Hutter und Schrantz Stahlbau AG (WBO:HST) Beneish M-Score : -2.11 (As of May. 13, 2024)

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What is Hutter und Schrantz Stahlbau 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 -2.11 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Hutter und Schrantz Stahlbau AG's Beneish M-Score or its related term are showing as below:

WBO:HST' s Beneish M-Score Range Over the Past 10 Years
Min: -3.24 Med: -2.34 Max: -1.59
Current: -2.11

During the past 13 years, the highest Beneish M-Score of Hutter und Schrantz Stahlbau AG was -1.59. The lowest was -3.24. And the median was -2.34.

Hutter und Schrantz Stahlbau AG Beneish M-Score Historical Data

The historical data trend for Hutter und Schrantz Stahlbau 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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Hutter und Schrantz Stahlbau AG Beneish M-Score Chart

Hutter und Schrantz Stahlbau AG Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

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-2.58

-2.74

-3.24

-2.46

-2.11

Hutter und Schrantz Stahlbau 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											-2.58	-2.74	-3.24	-2.46	-2.11

Competitive Comparison of Hutter und Schrantz Stahlbau AG's Beneish M-Score

For the Steel subindustry, Hutter und Schrantz Stahlbau 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.

Hutter und Schrantz Stahlbau AG's Beneish M-Score Distribution in the Steel Industry

For the Steel industry and Basic Materials sector, Hutter und Schrantz Stahlbau AG's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Hutter und Schrantz Stahlbau AG's Beneish M-Score falls into.

Hutter und Schrantz Stahlbau 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 Hutter und Schrantz Stahlbau 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 * 0.6878

0.528 * 1.698

0.404 * 0.8386

0.892 * 1.6866

0.115 * 1.1408

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.06198

0.327 * 0.9428

-2.11

This Year (Dec22) TTM:

Last Year (Dec21) TTM:

Total Receivables was €14.0 Mil.
Revenue was €102.2 Mil.
Gross Profit was €38.4 Mil.
Total Current Assets was €51.1 Mil.
Total Assets was €81.8 Mil.
Property, Plant and Equipment(Net PPE) was €26.6 Mil.
Depreciation, Depletion and Amortization(DDA) was €2.8 Mil.
Selling, General, & Admin. Expense(SGA) was €0.0 Mil.
Total Current Liabilities was €8.5 Mil.
Long-Term Debt & Capital Lease Obligation was €2.3 Mil.
Net Income was €0.9 Mil.
Gross Profit was €0.0 Mil.
Cash Flow from Operations was €5.9 Mil.

Total Receivables was €12.1 Mil.
Revenue was €60.6 Mil.
Gross Profit was €38.6 Mil.
Total Current Assets was €52.0 Mil.
Total Assets was €79.9 Mil.
Property, Plant and Equipment(Net PPE) was €23.2 Mil.
Depreciation, Depletion and Amortization(DDA) was €2.9 Mil.
Selling, General, & Admin. Expense(SGA) was €0.0 Mil.
Total Current Liabilities was €10.5 Mil.
Long-Term Debt & Capital Lease Obligation was €0.7 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)
	=	(13.99 / 102.224)	/	(12.06 / 60.61)
	=	0.136856	/	0.198977
	=	0.6878

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)
	=	(38.634 / 60.61)	/	(38.375 / 102.224)
	=	0.63742	/	0.375401
	=	1.698

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 - (51.103 + 26.638) / 81.752)	/	(1 - (52.001 + 23.227) / 79.903)
	=	0.049063	/	0.058508
	=	0.8386

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
	=	102.224	/	60.61
	=	1.6866

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))
	=	(2.86 / (2.86 + 23.227))	/	(2.832 / (2.832 + 26.638))
	=	0.109633	/	0.096098
	=	1.1408

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 / 102.224)	/	(0 / 60.61)
	=	0	/	0
	=	1

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)
	=	((2.328 + 8.517) / 81.752)	/	((0.72 + 10.523) / 79.903)
	=	0.132657	/	0.140708
	=	0.9428

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
	=	(0.861 - 0	-	5.928)	/	81.752
	=	-0.06198

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.

Hutter und Schrantz Stahlbau AG has a M-score of -2.11 suggests that the company is unlikely to be a manipulator.

Hutter und Schrantz Stahlbau AG Beneish M-Score Related Terms

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Hutter und Schrantz Stahlbau AG (WBO:HST) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Steel » Hutter und Schrantz Stahlbau AG (WBO:HST) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Grossmarktstrasse 7, Vienna, AUT, 1230

Website

http://www.hs-stahlbau.at

Hutter und Schrantz Stahlbau AG is a steel construction company. It is engaged in the manufacturing and sale of steel buildings and components for heavy machinery as well as technological and structural steel engineering.