 |
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.
Rockwood Holdings has a M-score of -2.07 suggests that the company is unlikely to be a manipulator.
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