NCC AB Beneish M-Score Historical Data
The historical data trend for NCC AB'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.
NCC AB Beneish M-Score Chart
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NCC AB Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.03 |
-2.76 |
-2.56 |
-2.25 |
-2.39 |
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NCC AB Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.33 |
-2.34 |
-2.37 |
-2.39 |
-2.42 |
Competitive Comparison of NCC AB's Beneish M-Score
For the Engineering & Construction subindustry, NCC AB'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.
NCC AB's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, NCC AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NCC AB's Beneish M-Score falls into.
NCC AB 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 NCC AB 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 * 1.087 | + | 0.528 * 0.9562 | + | 0.404 * 0.9961 | + | 0.892 * 0.939 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0889 | + | 4.679 * 0.014852 | - | 0.327 * 1.0242 |
| = | -2.43 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was €942 Mil.
Revenue was 1021.594 + 1393.791 + 1185.282 + 1273.109 = €4,874 Mil.
Gross Profit was 61.326 + 114.428 + 103.296 + 110.478 = €390 Mil.
Total Current Assets was €2,063 Mil.
Total Assets was €2,779 Mil.
Property, Plant and Equipment(Net PPE) was €413 Mil.
Depreciation, Depletion and Amortization(DDA) was €0 Mil.
Selling, General, & Admin. Expense(SGA) was €279 Mil.
Total Current Liabilities was €1,529 Mil.
Long-Term Debt & Capital Lease Obligation was €275 Mil.
Net Income was -8.218 + 35.044 + 52.493 + 34.883 = €114 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 16.878 + 94.94 + 47.59 + -86.48 = €73 Mil.
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Total Receivables was €923 Mil.
Revenue was 1111.211 + 1457.024 + 1302.342 + 1319.888 = €5,190 Mil.
Gross Profit was 79.792 + 104.606 + 94.704 + 117.556 = €397 Mil.
Total Current Assets was €1,899 Mil.
Total Assets was €2,617 Mil.
Property, Plant and Equipment(Net PPE) was €432 Mil.
Depreciation, Depletion and Amortization(DDA) was €0 Mil.
Selling, General, & Admin. Expense(SGA) was €273 Mil.
Total Current Liabilities was €1,364 Mil.
Long-Term Debt & Capital Lease Obligation was €295 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) |
| = | (942.33 / 4873.776) | / | (923.275 / 5190.465) |
| = | 0.193347 | / | 0.177879 |
| | = | 1.087 |
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) |
| = | (396.658 / 5190.465) | / | (389.528 / 4873.776) |
| = | 0.076421 | / | 0.079923 |
| | = | 0.9562 |
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 - (2063.423 + 413.109) / 2779.096) | / | (1 - (1899.15 + 431.682) / 2616.837) |
| = | 0.108871 | / | 0.109294 |
| | = | 0.9961 |
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 |
| = | 4873.776 | / | 5190.465 |
| | = | 0.939 |
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 / (0 + 431.682)) | / | (0 / (0 + 413.109)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (279.087 / 4873.776) | / | (272.969 / 5190.465) |
| = | 0.057263 | / | 0.05259 |
| | = | 1.0889 |
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) |
| = | ((275.435 + 1529.165) / 2779.096) | / | ((295.277 + 1363.872) / 2616.837) |
| = | 0.649348 | / | 0.634028 |
| | = | 1.0242 |
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 |
| = | (114.202 - 0 | - | 72.928) | / | 2779.096 |
| | = | 0.014852 |
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.
NCC AB has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.
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