Hapag-Lloyd AG Beneish M-Score Historical Data
The historical data trend for Hapag-Lloyd 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.
Hapag-Lloyd AG Beneish M-Score Chart
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Hapag-Lloyd AG Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.09 |
-3.23 |
-2.24 |
-2.79 |
-2.06 |
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Hapag-Lloyd AG Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
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Dec20 |
Mar21 |
Jun21 |
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Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.79 |
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-2.06 |
Competitive Comparison of Hapag-Lloyd AG's Beneish M-Score
For the Marine Shipping subindustry, Hapag-Lloyd 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.
Hapag-Lloyd AG's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Hapag-Lloyd AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hapag-Lloyd AG's Beneish M-Score falls into.
Hapag-Lloyd 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 Hapag-Lloyd 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 * 1.1421 | + | 0.528 * 2.9039 | + | 0.404 * 1.8584 | + | 0.892 * 0.5191 | + | 0.115 * 1.0151 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 2.3648 | + | 4.679 * -0.069991 | - | 0.327 * 1.2356 |
| = | -2.06 |
* 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 €1,837 Mil.
Revenue was €17,930 Mil.
Gross Profit was €3,233 Mil.
Total Current Assets was €10,233 Mil.
Total Assets was €29,012 Mil.
Property, Plant and Equipment(Net PPE) was €13,548 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,929 Mil.
Selling, General, & Admin. Expense(SGA) was €505 Mil.
Total Current Liabilities was €5,903 Mil.
Long-Term Debt & Capital Lease Obligation was €3,773 Mil.
Net Income was €2,935 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €4,966 Mil.
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Total Receivables was €3,098 Mil.
Revenue was €34,543 Mil.
Gross Profit was €18,086 Mil.
Total Current Assets was €21,793 Mil.
Total Assets was €38,687 Mil.
Property, Plant and Equipment(Net PPE) was €13,140 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,904 Mil.
Selling, General, & Admin. Expense(SGA) was €411 Mil.
Total Current Liabilities was €6,397 Mil.
Long-Term Debt & Capital Lease Obligation was €4,045 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) |
| = | (1836.5 / 17929.5) | / | (3098 / 34542.7) |
| = | 0.102429 | / | 0.089686 |
| | = | 1.1421 |
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) |
| = | (18086.3 / 34542.7) | / | (3232.8 / 17929.5) |
| = | 0.523593 | / | 0.180306 |
| | = | 2.9039 |
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 - (10232.5 + 13547.5) / 29012.4) | / | (1 - (21792.7 + 13140.2) / 38687.3) |
| = | 0.18035 | / | 0.097045 |
| | = | 1.8584 |
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 |
| = | 17929.5 | / | 34542.7 |
| | = | 0.5191 |
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)) |
| = | (1903.6 / (1903.6 + 13140.2)) | / | (1929.2 / (1929.2 + 13547.5)) |
| = | 0.126537 | / | 0.124652 |
| | = | 1.0151 |
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) |
| = | (504.6 / 17929.5) | / | (411.1 / 34542.7) |
| = | 0.028144 | / | 0.011901 |
| | = | 2.3648 |
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) |
| = | ((3772.9 + 5902.6) / 29012.4) | / | ((4044.9 + 6397) / 38687.3) |
| = | 0.333495 | / | 0.269905 |
| | = | 1.2356 |
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 |
| = | (2935.4 - 0 | - | 4966) | / | 29012.4 |
| | = | -0.069991 |
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.
Hapag-Lloyd AG has a M-score of -2.06 suggests that the company is unlikely to be a manipulator.
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