DLB Anlageservice AG (STU:DLB) Beneish M-Score : -0.46 (As of May. 26, 2024)

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What is DLB Anlageservice AG 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 -0.46 higher than -1.78, which implies that the company might have manipulated its financial results.

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

STU:DLB' s Beneish M-Score Range Over the Past 10 Years
Min: -1.54 Med: -1.2 Max: -0.46
Current: -0.46

During the past 13 years, the highest Beneish M-Score of DLB Anlageservice AG was -0.46. The lowest was -1.54. And the median was -1.20.

DLB Anlageservice AG Beneish M-Score Historical Data

The historical data trend for DLB Anlageservice 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.

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DLB Anlageservice AG Beneish M-Score Chart

DLB Anlageservice AG Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

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-1.23

-1.16

-0.46

DLB Anlageservice AG Semi-Annual Data
	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Dec13	Dec14	Dec15	Dec16	Dec17	Dec18	Dec19	Dec20	Dec21	Dec22
Beneish M-Score	Get a 7-Day Free Trial											-	-	-1.23	-1.16	-0.46

Competitive Comparison of DLB Anlageservice AG's Beneish M-Score

For the Asset Management subindustry, DLB Anlageservice 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.

DLB Anlageservice AG's Beneish M-Score Distribution in the Asset Management Industry

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

* The bar in red indicates where DLB Anlageservice AG's Beneish M-Score falls into.

DLB Anlageservice 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 DLB Anlageservice AG 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 * 2.9364

0.528 * 0.7594

0.404 * 0.8963

0.892 * 0.4419

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.3116

4.679 * 0.111931

0.327 * 0.2013

-0.46

This Year (Dec22) TTM:

Last Year (Dec21) TTM:

Total Receivables was €1.86 Mil.
Revenue was €0.21 Mil.
Gross Profit was €0.10 Mil.
Total Current Assets was €2.51 Mil.
Total Assets was €8.40 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 €0.04 Mil.
Total Current Liabilities was €0.07 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 Mil.
Net Income was €0.94 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €0.00 Mil.

Total Receivables was €1.43 Mil.
Revenue was €0.47 Mil.
Gross Profit was €0.17 Mil.
Total Current Assets was €1.79 Mil.
Total Assets was €8.24 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 €0.28 Mil.
Total Current Liabilities was €0.35 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)
	=	(1.858 / 0.209)	/	(1.432 / 0.473)
	=	8.889952	/	3.027484
	=	2.9364

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)
	=	(0.165 / 0.473)	/	(0.096 / 0.209)
	=	0.348837	/	0.45933
	=	0.7594

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 - (2.505 + 0.001) / 8.398)	/	(1 - (1.79 + 0) / 8.24)
	=	0.701596	/	0.782767
	=	0.8963

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
	=	0.209	/	0.473
	=	0.4419

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))
	=	(0.001 / (0.001 + 0))	/	(0 / (0 + 0.001))
	=	1	/	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)
	=	(0.038 / 0.209)	/	(0.276 / 0.473)
	=	0.181818	/	0.58351
	=	0.3116

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 + 0.072) / 8.398)	/	((0 + 0.351) / 8.24)
	=	0.008573	/	0.042597
	=	0.2013

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
	=	(0.94 - 0	-	0)	/	8.398
	=	0.111931

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.

DLB Anlageservice AG has a M-score of -0.46 signals that the company is likely to be a manipulator.

DLB Anlageservice AG Beneish M-Score Related Terms

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