Dustin Group AB Beneish M-Score Historical Data
The historical data trend for Dustin Group 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.
Dustin Group AB Beneish M-Score Chart
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Dustin Group AB Annual Data
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Trend |
Aug14 |
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Aug19 |
Aug20 |
Aug21 |
Aug22 |
Aug23 |
| Beneish M-Score |
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-3.07 |
-2.97 |
-1.47 |
-2.16 |
-2.74 |
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Dustin Group AB Quarterly Data
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May19 |
Aug19 |
Nov19 |
Feb20 |
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Nov20 |
Feb21 |
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Feb24 |
| Beneish M-Score |
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-2.03 |
-2.26 |
-2.74 |
-2.98 |
-2.59 |
Competitive Comparison of Dustin Group AB's Beneish M-Score
For the Information Technology Services subindustry, Dustin Group 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.
Dustin Group AB's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Dustin Group AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dustin Group AB's Beneish M-Score falls into.
Dustin Group 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 Dustin Group 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 * 1.0873 | + | 0.528 * 0.9163 | + | 0.404 * 1.0246 | + | 0.892 * 0.8845 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9789 | + | 4.679 * -0.023172 | - | 0.327 * 0.8354 |
| = | -2.59 |
* 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 (Feb24) TTM: | Last Year (Feb23) TTM: |
Total Receivables was kr3,571 Mil.
Revenue was 5246.3 + 5793.2 + 5088 + 5582 = kr21,710 Mil.
Gross Profit was 856.1 + 887.9 + 745.2 + 856.9 = kr3,346 Mil.
Total Current Assets was kr5,578 Mil.
Total Assets was kr15,855 Mil.
Property, Plant and Equipment(Net PPE) was kr615 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0 Mil.
Selling, General, & Admin. Expense(SGA) was kr785 Mil.
Total Current Liabilities was kr4,731 Mil.
Long-Term Debt & Capital Lease Obligation was kr3,823 Mil.
Net Income was 76 + 32.9 + 3 + 23.4 = kr135 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was -201.6 + 250.2 + 23 + 431.1 = kr503 Mil.
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Total Receivables was kr3,713 Mil.
Revenue was 6271.6 + 6635.9 + 5743.4 + 5894.2 = kr24,545 Mil.
Gross Profit was 913.9 + 892.7 + 818 + 841.8 = kr3,466 Mil.
Total Current Assets was kr5,910 Mil.
Total Assets was kr16,015 Mil.
Property, Plant and Equipment(Net PPE) was kr579 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0 Mil.
Selling, General, & Admin. Expense(SGA) was kr906 Mil.
Total Current Liabilities was kr5,199 Mil.
Long-Term Debt & Capital Lease Obligation was kr5,144 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) |
| = | (3571.2 / 21709.5) | / | (3713.4 / 24545.1) |
| = | 0.164499 | / | 0.151289 |
| | = | 1.0873 |
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) |
| = | (3466.4 / 24545.1) | / | (3346.1 / 21709.5) |
| = | 0.141226 | / | 0.154131 |
| | = | 0.9163 |
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 - (5577.5 + 614.6) / 15855.4) | / | (1 - (5910.2 + 578.5) / 16015.4) |
| = | 0.609464 | / | 0.594846 |
| | = | 1.0246 |
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 |
| = | 21709.5 | / | 24545.1 |
| | = | 0.8845 |
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 + 578.5)) | / | (0 / (0 + 614.6)) |
| = | 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) |
| = | (784.7 / 21709.5) | / | (906.3 / 24545.1) |
| = | 0.036145 | / | 0.036924 |
| | = | 0.9789 |
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) |
| = | ((3823 + 4730.7) / 15855.4) | / | ((5143.6 + 5198.6) / 16015.4) |
| = | 0.539482 | / | 0.645766 |
| | = | 0.8354 |
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 |
| = | (135.3 - 0 | - | 502.7) | / | 15855.4 |
| | = | -0.023172 |
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.
Dustin Group AB has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
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