IMCD NV Beneish M-Score Historical Data
The historical data trend for IMCD NV'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.
IMCD NV Beneish M-Score Chart
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IMCD NV Annual Data
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Trend |
Dec14 |
Dec15 |
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Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.49 |
-2.52 |
-2.25 |
-2.39 |
-2.60 |
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IMCD NV Semi-Annual Data
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Jun14 |
Dec14 |
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Dec15 |
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Dec17 |
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Dec18 |
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Dec23 |
| Beneish M-Score |
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-2.25 |
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-2.39 |
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-2.60 |
Competitive Comparison of IMCD NV's Beneish M-Score
For the Specialty Chemicals subindustry, IMCD NV'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.
IMCD NV's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, IMCD NV's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where IMCD NV's Beneish M-Score falls into.
IMCD NV 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 IMCD NV 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 * 1.0752 | + | 0.528 * 0.9866 | + | 0.404 * 1.0213 | + | 0.892 * 0.9655 | + | 0.115 * 1.0876 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9694 | + | 4.679 * -0.030746 | - | 0.327 * 1.0841 |
| = | -2.60 |
* 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 €695 Mil.
Revenue was €4,443 Mil.
Gross Profit was €1,123 Mil.
Total Current Assets was €1,708 Mil.
Total Assets was €4,155 Mil.
Property, Plant and Equipment(Net PPE) was €136 Mil.
Depreciation, Depletion and Amortization(DDA) was €114 Mil.
Selling, General, & Admin. Expense(SGA) was €153 Mil.
Total Current Liabilities was €979 Mil.
Long-Term Debt & Capital Lease Obligation was €1,250 Mil.
Net Income was €292 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €420 Mil.
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Total Receivables was €670 Mil.
Revenue was €4,601 Mil.
Gross Profit was €1,147 Mil.
Total Current Assets was €1,546 Mil.
Total Assets was €3,644 Mil.
Property, Plant and Equipment(Net PPE) was €113 Mil.
Depreciation, Depletion and Amortization(DDA) was €111 Mil.
Selling, General, & Admin. Expense(SGA) was €163 Mil.
Total Current Liabilities was €890 Mil.
Long-Term Debt & Capital Lease Obligation was €913 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) |
| = | (695.058 / 4442.642) | / | (669.562 / 4601.493) |
| = | 0.156451 | / | 0.14551 |
| | = | 1.0752 |
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) |
| = | (1147.148 / 4601.493) | / | (1122.569 / 4442.642) |
| = | 0.249299 | / | 0.25268 |
| | = | 0.9866 |
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 - (1707.955 + 136.283) / 4154.574) | / | (1 - (1546.378 + 113.327) / 3643.51) |
| = | 0.556095 | / | 0.544476 |
| | = | 1.0213 |
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 |
| = | 4442.642 | / | 4601.493 |
| | = | 0.9655 |
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)) |
| = | (111.48 / (111.48 + 113.327)) | / | (114.223 / (114.223 + 136.283)) |
| = | 0.495892 | / | 0.455969 |
| | = | 1.0876 |
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) |
| = | (152.712 / 4442.642) | / | (163.16 / 4601.493) |
| = | 0.034374 | / | 0.035458 |
| | = | 0.9694 |
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) |
| = | ((1250.467 + 978.651) / 4154.574) | / | ((912.889 + 890.318) / 3643.51) |
| = | 0.536546 | / | 0.494909 |
| | = | 1.0841 |
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 |
| = | (292.271 - 0 | - | 420.008) | / | 4154.574 |
| | = | -0.030746 |
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.
IMCD NV has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.
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