Esprinet SpA Beneish M-Score Historical Data
The historical data trend for Esprinet SpA'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.
Esprinet SpA Beneish M-Score Chart
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Esprinet SpA Annual Data
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Trend |
Dec13 |
Dec14 |
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Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-2.62 |
-2.54 |
-2.35 |
-2.52 |
-1.56 |
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Esprinet SpA Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Mar24 |
| Beneish M-Score |
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-1.56 |
-1.58 |
-2.91 |
-3.21 |
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Competitive Comparison of Esprinet SpA's Beneish M-Score
For the Electronics & Computer Distribution subindustry, Esprinet SpA'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.
Esprinet SpA's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Esprinet SpA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Esprinet SpA's Beneish M-Score falls into.
Esprinet SpA 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 Esprinet SpA 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 * 1.0531 | + | 0.528 * 0.9179 | + | 0.404 * 1.1714 | + | 0.892 * 0.8965 | + | 0.115 * 0.9913 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3917 | + | 4.679 * -0.140197 | - | 0.327 * 0.9647 |
| = | -3.21 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was €499 Mil.
Revenue was 839.099 + 887.241 + 1018.598 + 1466.464 = €4,211 Mil.
Gross Profit was 48.032 + 50.467 + 53.899 + 75.981 = €228 Mil.
Total Current Assets was €1,215 Mil.
Total Assets was €1,483 Mil.
Property, Plant and Equipment(Net PPE) was €137 Mil.
Depreciation, Depletion and Amortization(DDA) was €19 Mil.
Selling, General, & Admin. Expense(SGA) was €148 Mil.
Total Current Liabilities was €909 Mil.
Long-Term Debt & Capital Lease Obligation was €170 Mil.
Net Income was 2.006 + -32.807 + 5.9 + 24.025 = €-1 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was -33.373 + 168.144 + -244.724 + 316.927 = €207 Mil.
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Total Receivables was €529 Mil.
Revenue was 1039.075 + 1039.19 + 1139.435 + 1480.141 = €4,698 Mil.
Gross Profit was 52.809 + 56.882 + 57.297 + 66.856 = €234 Mil.
Total Current Assets was €1,392 Mil.
Total Assets was €1,640 Mil.
Property, Plant and Equipment(Net PPE) was €124 Mil.
Depreciation, Depletion and Amortization(DDA) was €17 Mil.
Selling, General, & Admin. Expense(SGA) was €118 Mil.
Total Current Liabilities was €1,041 Mil.
Long-Term Debt & Capital Lease Obligation was €197 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) |
| = | (499.151 / 4211.402) | / | (528.738 / 4697.841) |
| = | 0.118524 | / | 0.112549 |
| | = | 1.0531 |
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) |
| = | (233.844 / 4697.841) | / | (228.379 / 4211.402) |
| = | 0.049777 | / | 0.054229 |
| | = | 0.9179 |
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 - (1214.922 + 136.79) / 1482.559) | / | (1 - (1392.385 + 124.319) / 1640.287) |
| = | 0.088258 | / | 0.075342 |
| | = | 1.1714 |
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 |
| = | 4211.402 | / | 4697.841 |
| | = | 0.8965 |
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)) |
| = | (17.006 / (17.006 + 124.319)) | / | (18.9 / (18.9 + 136.79)) |
| = | 0.120333 | / | 0.121395 |
| | = | 0.9913 |
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) |
| = | (147.666 / 4211.402) | / | (118.359 / 4697.841) |
| = | 0.035063 | / | 0.025194 |
| | = | 1.3917 |
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) |
| = | ((169.904 + 909.265) / 1482.559) | / | ((196.996 + 1040.64) / 1640.287) |
| = | 0.72791 | / | 0.754524 |
| | = | 0.9647 |
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 |
| = | (-0.876 - 0 | - | 206.974) | / | 1482.559 |
| | = | -0.140197 |
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.
Esprinet SpA has a M-score of -3.21 suggests that the company is unlikely to be a manipulator.
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