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DLB Anlageservice AG (STU:DLB) Beneish M-Score : -0.46 (As of May. 12, 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.

* Premium members only.

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
Get a 7-Day Free Trial Premium Member Only Premium Member Only - - -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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - - -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:

M=-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

* 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 (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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DLB Anlageservice AG (STU:DLB) Business Description

Traded in Other Exchanges
N/A
Address
Gogel 3, PO Box 11 44, Steingaden, DEU, D-86989
DLB Anlageservice AG is an investment company operating in Germany.
Executives
Michael Höfer Board of Directors