NOK has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
During the past 13 years, the highest Beneish M-Score of Nokia Oyj was 316312.72. The lowest was -3.81. And the median was -2.32.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (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 Nokia Oyj 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 * 0.9979||+||0.404 * 0.7199||+||0.892 * 0.9934||+||0.115 * 1.698|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9572||+||4.679 * 0.1479||-||0.327 * 0.9599|
|This Year (Mar15) TTM:||Last Year (Mar14) TTM:|
|Accounts Receivable was $3,878 Mil.|
Revenue was 3458.87445887 + 4688.03945746 + 4283.50515464 + 3997.2826087 = $16,428 Mil.
Gross Profit was 1468.61471861 + 2034.52527744 + 1904.63917526 + 1758.15217391 = $7,166 Mil.
Total Current Assets was $15,019 Mil.
Total Assets was $23,826 Mil.
Property, Plant and Equipment(Net PPE) was $844 Mil.
Depreciation, Depletion and Amortization(DDA) was $455 Mil.
Selling, General & Admin. Expense(SGA) was $2,060 Mil.
Total Current Liabilities was $8,116 Mil.
Long-Term Debt was $2,979 Mil.
Net Income was 191.558441558 + 547.472256473 + 962.628865979 + 3410.32608696 = $5,112 Mil.
Non Operating Income was 20.5627705628 + -70.2836004932 + -2.57731958763 + -6.79347826087 = $-59 Mil.
Cash Flow from Operations was -215.367965368 + 276.202219482 + 514.175257732 + 1073.36956522 = $1,648 Mil.
|Accounts Receivable was $3,956 Mil.
Revenue was 3684.6473029 + 4768.17558299 + 3922.56341789 + 4162.26912929 = $16,538 Mil.
Gross Profit was 1677.73167358 + 2027.43484225 + 1679.57276368 + 1813.98416887 = $7,199 Mil.
Total Current Assets was $16,124 Mil.
Total Assets was $31,505 Mil.
Property, Plant and Equipment(Net PPE) was $755 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,108 Mil.
Selling, General & Admin. Expense(SGA) was $2,166 Mil.
Total Current Liabilities was $10,826 Mil.
Long-Term Debt was $4,458 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(3877.70562771 / 16427.7016797)||/||(3955.73997234 / 16537.6554331)|
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.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(2034.52527744 / 16537.6554331)||/||(1468.61471861 / 16427.7016797)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (15019.4805195 + 844.155844156) / 23825.7575758)||/||(1 - (16124.4813278 + 755.186721992) / 31504.8409405)|
4. SGI = Sales Growth Index
Ratio of sales 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.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation 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))|
|=||(1107.89520118 / (1107.89520118 + 755.186721992))||/||(454.959138683 / (454.959138683 + 844.155844156))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses 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)|
|=||(2059.79865099 / 16427.7016797)||/||(2166.20380405 / 16537.6554331)|
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$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((2979.43722944 + 8115.8008658) / 23825.7575758)||/||((4457.81466113 + 10825.7261411) / 31504.8409405)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(5111.98565097 - -59.0916277789||-||1648.37907706)||/||23825.7575758|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Nokia Oyj has a M-score of -1.82 signals that the company is likely to be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Nokia Oyj Annual Data
Nokia Oyj Quarterly Data