Mostostal Zabrze-Holding Beneish M-Score Historical Data
The historical data trend for Mostostal Zabrze-Holding'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.
Mostostal Zabrze-Holding Beneish M-Score Chart
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Mostostal Zabrze-Holding Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.27 |
-2.34 |
-2.38 |
-2.30 |
-2.85 |
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Mostostal Zabrze-Holding Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.30 |
-2.53 |
-2.40 |
-2.74 |
-2.85 |
Competitive Comparison of Mostostal Zabrze-Holding's Beneish M-Score
For the Engineering & Construction subindustry, Mostostal Zabrze-Holding'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.
Mostostal Zabrze-Holding's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Mostostal Zabrze-Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mostostal Zabrze-Holding's Beneish M-Score falls into.
Mostostal Zabrze-Holding 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 Mostostal Zabrze-Holding 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 * 0.6524 | + | 0.528 * 0.8357 | + | 0.404 * 1.811 | + | 0.892 * 1.1528 | + | 0.115 * 0.9073 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0574 | + | 4.679 * -0.097309 | - | 0.327 * 0.8601 |
| = | -2.85 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was zł279 Mil.
Revenue was 230.547 + 365.935 + 407.314 + 347.624 = zł1,351 Mil.
Gross Profit was 52.251 + 37.762 + 35.41 + 29.719 = zł155 Mil.
Total Current Assets was zł441 Mil.
Total Assets was zł710 Mil.
Property, Plant and Equipment(Net PPE) was zł92 Mil.
Depreciation, Depletion and Amortization(DDA) was zł17 Mil.
Selling, General, & Admin. Expense(SGA) was zł64 Mil.
Total Current Liabilities was zł356 Mil.
Long-Term Debt & Capital Lease Obligation was zł19 Mil.
Net Income was 27.316 + 14.435 + 21.285 + 11.212 = zł74 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0 Mil.
Cash Flow from Operations was 38.703 + 53.207 + 22.472 + 28.931 = zł143 Mil.
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Total Receivables was zł372 Mil.
Revenue was 316.501 + 348.977 + 276.233 + 230.549 = zł1,172 Mil.
Gross Profit was 35.81 + 26.939 + 27.769 + 21.948 = zł112 Mil.
Total Current Assets was zł506 Mil.
Total Assets was zł678 Mil.
Property, Plant and Equipment(Net PPE) was zł79 Mil.
Depreciation, Depletion and Amortization(DDA) was zł13 Mil.
Selling, General, & Admin. Expense(SGA) was zł52 Mil.
Total Current Liabilities was zł402 Mil.
Long-Term Debt & Capital Lease Obligation was zł15 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) |
| = | (279.409 / 1351.42) | / | (371.527 / 1172.26) |
| = | 0.206752 | / | 0.316932 |
| | = | 0.6524 |
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) |
| = | (112.466 / 1172.26) | / | (155.142 / 1351.42) |
| = | 0.095939 | / | 0.114799 |
| | = | 0.8357 |
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 - (441.311 + 92.028) / 709.749) | / | (1 - (506.199 + 78.854) / 678.126) |
| = | 0.248553 | / | 0.13725 |
| | = | 1.811 |
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 |
| = | 1351.42 | / | 1172.26 |
| | = | 1.1528 |
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)) |
| = | (12.638 / (12.638 + 78.854)) | / | (16.527 / (16.527 + 92.028)) |
| = | 0.138132 | / | 0.152245 |
| | = | 0.9073 |
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) |
| = | (63.502 / 1351.42) | / | (52.092 / 1172.26) |
| = | 0.046989 | / | 0.044437 |
| | = | 1.0574 |
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) |
| = | ((18.864 + 356.408) / 709.749) | / | ((14.736 + 402.15) / 678.126) |
| = | 0.528739 | / | 0.614762 |
| | = | 0.8601 |
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 |
| = | (74.248 - 0 | - | 143.313) | / | 709.749 |
| | = | -0.097309 |
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.
Mostostal Zabrze-Holding has a M-score of -2.85 suggests that the company is unlikely to be a manipulator.
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