Ratos AB Beneish M-Score Historical Data
The historical data trend for Ratos 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.
Ratos AB Beneish M-Score Chart
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Ratos 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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-2.95 |
-3.12 |
-1.94 |
-2.11 |
-2.83 |
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Ratos AB Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.11 |
-2.27 |
-2.56 |
-2.63 |
-2.83 |
Competitive Comparison of Ratos AB's Beneish M-Score
For the Engineering & Construction subindustry, Ratos 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.
Ratos AB's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Ratos AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ratos AB's Beneish M-Score falls into.
Ratos 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 Ratos 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 * 0.7894 | + | 0.528 * 0.9017 | + | 0.404 * 1.0735 | + | 0.892 * 1.1297 | + | 0.115 * 0.6235 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.084641 | - | 0.327 * 0.9313 |
| = | -2.83 |
* 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 kr5,630 Mil.
Revenue was 7959 + 7971 + 10001 + 7817 = kr33,748 Mil.
Gross Profit was 3370 + 3475 + 4376 + 3424 = kr14,645 Mil.
Total Current Assets was kr9,935 Mil.
Total Assets was kr36,129 Mil.
Property, Plant and Equipment(Net PPE) was kr6,432 Mil.
Depreciation, Depletion and Amortization(DDA) was kr2,298 Mil.
Selling, General, & Admin. Expense(SGA) was kr0 Mil.
Total Current Liabilities was kr9,751 Mil.
Long-Term Debt & Capital Lease Obligation was kr9,141 Mil.
Net Income was 475 + 184 + 586 + -28 = kr1,217 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 882 + 862 + 2024 + 507 = kr4,275 Mil.
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Total Receivables was kr6,313 Mil.
Revenue was 8195 + 7039 + 8420 + 6220 = kr29,874 Mil.
Gross Profit was 3234 + 2726 + 3331 + 2398 = kr11,689 Mil.
Total Current Assets was kr11,408 Mil.
Total Assets was kr37,175 Mil.
Property, Plant and Equipment(Net PPE) was kr6,825 Mil.
Depreciation, Depletion and Amortization(DDA) was kr1,340 Mil.
Selling, General, & Admin. Expense(SGA) was kr2,529 Mil.
Total Current Liabilities was kr9,555 Mil.
Long-Term Debt & Capital Lease Obligation was kr11,318 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) |
| = | (5630 / 33748) | / | (6313 / 29874) |
| = | 0.166825 | / | 0.211321 |
| | = | 0.7894 |
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) |
| = | (11689 / 29874) | / | (14645 / 33748) |
| = | 0.391277 | / | 0.433952 |
| | = | 0.9017 |
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 - (9935 + 6432) / 36129) | / | (1 - (11408 + 6825) / 37175) |
| = | 0.546984 | / | 0.509536 |
| | = | 1.0735 |
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 |
| = | 33748 | / | 29874 |
| | = | 1.1297 |
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)) |
| = | (1340 / (1340 + 6825)) | / | (2298 / (2298 + 6432)) |
| = | 0.164115 | / | 0.26323 |
| | = | 0.6235 |
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 / 33748) | / | (2529 / 29874) |
| = | 0 | / | 0.084656 |
| | = | 0 |
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) |
| = | ((9141 + 9751) / 36129) | / | ((11318 + 9555) / 37175) |
| = | 0.522904 | / | 0.561479 |
| | = | 0.9313 |
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 |
| = | (1217 - 0 | - | 4275) | / | 36129 |
| | = | -0.084641 |
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.
Ratos AB has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.
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