Value-Holdings AG (STU:VHO) Beneish M-Score : -2.79 (As of May. 25, 2024)

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What is Value-Holdings 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.

Good Sign:

Beneish M-Score -2.79 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

STU:VHO' s Beneish M-Score Range Over the Past 10 Years
Min: -4.42 Med: -1.8 Max: 10.2
Current: -2.79

During the past 13 years, the highest Beneish M-Score of Value-Holdings AG was 10.20. The lowest was -4.42. And the median was -1.80.

Value-Holdings AG Beneish M-Score Historical Data

The historical data trend for Value-Holdings 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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Value-Holdings AG Beneish M-Score Chart

Value-Holdings AG Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.94

-1.07

10.20

-4.42

-2.79

Value-Holdings AG Semi-Annual Data
	Dec10	Dec11	Dec12	Dec13	Dec14	Dec15	Dec16	Dec17	Dec18	Dec19	Dec20	Dec21	Dec22	Dec23
Beneish M-Score	Get a 7-Day Free Trial									-1.94	-1.07	10.20	-4.42	-2.79

Competitive Comparison of Value-Holdings AG's Beneish M-Score

For the Capital Markets subindustry, Value-Holdings 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.

Value-Holdings AG's Beneish M-Score Distribution in the Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Value-Holdings AG's Beneish M-Score distribution charts can be found below:

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

Value-Holdings 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 Value-Holdings 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 * 0.3647

0.528 * 1.157

0.404 * 1.0566

0.892 * 0.7475

0.115 * 1.0152

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.5437

4.679 * 0.04531

0.327 * 0.176

-2.79

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was €0.17 Mil.
Revenue was €2.24 Mil.
Gross Profit was €0.69 Mil.
Total Current Assets was €0.79 Mil.
Total Assets was €13.49 Mil.
Property, Plant and Equipment(Net PPE) was €0.05 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.01 Mil.
Selling, General, & Admin. Expense(SGA) was €0.03 Mil.
Total Current Liabilities was €0.04 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 Mil.
Net Income was €0.61 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €0.00 Mil.

Total Receivables was €0.61 Mil.
Revenue was €3.00 Mil.
Gross Profit was €1.07 Mil.
Total Current Assets was €1.43 Mil.
Total Assets was €13.26 Mil.
Property, Plant and Equipment(Net PPE) was €0.06 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.02 Mil.
Selling, General, & Admin. Expense(SGA) was €0.03 Mil.
Total Current Liabilities was €0.08 Mil.
Long-Term Debt & Capital Lease Obligation was €0.15 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)
	=	(0.166 / 2.241)	/	(0.609 / 2.998)
	=	0.074074	/	0.203135
	=	0.3647

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)
	=	(1.068 / 2.998)	/	(0.69 / 2.241)
	=	0.356237	/	0.307898
	=	1.157

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 - (0.794 + 0.046) / 13.485)	/	(1 - (1.433 + 0.059) / 13.259)
	=	0.937709	/	0.887473
	=	1.0566

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
	=	2.241	/	2.998
	=	0.7475

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))
	=	(0.017 / (0.017 + 0.059))	/	(0.013 / (0.013 + 0.046))
	=	0.223684	/	0.220339
	=	1.0152

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)
	=	(0.03 / 2.241)	/	(0.026 / 2.998)
	=	0.013387	/	0.008672
	=	1.5437

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 + 0.041) / 13.485)	/	((0.15 + 0.079) / 13.259)
	=	0.00304	/	0.017271
	=	0.176

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
	=	(0.611 - 0	-	0)	/	13.485
	=	0.04531

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.

Value-Holdings AG has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.

Value-Holdings AG Beneish M-Score Related Terms

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Value-Holdings AG (STU:VHO) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Capital Markets » Value-Holdings AG (STU:VHO) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Donauworther Strasse 3, Gersthofen, DEU, 86368

Website

http://www.value-holdings.de

Value-Holdings AG is a German investment company that acquires shareholdings in listed medium-sized companies. It invests in its own portfolio, as well as managing third-party investment funds. The company along with its subsidiaries also advises institutional investors on investing as per the value-investing strategies. It manages two funds namely Value Holdings Germany Fund and Value Holdings Europe Fund.

Executives

Christoph Papst

Supervisory Board

Value-Holdings AG (STU:VHO) Headlines

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