Intrum AB Beneish M-Score Historical Data
The historical data trend for Intrum 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.
Intrum AB Beneish M-Score Chart
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Intrum 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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-2.04 |
-3.20 |
-2.58 |
-3.11 |
-2.79 |
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Intrum 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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-3.09 |
-3.04 |
-3.01 |
-2.79 |
-2.64 |
Competitive Comparison of Intrum AB's Beneish M-Score
For the Credit Services subindustry, Intrum 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.
Intrum AB's Beneish M-Score Distribution in the Credit Services Industry
For the Credit Services industry and Financial Services sector, Intrum AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Intrum AB's Beneish M-Score falls into.
Intrum 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 Intrum 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 * 0.9868 | + | 0.528 * 1.019 | + | 0.404 * 0.8505 | + | 0.892 * 1.0862 | + | 0.115 * 1.2202 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.19 | + | 4.679 * -0.066776 | - | 0.327 * 1.0315 |
| = | -2.62 |
* 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 $402 Mil.
Revenue was 409.171 + 326.977 + 442.768 + 459.834 = $1,639 Mil.
Gross Profit was 187.969 + 65.61 + 217.505 + 177.545 = $649 Mil.
Total Current Assets was $2,109 Mil.
Total Assets was $8,836 Mil.
Property, Plant and Equipment(Net PPE) was $85 Mil.
Depreciation, Depletion and Amortization(DDA) was $147 Mil.
Selling, General, & Admin. Expense(SGA) was $54 Mil.
Total Current Liabilities was $1,671 Mil.
Long-Term Debt & Capital Lease Obligation was $5,079 Mil.
Net Income was -22.86 + 18.23 + -37.078 + 1.3 = $-40 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 110.073 + 126.735 + 121.247 + 191.567 = $550 Mil.
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Total Receivables was $375 Mil.
Revenue was 357.76 + 261.033 + 408.337 + 481.619 = $1,509 Mil.
Gross Profit was 175.825 + 34.689 + 186.524 + 211.462 = $609 Mil.
Total Current Assets was $897 Mil.
Total Assets was $8,470 Mil.
Property, Plant and Equipment(Net PPE) was $87 Mil.
Depreciation, Depletion and Amortization(DDA) was $294 Mil.
Selling, General, & Admin. Expense(SGA) was $264 Mil.
Total Current Liabilities was $1,299 Mil.
Long-Term Debt & Capital Lease Obligation was $4,974 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) |
| = | (401.967 / 1638.75) | / | (375.037 / 1508.749) |
| = | 0.245289 | / | 0.248575 |
| | = | 0.9868 |
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) |
| = | (608.5 / 1508.749) | / | (648.629 / 1638.75) |
| = | 0.403314 | / | 0.395807 |
| | = | 1.019 |
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 - (2109.055 + 85.292) / 8835.976) | / | (1 - (897.454 + 87.054) / 8470.166) |
| = | 0.751658 | / | 0.883768 |
| | = | 0.8505 |
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 |
| = | 1638.75 | / | 1508.749 |
| | = | 1.0862 |
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)) |
| = | (293.916 / (293.916 + 87.054)) | / | (146.659 / (146.659 + 85.292)) |
| = | 0.771494 | / | 0.632284 |
| | = | 1.2202 |
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) |
| = | (54.415 / 1638.75) | / | (263.633 / 1508.749) |
| = | 0.033205 | / | 0.174736 |
| | = | 0.19 |
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) |
| = | ((5078.809 + 1670.781) / 8835.976) | / | ((4973.798 + 1298.932) / 8470.166) |
| = | 0.763876 | / | 0.740568 |
| | = | 1.0315 |
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 |
| = | (-40.408 - 0 | - | 549.622) | / | 8835.976 |
| | = | -0.066776 |
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.
Intrum AB has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.
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